Advent Technologies Holdings, Inc. (NASDAQ: ADN), an innovation-driven leader in the fuel cell and hydrogen technology space, is delighted to announce that its subsidiary, Advent Technologies, LLC, has secured an additional new $2.8 million contract with the U.S. Department of Defense (DoD). This milestone achievement augments Advent’s $2.2 million contract that was announced on September 7, 2023, which focuses on finalizing the design of the Honey Badger 50™ (“HB50”) portable fuel cell system through the integration of the Company’s innovative Ion Pair Membrane Electrode Assembly (“MEA”) technology.

Under this new defense contract which comes under the umbrella of the Envision Innovative Solutions (‘’EIS’’), Advent will develop advanced manufacturing processes to enable a substantial increase in the production capacity while maintaining quality of the HB50 system. This new project is aligned with Advent’s and the DoD’s shared objective to strengthen their long-term collaboration and transform HB50 into a portable and clean source of power.

Since 2020, Advent Technologies, LLC has diligently refined the HB50 fuel cell system, resulting in a highly portable and efficient power source. Rigorous development efforts have significantly reduced the size and weight of the original 50W portable fuel cell, as validated by successful field tests in 2022 and 2023, confirming its operational suitability.

Fueled by biodegradable methanol, the compact HB50 seamlessly powers applications such as communication devices, surveillance systems and laptops, making the HB50 ideal for covert operations. Its thermal capabilities ensure reliable operation across ambient temperatures from below freezing to over 40°C. HB50's adaptability to liquid methanol as a hydrogen carrier fuel aligns perfectly with the DoD's pursuit of lightweight and portable power solutions.

Advent Technologies envisions the widespread use of the HB50 portable fuel cell system across many sectors such as defense, robotics, agriculture, drones, emergency operations, and leisure and camping. The enhanced HB50 version, integrated with Advent's Ion Pair™ MEA technology, is expected to set new industry standards in fuel cell efficiency, longevity, and power density, providing dependable and sustainable power solutions for critical field operations.

Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies, commented, "This new contract is a resounding testament to the DoD's unwavering confidence in Advent's innovative fuel cell technology as the go-to portable power solution for critical defense applications. We are delighted that the DoD has chosen Advent as a pivotal partner in its clean energy journey. The entire Advent team eagerly anticipates the substantial impact that HB50 will make as we remain at the forefront of portable fuel cell advancements."

Vasilis Kopelas, General Manager of Advent Technologies, LLC, added, “We are deeply honored to fortify our partnership with the U.S. Department of Defense, propelling our mission to revolutionize portable fuel cell technology. This new contract signifies yet another remarkable leap towards mass production, empowering us to provide sustainable power solutions that are efficient, reliable, and truly transformative for the most critical field operations.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

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