The Advent Technologies Holdings Inc (NASDAQ: ADN) stock price rallied 33.9% after signing a joint development agreement with Hyundai Motor Company after successfully assessing the company’s fuel cell and hydrogen technology.
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The deal comes after Hyundai reviewed Advent’s proprietary Membrane Electrode Assembly (MEA) technology that could meet Hyundai’s demand for high-temperature fuel cells. The agreement was signed at Advent’s Charlestown, Massachusetts, headquarters and involved top executives from both companies.
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The agreement stipulates that Advent and Hyundai will work together further develop the HMC-Advent Ion Pair™ MEA. The two firms will establish commercial criteria for the MEA supply and evaluate how Advent’s fuel cell technology will meet Hyundai’s heavy-duty and stationary applications.
Furthermore, the two firms will work on advanced cooling technologies for the mobility of the High-Temperature Proton Exchange Membrane (HT-PEM) fuel cell stacks. Advent will work on the technology as Hyundai closely evaluates the stack cooling technologies and ensures they can perform optimally under various operating conditions.
Investors' positive reaction to Advent Technologies’ announcement did not last since ADN shares were trading in negative territory at writing.
Dr Vasilis Gregoriou, Advent Technologies’ Chairman and CEO, said: “The Advent team worldwide is proud and excited to enter into the next phase of a highly promising collaboration with Hyundai, with today's JDA signing at our Hood Park facility in Charlestown, MA. Through this collaboration, we aim to accelerate the shift towards sustainable energy and help shape a cleaner, more efficient future by assisting Hyundai in bringing its future mobility strategy to life. ”
Seung Hyun Hong, Hyundai’s Vice President and Head of the Material Research & Engineering Center said: “Hyundai is delighted to move into the next step of its collaboration with Advent, a leading company in the HT-PEM space. The Ion Pair™ HMC-Advent MEA, forming the heart of the fuel cell, will be developed by combining the HT-PEM know-how and material technology of both parties. It will prove Hyundai’s high-temperature driven material technical expertise and play a key role in our decarbonization goal and develop best-in-class high-temperature fuel cells, unlocking a key step for more widespread adoption of fuel cell technology in high-temperature applications.”
*This is not investment advice.
Advent Technologies (ADN) stock price.
The Advent Technologies (ADN) stock price rallied 33.88% to trade at $1.62 from Wednesday’s closing price of $1.21.
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