Advent Technologies Holdings, Inc. announced that its Green HiPo project under the framework of the Important Projects of Common European Interest Hydrogen – Technology, has now received official ratification from the European Commission (the "Commission") of the European Union. The ratification of Green HiPo was amongst 41 projects under the umbrella "IPCEI Hy2Tech" jointly prepared and notified by fifteen Member States: Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Portugal, Slovakia, and Spain. The Member States will provide up to €5.4 billion in public funding, which is expected to unlock an additional €8.8 billion in private investments.

As part of this IPCEI, 35 companies with activities in one or more Member States, including small and medium-sized enterprises ("SMEs") and start-ups, will participate in these 41 projects. Advent is one of only eight SMEs to have received ratification. The direct participants will closely cooperate with each other through numerous planned collaborations and also with more than 300 external partners, such as universities, research organizations, and SMEs across Europe.

The IPCEI will cover a wide part of the hydrogen technology value chain, including (i) the generation of hydrogen, (ii) fuel cells, (iii) storage, transportation, and distribution of hydrogen, and (iv) end-users applications, in particular the mobility sector. Advent participates in both the generation of hydrogen and fuel cells. In making its assessment, the Commission determined that the Green HiPo project satisfied its requirements, which include that: The project contributes to a common objective by supporting a key strategic value chain for the future of Europe, as well as the objectives of key EU policy initiatives such as the Green Deal, the EU Hydrogen Strategy, and REPowerEU; The IPCEI is highly ambitious, as it is aimed at developing technologies and processes that go beyond what the market currently offers and will allow major improvements in performance, safety, environmental impact as well as on cost efficiencies; The IPCEI also involves significant technological and financial risks, and public support is, therefore, necessary to provide incentives to companies to carry out the investment; and The results of the project will be widely shared by participating companies benefitting from the public support with the European scientific community and industry beyond the companies and countries that are part of the ICPEI.

As a result, positive spill-over effects will be generated throughout Europe. Over the initial funding period and in accordance with Green HiPo's parameters, Advent will innovatively develop, design, and manufacture fuel cell systems and electrolyser systems in Greece'sWestern Macedonia region.