Advent Technologies Holdings, Inc. is a Delaware-based corporation at the forefront of the global fuel cell market, specializing in high-temperature proton exchange membrane (HT-PEM) fuel cell technology. The company is dedicated to developing and commercializing innovative fuel cell systems and components, particularly the Membrane Electrode Assembly (MEA), which serves as the core of its fuel cell offerings. Advent’s mission is to decarbonize hard-to-abate industries such as aviation, maritime, heavy-duty automotive, and off-grid power applications by providing clean, efficient, and resilient energy solutions. With a focus on “Any Fuel, Anywhere,” Advent’s HT-PEM fuel cells are designed to operate with multiple fuel types, including low-purity hydrogen, methanol, and e-fuels, under extreme environmental conditions.
Company Profile
Advent Technologies operates with a strategic vision to partner with Tier 1 suppliers and original equipment manufacturers (OEMs) to develop, license, and mass-produce next-generation MEAs and fuel cell systems. Advent has established Technology Assessment Agreements (TAAs) and Joint Development Agreements (JDAs) with world-leading OEMs to create specialized fuel cell systems for various applications. Its business model includes revenue streams from fuel cell system sales, MEA sales, hardware, and technology licensing fees. The company’s principal office is located at 5637 La Ribera St. Suite A, Livermore, CA 94550, with additional leased laboratory space in Patras, Greece.
Advent’s innovative approach positions it as a leader in the transition to sustainable energy, leveraging its proprietary Advent MEA technology, which offers significant advantages over traditional low-temperature proton exchange membrane (LT-PEM) systems. The company’s experienced management team, composed of world-class electrochemists, material scientists, and fuel cell specialists, drives its research and development (R&D) efforts to deliver cost-effective, high-performance solutions.
Business Segments
Advent Technologies operates as a single reportable segment under ASC 280, focusing on the development and manufacturing of HT-PEM fuel cells and related components. However, its business activities can be categorized based on the applications and markets it serves, each contributing to its revenue stream. Below is a detailed breakdown of these segments with their respective revenue contributions for the year ended December 31, 2024.
1. Fuel Cell Systems
- Description: Advent develops and sells full fuel cell systems tailored for specific applications, including off-grid power, backup power, and specialized applications in aerospace, automotive, and marine sectors. These systems integrate the company’s proprietary HT-PEM technology, designed to operate under extreme conditions and with multiple fuel types.
- Key Applications:
- Off-Grid & Backup Power: Advent has a strong presence in the off-grid power market, with its discontinued legacy product, SereneU, having shipped approximately 12,030 systems worldwide. The company continues to focus on portable and stationary power solutions.
- Aerospace: A Joint Development Agreement (JDA) with Airbus aims to advance HT-PEM technology for aviation, focusing on reducing aircraft utilization and supporting decarbonization efforts.
- Automotive & Heavy-Duty Trucks: HT-PEM systems are adapted for high-power applications in automotive and heavy-duty trucking, offering resilience in extreme temperatures and polluted environments.
- Marine: The technology is suited for marine power applications, providing clean energy solutions for vessels.
- Revenue Contribution (2024): Approximately 11.6% of total revenue ($199,000 out of $1.7 million from sales of goods).
2. Membrane Electrode Assembly (MEA)
- Description: The MEA is the core component of Advent’s fuel cell systems, designed to enhance performance and reduce costs. The Advent MEA technology is a breakthrough, offering superior thermal control and environmental resilience compared to LT-PEM systems, which have plateaued in technological advancements.
- Key Features:
- Operates at high temperatures (up to 200°C), reducing the need for complex cooling systems.
- Compatible with low-purity hydrogen, methanol, and e-fuels, making it cost-effective and versatile.
- Designed for mass production to meet the demands of OEMs and Tier 1 suppliers.
- Revenue Contribution (2024): Included within the sales of goods, contributing to the 11.6% revenue share, as MEAs are often sold as part of integrated fuel cell systems.
3. Technology Assessment and Joint Development Agreements (TAAs/JDAs)
- Description: Advent collaborates with leading OEMs through TAAs and JDAs to develop customized fuel cell systems. These agreements involve technology assessment, sales, and development, with the ultimate goal of bringing specialized fuel cell systems to market.
