Advent Technologies Sharply Higher After Agreement With Hyundai

By Michael Dabaie

Advent Technologies Holdings Inc. shares were sharply higher in afternoon trading after the company said it is in a technology assessment, sales and development agreement with Hyundai Motor Co.

Shares were up 75%, to $3.54, and traded as high as $3.98 earlier Wednesday. The stock had been trading over $6 early in the year.

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 would provide catalysts to Advent for evaluation in its Membrane Electrode Assemblies, while Advent plans to support Hyundai in fulfilling its fuel-cell-project needs, Advent 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.

"MEAs form the heart of the fuel cell and they are also a critical component for other electrochemistry applications, such as CO2-free hydrogen production, and, energy storage. We hope our proprietary MEAs will best serve Hyundai's business needs and look forward to a long and highly successful collaboration," Advent Chief Technology Officer Emory De Castro said.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

April 06, 2022 14:58 ET (18:58 GMT)

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