Advent Technologies, a company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. have completed their business combination.
The combined company, Advent Technologies Holdings will begin trading on Nasdaq on February 5, 2021.
The Business Combination, which was approved at a special meeting of AMCI’s stockholders creates a leading fuel cell technology company and builds on a number of important achievements, including: over 50 international patents; 15 years of research leading to the development of intellectual property including the materials for high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology from Advent’s selection in the L’Innovator program that promise higher power and lifetime at lower cost; a collaboration, funded by an Advanced Research Projects Agency–Energy (ARPA-E) OPEN award, to continue development of next-generation HT-PEM fuel cell technology; leveraging HT-PEM for deploying liquid hydrogen carriers such as dimethyl ether (DME) in fuel cells through funding by the Office of Energy Efficiency and Renewable Energy (EERE) of the DoE; and introducing advanced low cost water electrolysis for the production of hydrogen via the conclusion of a Department of Energy (DOE) HydroGen Program.
All these achievements enable Advent to develop fuel cells ideally suited for heavy-duty automotive and aviation applications.
“Today is an important milestone for the entire Advent team as we continue on our mission to advance the development and manufacturing of our platform technology and unlock the hydrogen economy. Going forward, our new capital resources will enable us to accelerate product developments and our manufacturing of critical components for a diversified range of high-growth new energy markets. We have a proven business model and a technology that we believe represents the missing piece in fuel cells and advanced materials. I look forward to continuing our work to address the biggest challenges facing the hydrogen economy and am deeply proud of our team’s work in getting us to this point.”
“We are grateful to the full AMCI team for their continued partnership and support over the last few months and are pleased that William Hunter, former AMCI CEO, will be joining the company as president, chief financial officer and director.”Dr. Vasilis Gregoriou, chairman and CEO of Advent.
In addition to Messrs. Gregoriou and Hunter, Advent will continue to be led by its experienced management team including Emory De Castro as chief technology officer, Chris Kaskavelis as chief marketing officer, and James F. Coffey as chief operating officer and general counsel.
“We appreciate the support received from shareholders of AMCI in favor of the Business Combination. The opportunity for Advent is extremely promising due to its proven business model and complementary technology across multiple markets. I look forward to participating in Advent’s future success along with the rest of the company’s seasoned executives.”William Hunter.