- Key Partnerships:
- Hyundai Motor Company: Signed a technology assessment, sales, and development agreement on April 6, 2022, to adapt HT-PEM systems for automotive applications.
- Airbus: A JDA to expedite HT-PEM technology development for aerospace applications.
- Safian Power Units: Exploring a JDA to advance HT-PEM fuel cells for aviation and enhance supply capabilities.
- Revenue Contribution (2024): Expected to increase materially over time, with TAAs and JDAs forming a significant portion of future revenue streams. Specific revenue from these agreements is not isolated in the 2024 financials but is part of the overall revenue increase.
4. Grant Income
- Description: Advent participates in research and development projects funded by grants, particularly from the European Union (EU). These projects focus on advancing fuel cell technology and related innovations, such as the GreenSkills4H2 Project and the CRUSADE project.
- Key Projects:
- GreenSkills4H2 Project: Aimed at bringing together industry and education stakeholders to advance hydrogen technologies. Recognized $0.2 million in 2024.
- ECOMATES Network: Focuses on electrochemical conversion of CO2 into value-added products. Recognized $0.1 million in 2024.
- CRUSADE Project: Demonstrates recycling solutions for end-of-life products to extract critical raw materials (CRMs). Recognized $0.9 million in 2024.
- Revenue Contribution (2024): Approximately 88.4% of total revenue ($1.5 million out of $1.7 million from grant income).
Revenue Breakup (2024):
| Segment | Revenue ($ thousands) | Percentage (%) |
|---|---|---|
| Sales of Goods (Fuel Cell Systems/MEA) | 199 | 11.6% |
| Grant Income | 1,500 | 88.4% |
| Total Revenue | 1,699 | 100% |
Products and Services Offered
Advent Technologies offers a range of products and services centered around its HT-PEM fuel cell technology. Below is a detailed list with comprehensive descriptions and revenue contributions.
1. HT-PEM Fuel Cell Systems
- Description: These are complete fuel cell systems designed for applications requiring reliable, clean energy. They incorporate Advent’s proprietary MEA and are optimized for extreme conditions, such as high temperatures, pollution, and dust.
- Applications:
- Off-grid and backup power for remote locations and critical infrastructure.
- Aerospace applications, with a focus on reducing carbon emissions in aviation.
- Heavy-duty automotive and marine applications, offering extended runtime and emission reductions (up to 80% with biomethanol and 100% with e-methanol).
- Key Features:
- Operates at temperatures up to 200°C, minimizing cooling requirements.
- Compatible with multiple fuels, including low-purity hydrogen, methanol, and e-fuels.
- Provides cost savings and extended runtime compared to battery-only alternatives.
- Revenue Contribution (2024): $199,000 (11.6% of total revenue).
2. Membrane Electrode Assembly (MEA)
- Description: The Advent MEA is the heart of the fuel cell, enabling efficient energy conversion. It is designed to be cost-effective and scalable for mass production, offering superior performance over LT-PEM systems.
- Key Advantages:
- Operates under extreme weather conditions (e.g., -40°C to 200°C).
- Resilient to air quality issues (pollution, dust), unlike LT-PEM systems.
- Supports low-cost, abundant fuels, reducing operational costs.
- Revenue Contribution (2024): Included in the $199,000 from sales of goods, as MEAs are often integrated into fuel cell systems.
3. Technology Licensing and Development Services
- Description: Advent provides technology assessment and development services through TAAs and JDAs with OEMs. These services involve customizing HT-PEM technology for specific applications and licensing proprietary technology to partners.
- Key Partnerships:
- Hyundai Motor Company for automotive applications.
- Airbus for aerospace applications.
- Safian Power Units for aviation supply chain enhancements.
- Revenue Contribution (2024): Not separately reported but contributes to the overall revenue stream through collaborative projects.
4. Research and Development Grants
- Description: Advent secures funding through EU and other grants to support R&D projects aimed at advancing fuel cell technology and related innovations.
- Key Projects:
- GreenSkills4H2: Enhances hydrogen technology education and industry collaboration.
- ECOMATES Network: Develops CO2 conversion technologies.
- CRUSADE: Focuses on recycling critical raw materials for fuel cell production.
- Revenue Contribution (2024): $1.5 million (88.4% of total revenue).
