- The stock price of Advent Technologies Holdings Inc (NASDAQ: ADN) surged by over 160% today. This is why.
The stock price of Advent Technologies Holdings Inc (NASDAQ: ADN) – an innovation-driven leader in the fuel cell and hydrogen technology space – surged by over 160% today. Investors are responding positively to Advent Technologies announcing that it has received notification from the Greek State for funding under the Important Projects of Common European Interest (IPCEI) Hydrogen – Technology, Green HiPo.
The notification from the Greek State has been sent to the European Union (EU) under the IPCEI framework. And upon EU ratification, total funding of euro 782.1 million for Advent’s Green HiPo project will be made available over a period of six years, as submitted in accordance with the following schedule:
Year 1: 35.8
Year 2: 84.3
Year 3: 175.7
Year 4: 259.3
Year 5: 111.7
Year 6: 115.2
Advent’s Green HiPo project was originally among five projects out of 20 candidates from Greece for IPCEI funding. And these 5 projects were then subject to detailed review and due diligence by the EU, resulting in two projects now being notified by the Greek State. The notification in the first wave of IPCEI Hydrogen – Technology projects is a testament to the world-class innovation that Advent Technologies possesses and the belief that Greece and the EU have in Advent’s ability to deliver such an important project.
The scope of Green HiPo, over the initial period of 6 years is to manufacture fuel cell systems and electrolyzer systems. And it is intended that the production of these systems will take place in Greece in the region of Western Macedonia.
“Today is a milestone day for Advent but also for Greece and Europe. Green HiPo will catalyze a sea-change of operational events within Advent while the project is implemented. Our application was initially submitted in April 2021, and the process for review and due diligence by the EU has been thorough. We have been clear and focused throughout the process, with the conviction that Advent’s Green HiPo project will be instrumental in hydrogen generation and clean energy production. Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role.”
— Dr. Vasilis Gregoriou, Advent Chairman and CEO
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.