Advent Technologies announced that its wholly owned subsidiary, Advanced Energy Technologies S.A., has received the formal invitation from the Greek Ministry of Economy and Finance to immediately submit the requested documentation for its Green HiPo Important Project of Common European Interest (IPCEI) project.

After Advent submits the requested documentation, the Greek Ministry of Economy and Finance is expected to proceed with the disbursement of a €24-MM state aid package from Greece’s Just Transition Fund (JTF) for the implementation of the Green HiPo project. Expenses related to the project are eligible for reimbursement retroactive to June 15, 2022, the date of notification to the European Union’s Directorate-General for Competition of Greece’s participation in the IPCEI Hy2Tech program. Advent will also look to secure additional funding to round out the full €60 MM which was authorized under the IPCEI’s project budget.

Advent was one of only eight small and medium-sized entities (SMEs) to have received ratification within Europe under the IPCEI Hy2Tech program. The project’s direct participants will cooperate closely through numerous planned collaborations with more than 300 external partners, such as universities, research organizations and SMEs across Europe.

The Green HiPo project involves the development, design and manufacture of state-of-the-art HT-PEM fuel cells and electrolyzers for the production of power and green H₂, respectively. The project will be based in the Western Macedonia region of Greece and will be instrumental in the region’s transition to a greener economic model. A new state-of-the-art facility in Kozani, Greece will be home to fuel cell and electrolyzer production. It will contribute to the economic development of the region and help Europe achieve its current target of 10 MMt of renewable H₂ production by 2030.

Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies said, “The long anticipated invitation or call for the Green HiPo project from the Greek State has finally arrived. Green HiPo, alongside other initiatives slated for implementation in Western Macedonia, represents a very real opportunity for the region to transition from a coal-dependent economy to a more environmentally friendly economic model. We are excited to continue working with our partners across Europe to move forward towards energy security and independence, with H₂ technologies playing a crucial role.”