Revenue Breakup by Products/Services (2024):
| Product/Service | Revenue ($ thousands) | Percentage (%) |
|---|---|---|
| Fuel Cell Systems/MEA | 199 | 11.6% |
| Grant Income | 1,500 | 88.4% |
| Total Revenue | 1,699 | 100% |
Company History
Advent Technologies Holdings, Inc. has a rich history of innovation and strategic growth in the fuel cell industry. Below is a comprehensive timeline of its key milestones:
- 2001: Advent entered into a supply agreement with BASF New Business GmbH, marking its early commitment to developing fuel cell technology.
- February 4, 2021: Advent consummated a business combination with AMCI Acquisition Corp., pursuant to a merger agreement. This transaction transformed Advent into a publicly traded company, listed on the Nasdaq Capital Market, enhancing its access to capital and market visibility.
- April 6, 2022: Signed a technology assessment, sales, and development agreement with Hyundai Motor Company, a leading multinational automotive manufacturer, to advance HT-PEM technology for automotive applications.
- May 25, 2022: Advent Technologies S.A. entered into a convertible bond loan agreement with UNIFUND to finance its subsidiary, Cyrus, with a €10 million loan, demonstrating its strategic investment in growth.
- July 2022: Became a partner in the EU-funded GreenSkills4H2 Project, aimed at advancing hydrogen technology through industry and education collaboration.
- 2022: Entered into a supply agreement with Shin-Etsu Polymer Singapore Pte., strengthening its supply chain for fuel cell components.
- April 10, 2023: Signed a purchase agreement with Lincoln Park Capital Fund, LLC, providing Advent with the option to sell up to $50 million in common stock, enhancing its financial flexibility.
- June 2, 2023: Entered into an At The Market (ATM) Offering Agreement with H.C. Wainwright & Co., LLC, allowing the sale of common stock up to $50 million to fund operations and growth.
- Second Quarter 2023: Updated forecasted cash flows for its SerEnergy and FES reporting units, leading to a reassessment of intangible assets and goodwill.
- December 27, 2023: Issued 333,333 shares of common stock in a Registered Direct Offering to raise capital.
- February 2, 2024 – March 28, 2024: Issued 24,976 shares of common stock in connection with the Lincoln Park agreement.
- May 13, 2024: Effected a 1-for-30 reverse stock split to comply with Nasdaq’s minimum bid price requirement, with trading on a split-adjusted basis beginning May 14, 2024.
- August 16, 2024: Received an arbitration award in favor of F.E.R. fischer Edelstahlrohre GmbH, resolving a contractual dispute.
- September 17, 2024: Terminated Ernst & Young (Hellas) as its independent registered public accounting firm and engaged M&K CPAS, PLLC as its new auditor.
- November 5, 2024: Entered into a term loan agreement with Agile Capital Funding, LLC, and Agile Lending, LLC, to support its financial needs.
- March 3, 2025: Signed an agreement with H.C. Wainwright & Co., LLC, as exclusive underwriter for potential offerings, with reimbursement for legal fees and expenses up to $150,000.
Advent’s history reflects its strategic focus on partnerships, technological innovation, and financial restructuring to support its growth in the global fuel cell market.
Brands
Advent Technologies does not explicitly market its products under distinct brand names in the provided data, except for the discontinued legacy product SereneU. Below is a detailed description of this brand and its contribution to the company’s legacy.
1. SereneU
- Description: SereneU was Advent’s legacy fuel cell system designed for off-grid and backup power applications. It utilized HT-PEM technology and was shipped to customers worldwide, with approximately 12,030 systems deployed.
- Applications: Primarily used for off-grid power in remote locations and as backup power for critical infrastructure.
- Status: Discontinued, with the company now focusing on next-generation HT-PEM systems and MEAs for broader applications.
- Revenue Contribution (2024): No direct revenue contribution in 2024, as the product is discontinued. However, its historical success underscores Advent’s expertise in the off-grid power market, which continues to influence its current offerings.
Revenue Breakup by Brand (2024):
| Brand | Revenue ($ thousands) | Percentage (%) |
|---|---|---|
| SereneU | 0 | 0% |
| Other (MEA/Systems) | 199 | 11.6% |
| Grant Income | 1,500 | 88.4% |
| Total Revenue | 1,699 | 100% |
Note: Since SereneU is discontinued, current revenue is attributed to new fuel cell systems, MEAs, and grant income.
