Advancement in Electrolysis Could Drop Electrolyzer System Costs by at Least 50%

Results Exceed Prior DOE Benchmarks

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Advent Technologies (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, today announced that it has concluded a Department of Energy (“DOE”) HydroGen Program in which collaborators including lead partner Northeastern University, the University of Delaware, and several National Laboratories have advanced the state of hydrogen production with a next-generation water electrosis. The program was funded by the DOE’s Office of Energy Efficiency and Renewable Energy.

Dr. Vasilis Gregoriou, Advent’s Founder and Chief Executive Officer, commented: “This advancement further validates Advent’s leading role in hydrogen production. We were excited to have partnered with prestigious research institutions such as Northeastern University and the University of Delaware, as well as multiple DOE Laboratories – including the National Renewable Energy Laboratory, Lawrence Berkeley Laboratory, and Sandia National Laboratory. Going forward, we will now be even better placed to leverage our expertise in commercializing these materials to enable the hydrogen economy over the next decade.”

Northeastern University Professor and Chair of Advent’s Technical Advisory Board, Sanjeev Mukerjee, added: “We are pleased to work with Advent and our other partners to advance this exciting green hydrogen technology. The developments from this program have the potential to significantly speed up the adoption of the hydrogen economy. This advancement could drop electrolyzer system costs by at least 50% due to this technology enabling higher power density. Furthermore, the potential to use seawater instead of high purity water as a feedstock can significantly lower the total cost of operation and allow for faster deployment of distributed hydrogen production units throughout the continent. The team has greatly exceeded the benchmarks established by the DOE, achieving levels of performance thought unattainable five years ago.”

The purpose of this program was to use ion exchange membranes and low cost catalysts to achieve a variety of objectives, including:

1. Lower Cost of Hydrogen: The DOE target of using 43 kWh per kg of hydrogen produced was exceeded by the team to under 40 kWh per kg of hydrogen. By using renewable wind or solar power to produce hydrogen, this achievement brings the costs toward ~ $1.20/kg of hydrogen (assuming a $0.03/kWh cost), well under the DOE target of $2.00/kg of hydrogen, and further accelerating the promise of a hydrogen-powered economy.
2. Cost-Effective Electrolyzer: The capital cost of water electrolyzers today is still high and a barrier for widespread hydrogen adoption. By operating at 1 A/cm² at a voltage under 1.8V, the process outperforms the DOE’s target and results in a lower number of cell parts needed and lower capital costs.
3. Electrolysis of Saltwater: Typical membrane electrolyzers need high purity water to produce hydrogen. As part of this program, the consortium has shown feasibility that electrolysis of saltwater is achievable without creating chlorine as a byproduct. The environmental, cost, and energy security implications of this achievement are quite important.

About Advent Technologies

Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies, please visit the Company’s website at https://www.advent.energy/

Advent Technologies Inc. (“Advent”) and AMCI Acquisition Corp. (NASDAQ: AMCI) (the “Company” or “AMCI”), a special purpose acquisition company, have announced that they have entered into a definitive agreement and plan of merger (the “Merger Agreement”) for a business combination that would result in Advent becoming part of a publicly listed company as a wholly-owned subsidiary of AMCI. Upon the closing of the transaction, the combined company will operate as Advent Technologies Holdings, Inc., and its common stock will be listed on the Nasdaq.

Additional Information about the Proposed Transaction and Where to Find It

In connection with the proposed transaction between the Company and Advent, the Company has filed a registration statement on Form S-4, (SEC File No. 333-250946) which also includes a preliminary proxy statement, with the Securities and Exchange Commission (“SEC), and will mail a definitive proxy statement and other relevant documents to its stockholders. Investors and security holders of the Company are advised to read the preliminary proxy statement, and amendments thereto, and, when available, the definitive proxy statement in connection with the Company's solicitation of proxies for its special meeting of stockholders to be held to approve the transaction and related matters, because the proxy statement will contain important information about the transaction and the parties to the transaction. The definitive proxy statement will be mailed to stockholders of the Company as of a record date to be established for voting on the transaction. Stockholders will also be able to obtain copies of the definitive proxy statement, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to: AMCI Acquisition Corp., 1501 Ligonier Street, Suite 370, Latrobe, PA 15650.

Participants in Solicitation

The Company and Advent and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company's stockholders in connection with the proposed transaction is set forth in the registration statement on Form S-4 that includes the preliminary proxy statement for the proposed transaction. Information concerning the interests of the Company's and Advent’s participants in the solicitation, which may, in some cases, be different than those of the Company's and Advent’s stockholders generally, is set forth in the registration statement on Form S-4 that includes the proxy statement relating to the transaction.

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Advent’s and the Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Advent’s and the Company’s expectations with respect to future performance and the proposed transaction, and the timing of the completion of the proposed transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Advent’s and the Company’s control and are difficult to predict.

Media:
Sloane & Company
Dan Zacchei / Joe Germani
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