Advent Technologies Shares Higher After Agreement with Hyundai

By Michael Dabaie

Advent Technologies Holdings Inc. shares were up 23% premarket Wednesday to $2.49 after the company said it is in a technology assessment, sales and development agreement with Hyundai Motor Co.

The fuel cell and hydrogen technology company said it and Hyundai aim to deliver "green energy solutions to current high carbon applications, using fuel cell technology."

Under the agreement, Hyundai will provide catalysts to Advent for evaluation in its Membrane Electrode Assemblies, while Advent plans to support Hyundai in fulfilling its fuel cell project needs, the company said.

The new Advent MEAs to be tested by Hyundai are currently being developed within the framework of L'Innovator, Advent's joint development program with the U.S. Department of Energy's Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory. "MEAs are the most important components of a fuel cell as they greatly define the performance, lifetime, weight, and cost of the end system," Advent said.

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(END) Dow Jones Newswires

April 06, 2022 09:45 ET (13:45 GMT)

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