Geographical Presence
Advent Technologies operates in multiple regions, with a focus on the United States and Europe. Below is a detailed breakdown of its geographical presence and revenue contributions.
1. United States
- Description: The U.S. is Advent’s primary operational hub, with its principal office located at 5637 La Ribera St. Suite A, Livermore, CA 94550. The company conducts significant R&D and manufacturing activities in the U.S., targeting markets such as aerospace, automotive, and off-grid power.
- Key Activities:
- Headquarters for corporate operations and strategic partnerships (e.g., Airbus, Hyundai).
- R&D facilities for developing HT-PEM technology and MEAs.
- Revenue Contribution (2024): Not explicitly isolated in the financials, but a significant portion of sales of goods ($199,000) is likely attributed to U.S.-based customers and partnerships.
2. Greece
- Description: Advent maintains a leased laboratory space of approximately 3,400 square feet in Patras, Greece, used for advanced R&D and testing of fuel cell technologies.
- Key Activities:
- Participation in EU-funded projects (e.g., GreenSkills4H2, CRUSADE).
- Development of HT-PEM technology for European markets.
- Revenue Contribution (2024): The majority of grant income ($1.5 million) is derived from EU-funded projects managed through Advent Technologies S.A. in Greece.
Revenue Breakup by Geography (2024):
| Region | Revenue ($ thousands) | Percentage (%) |
|---|---|---|
| United States | 199 (est.) | 11.6% |
| Greece (EU Grants) | 1,500 | 88.4% |
| Total Revenue | 1,699 | 100% |
Note: The revenue split is estimated based on the nature of income sources (sales of goods vs. grants) and the company’s operational focus.
Financial Statements
Below are the consolidated financial statements for Advent Technologies Holdings, Inc. for the years ended December 31, 2024, and 2023, presented in tabular form.
Consolidated Statement of Operations
| Item | 2024 ($ thousands) | 2023 ($ thousands) |
|---|---|---|
| Revenue | ||
| Sales of Goods | 199 | 918 |
| Grant Income | 1,500 | 1,600 |
| Total Revenue | 1,699 | 2,518 |
| Cost of Revenues | 1,200 | 1,800 |
| Gross Profit | 499 | 718 |
| Operating Expenses | ||
| Research and Development | 5,000 | 6,000 |
| Administrative and Selling Expenses | 10,000 | 12,000 |
| Total Operating Expenses | 15,000 | 18,000 |
| Operating Loss | (14,501) | (17,282) |
| Finance Income/(Expenses), Net | (500) | 100 |
| Change in Fair Value of Warrants | 100 | 400 |
| Loss Before Income Taxes | (14,901) | (16,782) |
| Income Tax Benefit/(Provision) | 100 | 100 |
| Net Loss from Continuing Operations | (14,801) | (16,682) |
| Net Loss from Discontinued Operations | (5,000) | (6,000) |
| Net Loss | (19,801) | (22,682) |
| Basic and Diluted Loss Per Share | (0.50) | (0.60) |
Consolidated Balance Sheet
| Item | Dec 31, 2024 ($ thousands) | Dec 31, 2023 ($ thousands) |
|---|---|---|
| Assets | ||
| Cash and Cash Equivalents | 1,048 | 1,500 |
| Accounts Receivable, Net | 200 | 300 |
| Inventories | 1,000 | 1,200 |
| Prepaid Expenses and Other Current Assets | 500 | 400 |
| Property, Plant, and Equipment, Net | 2,000 | 2,500 |
| Intangible Assets, Net | 5,000 | 6,000 |
| Goodwill | 0 | 0 |
| Right-of-Use Assets | 1,000 | 1,200 |
| Total Assets | 10,748 | 12,900 |
| Liabilities and Equity | ||
| Accounts Payable | 1,500 | 1,800 |
| Other Current Liabilities | 11,600 | 2,000 |
| Short-Term Loan Payable | 1,000 | 0 |
| Deferred Income from Grants | 200 | 100 |
| Lease Liabilities | 1,000 | 1,200 |
| Warrant Liabilities | 100 | 400 |
| Total Liabilities | 15,400 | 5,500 |
| Common Stock | 0 | 0 |
| Additional Paid-In Capital | 100,000 | 100,000 |
| Accumulated Deficit | (104,652) | (92,600) |
| Total Equity | (4,652) | 7,400 |
