The European Climate, Infrastructure and Environment Executive Agency (CINEA) and U.S. Advent Technologies Holdings’ wholly-owned Greek subsidiary Advanced Energy Technologies have signed a €34.5 million grant agreement for the latter’s Renewable Hydrogen Innovative Technologies (RHyno) project.
This EU Innovation Fund grant will, reportedly, provide Advent with €34,534,318 in non-dilutive funding over the lifetime of the project, with financing to be received “incrementally contingent upon the completion of certain performance milestones.”
As disclosed, the RHyno project involves the establishment of infrastructure for developing innovative fuel cells, electrolyzers and their key components, including Advent’s membrane electrode assembly technology at a megawatt (MW) scale.
According to the company, RHyno aims “to pioneer the use of innovative materials to enhance power density and lifespan while significantly reducing the weight and volume of power systems through a streamlined balance of plant.”
The facility is said to be designed to optimize production processes, boost efficiency and industrialize fuel cell and electrolyzer technologies.
“These advancements are essential for decarbonizing carbon intense industries, such as the aviation, maritime and heavy-duty automotive sectors, with further potential for spillover to other sectors,” Advent claimed.
Jim Coffey, Advent’s Chief Operating Officer, commented: “The RHyno project will be transformative… The project positions the Company extremely well for the development of strong industrial partnerships, collaborations with top academic institutions, and validates our recent outreach efforts to municipal and government leaders in Kozani and Athens.”
To note, Advent focuses on developing membranes, the membrane electrode assembly (MEA) and the fuel cell stack. Its fuel cells, reportedly, enable the use of green e-fuels, renewable natural gas or hydrogen on board.