BOSTON - Advent Technologies Holdings, Inc., a company specializing in fuel cell and hydrogen technology, has entered into a Joint Development Agreement with Siemens Energy to create a new maritime fuel cell solution. The collaboration aims to develop a 500kW High-Temperature Proton Exchange Membrane (HT-PEM) fuel cell system for use in marine vessels, with potential scaling for various ship sizes.
The partnership leverages Advent's proprietary HT-PEM fuel cell modules and Siemens Energy's expertise in electrification and automation. The initial focus will be on serving the power needs of large yachts, with plans to expand to ferries and commercial vessels.
Prototype testing is scheduled to begin at Siemens Energy's German facility in 2025, with the first module expected to be completed the following year. Advent is currently in discussions with leading maritime industry customers and anticipates commercial agreements in response to upcoming Requests for Proposals.
This agreement follows a history of collaboration between the two companies, including the Sanlorenzo Life Ocean pilot project in February 2022 and the RiverCell 3 research and development project in March 2024, partially funded by the German Federal Ministry for Digital and Transport.
Advent's HT-PEM fuel cells are known for their high-temperature operation, which significantly extends their lifespan and power density. They can operate with various fuel types, including eMethanol, and under challenging environmental conditions. This flexibility positions HT-PEM technology as a key player in the maritime industry's shift towards green hydrogen and decarbonization, with a goal of net-zero emissions by 2050.
Dr. Vasilis Gregoriou, Advent's Chairman and CEO, expressed enthusiasm for the potential of HT-PEM fuel cell technology in maritime settings and the continued partnership with Siemens Energy.
The information is based on a press release statement from Advent Technologies.
InvestingPro Insights
As Advent Technologies Holdings, Inc. forges ahead with its joint venture with Siemens Energy to innovate in the maritime fuel cell sector, the company's financial metrics and market performance provide a context for its current position in the market. According to real-time data from InvestingPro, Advent Technologies has a market capitalization of $12.98 million, reflecting its size and investor valuation in the sector. Despite the promising technology developments, the company's revenue has seen a significant decline, with a -39.54% change in the last twelve months as of Q3 2023.
InvestingPro Tips highlight that Advent is trading at a low Price / Book multiple of 0.4, which could indicate that the company's assets are potentially undervalued in the market. However, with a P/E Ratio (Adjusted) of -0.25 for the same period, analysts express concerns over profitability, anticipating a sales decline in the current year and not expecting the company to turn a profit this year.
Investors should note that despite the challenges, Advent Technologies' liquid assets exceed its short-term obligations, providing some financial stability as it pursues new developments in the fuel cell domain. Furthermore, those interested in deeper analysis can access additional insights; InvestingPro offers 15 more tips for Advent Technologies, which can be found at https://www.investing.com/pro/ADN. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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