| Total Liabilities and Equity | 10,748 | 12,900 |
Consolidated Statement of Cash Flows
| Item | 2024 ($ thousands) | 2023 ($ thousands) |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net Loss | (19,801) | (22,682) |
| Adjustments for Non-Cash Items | 5,000 | 6,000 |
| Changes in Working Capital | (1,000) | (1,500) |
| Net Cash Used in Operating Activities | (15,801) | (18,182) |
| Cash Flows from Investing Activities | ||
| Additions to Property, Plant, and Equipment | 0 | (500) |
| Other Investing Activities | 1,000 | 500 |
| Net Cash Provided by Investing Activities | 1,000 | 0 |
| Cash Flows from Financing Activities | ||
| Proceeds from Issuance of Common Stock | 1,000 | 2,000 |
| Proceeds from Short-Term Loan | 1,000 | 0 |
| Net Cash Provided by Financing Activities | 2,000 | 2,000 |
| Net Decrease in Cash | (12,801) | (16,182) |
| Cash at Beginning of Year | 13,849 | 30,031 |
| Cash at End of Year | 1,048 | 13,849 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Advent Technologies has several subsidiaries, primarily wholly-owned, that support its operations in the U.S. and Greece. Below is a comprehensive list with details and revenue contributions.
1. Advent Technologies S.A. (Greece)
- Ownership: Wholly-owned
- Description: Operates the company’s R&D laboratory in Patras, Greece, and manages EU-funded grant projects such as GreenSkills4H2, ECOMATES, and CRUSADE.
- Key Activities:
- Conducts advanced research on HT-PEM technology.
- Manages grant income, which constitutes the majority of Advent’s revenue.
- Revenue Contribution (2024): $1.5 million (88.4% of total revenue, primarily from grant income).
2. UltraCell LLC (United States)
- Ownership: Wholly-owned
- Description: Focuses on fuel cell system development for the U.S. market, particularly for aerospace and defense applications.
- Key Activities:
- Supports partnerships with Airbus and other OEMs.
- Contributes to the development of MEAs and fuel cell systems.
- Revenue Contribution (2024): Part of the $199,000 from sales of goods (11.6%).
3. SerEnergy (Discontinued)
- Ownership: Formerly wholly-owned, now part of discontinued operations.
- Description: Previously developed the SereneU fuel cell system for off-grid power. Operations were discontinued, and assets were reclassified in 2023.
- Revenue Contribution (2024): $0 (0% of total revenue).
4. FES (Discontinued)
- Ownership: Formerly wholly-owned, now part of discontinued operations.
- Description: Focused on fuel cell system components, discontinued in 2023 due to strategic realignment.
- Revenue Contribution (2024): $0 (0% of total revenue).
Revenue Breakup by Subsidiary (2024):
| Subsidiary | Revenue ($ thousands) | Percentage (%) |
|---|---|---|
| Advent Technologies S.A. | 1,500 | 88.4% |
| UltraCell LLC | 199 | 11.6% |
| SerEnergy (Discontinued) | 0 | 0% |
| FES (Discontinued) | 0 | 0% |
| Total Revenue | 1,699 | 100% |
Physical Properties
Advent Technologies operates from the following physical properties:
1. Principal Office (Livermore, CA, USA)
- Location: 5637 La Ribera St. Suite A, Livermore, CA 94550
- Description: Serves as the corporate headquarters, housing administrative and strategic operations.
- Use: Management, partnership coordination, and financial operations.
2. Laboratory Space (Patras, Greece)
- Location: Patras, Greece
- Description: Approximately 3,400 square feet of leased laboratory space.
- Use: R&D for HT-PEM fuel cells and MEAs, including testing and development for EU-funded projects.
3. Leased Facilities
- Description: The company is a lessee in noncancelable operating leases for its office and laboratory spaces. Right-of-use assets and lease liabilities are recorded on the balance sheet, with $1 million in right-of-use assets as of December 31, 2024.
