Advent Technologies Holdings, Inc. announced a new contract with a prominent fuel cell manufacturer specializing in truck applications in the East Asian market. Under this contract, Advent will supply High- Temperature Proton Exchange Membrane ("HT-PEM") Membrane Electrode Assemblies to support the development of advanced fuel cell solutions for trucks. The contract, signed in the second quarter of 2023 with a combined value of $1.1 Million, comes after a highly successful testing phase of Advent's proprietary MEA technology conducted by its customer.

Starting in the second quarter of 20 23, Advent will begin delivering HT-PEM MEAs, with a projected continuation of deliveries in accordance with the customer's specified timeframe. The use of Advent's MEA technology in fuel cell-powered trucks is a critical and substantial enhancement to EV technology, effectively tackling the challenges associated with charging infrastructure and the limited range of pure EVs. MEAs are the critical component of fuel cell systems and have a pivotal role in determining the overall performance, durability, efficiency, weight, and cost-effectiveness of the electrochemical products they empower.

Advent's MEA technology in high temperatures ranging from 120 degC to 180 degC, and offer a significant advantage to alternative solutions. For example, they enable the utilization of impure hydrogen, which can be generated onboard through the reforming of methanol, eMethanol, natural gas, and various other renewable eFuels. Advent's electrochemistry components business includes electrodes, membranes, and MEAs.

These components are critical for fuel cells, electrolyzers, and long-duration energy storage such as flow batteries.