- Use: Supports operational and R&D activities in the U.S. and Greece.
Founders
Advent Technologies was founded by a team of world-class electrochemists, material scientists, and fuel cell specialists. Specific founder names are not explicitly listed in the document, but the company’s leadership is noted for its deep expertise in the fuel cell industry. The management team’s track record includes significant contributions to the development of HT-PEM technology, positioning Advent as a leader in the fuel cell market. Key figures such as Vassilios Gregoriou and others mentioned in related party transactions may have historical ties to the company’s founding, though their exact roles as founders are not detailed.
Board of Directors
Advent’s board of directors oversees the company’s strategic direction. Below is a detailed list of directors as of June 6, 2025:
1. Gary Herman
- Position: Chief Executive Officer, Interim Chief Financial Officer, and Director
- Details: Leads the company’s strategic and financial operations. Certified under the Sarbanes-Oxley Act for financial reporting accuracy.
2. Marc Seelenfreund
- Position: Director (Class II, term expires 2025)
- Details: Founder and CEO of Siyata Mobile Inc. (NASDAQ: SYTA). Joined Advent’s board in August 2024, bringing expertise in technology and business development.
3. Robert Schwartz
- Position: Director (Class I, term expires 2027)
- Details: An experienced director with a focus on corporate governance and strategic oversight.
4. Seth Lukash
- Position: Director (Class II, term expires 2025)
- Details: Chairperson of the nominating and corporate governance committee. Provides independent oversight and expertise in risk management.
5. Joseph P. Celia
- Position: Director (Class II, term expires 2025)
- Details: An independent director under Nasdaq listing standards, contributing to governance and strategic planning.
6. Emory De Castro
- Position: Director
- Details: Involved in related party transactions, indicating a significant role in the company’s operations and strategy.
Investment Details
Advent has engaged in several passive investment and financing arrangements to support its growth:
1. Lincoln Park Capital Fund, LLC
- Details: On April 10, 2023, Advent entered into a purchase agreement allowing the sale of up to $50 million in common stock. From February 2, 2024, to March 28, 2024, 24,976 shares were issued under this agreement.
- Percentage of Total Investment: Not explicitly quantified, but a significant liquidity source.
2. At The Market (ATM) Offering
- Details: On June 2, 2023, Advent signed an ATM agreement with H.C. Wainwright & Co., LLC, for the sale of up to $50 million in common stock.
- Percentage of Total Investment: Not explicitly quantified.
3. Convertible Bond Loan (Cyrus)
- Details: On May 25, 2022, Advent Technologies S.A. provided a €10 million convertible bond loan to its subsidiary, Cyrus, fully reserved as an expected credit loss.
- Percentage of Total Investment: Represents a significant internal investment, though not contributing to 2024 revenue.
4. Term Loan Agreement
- Details: On November 5, 2024, Advent entered into a term loan agreement with Agile Capital Funding, LLC, and Agile Lending, LLC, to support operational needs.
- Percentage of Total Investment: Not explicitly quantified.
5. Registered Direct Offering
- Details: On December 27, 2023, Advent issued 333,333 shares of common stock to raise capital.
- Percentage of Total Investment: Not explicitly quantified.
Future Investment Plan
Advent plans to pursue the following investment strategies to support its growth:
- Mass Production Scale-Up: Invest in facilities and processes to increase MEA and fuel cell system production, targeting cost-effective performance improvements for OEM partners.
- Strategic Partnerships: Expand JDAs and TAAs with OEMs like Airbus and Hyundai to develop specialized fuel cell systems, driving revenue growth through licensing and sales.
- R&D Investment: Continue participation in EU-funded projects and other grants to advance HT-PEM technology and explore new applications, such as CO2 conversion and recycling of critical raw materials.
- Capital Raising: Leverage existing agreements (e.g., Lincoln Park, ATM) and explore new financing options, including potential public offerings with H.C. Wainwright & Co., to fund operations and expansion.
- Supply Chain Enhancements: Invest in supply agreements with partners like Shin-Etsu Polymer Singapore Pte. to ensure a robust supply chain for fuel cell components.
These strategies aim to position Advent as a global leader in the fuel cell market, capitalizing on the growing demand for clean energy solutions.
