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Advent Technologies receives approval from EU for “Green HiPo” IPCEI Project

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Advent Technologies Holdings stated that its Green HiPo project under the context of the Important Projects of Common European Interest (IPCEI) Hydrogen – Technology, has officially been ratified by the European Commission of the European Union.

The certification of Green HiPo was one of 41 projects prepared and announced under the banner of “IPCEI Hy2Tech” by fifteen Member States: Austria, Belgium, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Portugal, Slovakia, and Spain. The Member States will pay up to €5.4 billion in public finance, which is estimated to stimulate private investments totaling €8.8 billion. Participating in these 41 initiatives as part of the IPCEI are 35 companies having activities in one or more Member States, including small and medium-sized enterprises (“SMEs”) and start-ups. Advent is one of just eight small and medium-sized enterprises to have obtained approval. Through several planned interactions, the direct participants will work closely with one another, as well as with more than 300 external partners, including universities, research organizations, and SMEs from across Europe.

The IPCEI will cover a substantial portion of the hydrogen technology value chain, including the generation of hydrogen, fuel cells, storage, transportation, and distribution of hydrogen, and (iv) end-user applications, particularly in the transportation sector. Advent is involved in the production of both hydrogen and fuel cells.

Dr. Vasilis Gregoriou, Advent’s Chairman and CEO, stated, “Advent celebrates the full ratification of Green HiPo and looks forward to breaking ground on this transformative project. Green HiPo is a victory for clean energy advocates everywhere and represents an incredible step to transition Europe away from fossil fuels for its energy needs and move towards a clean energy future. The effects of climate change are clearly ubiquitous, and Advent will strive to implement Green HiPo quickly and effectively. Advent applauds the Commission in ratifying the funding for this visionary project, and we hope that it will be the first of many projects around the world which will produce low carbon energy on a truly unprecedented scale.”

The Greek Minister of Development and Investments, Mr. Adonis Georgiadis, stated: “With the support of the Prime Minister of Greece, Kyriakos Mitsotakis and the Greek Ministry of Development and Investments, Greece managed to participate in the group of European states that take the initiative for the important projects of common European interest in hydrogen. Today, we have the official ratification of these projects by the European Commission, which makes Greece one of the world’s leading countries in energy storage with this new technology. Greece will get the place it deserves; the role of the protagonist.”

The Deputy Minister of Development and Investments, responsible for Public Investments, Mr. Yiannis Tsakiris, stated: “This is an important first step in the development of hydrogen production in our country under the seal of the European Commission, which also contributes to the further energy resilience of Greece through achieving independence of fossil fuels. Our main concern is also to seek and secure the necessary European resources in order for these projects to be implemented very quickly and effectively.”

According to a news release published by the Hellenic Ministry of Development and Investments, the Commission approved up to €800 million in State aid for Greece, taking into consideration the availability of funds. Greece has two IPCEI Hy2Tech projects, B&T Composites (H2CAT project) and Advent (Green HiPo project).

In making the approval of 41 projects, Executive Vice-President Margrethe Vestager, in charge of competition policy, said: Hydrogen has a huge potential going forward. It is an indispensable component for the diversification of energy sources and the green transition. Investing in such innovative technologies can, however be risky for one Member State or one company alone. This is where State aid rules for IPCEI have a role to play.”

Regarding the approval of the cross-country group of projects, Commissioner for the internal market, Thierry Breton, said: “Promoting hydrogen development and deployment will boost jobs and growth throughout Europe while contributing to our green and resilience agenda. It enables the clean transition of energy-intensive industries and increases our independence from fossil fuels. With this IPCEI, we see EU hydrogen production moving “from lab to fab”; and our industry turning technological mastery into commercial leadership. And, of course, we are not only supporting hydrogen through funding. We have also made decisive progress on building partnerships through the Clean Hydrogen Alliance and are developing EU-wide rules for enabling the hydrogen market and creating dedicated infrastructure. Because we know what is at stake: Europe’s position as a leading region for the hydrogen industrial transformation.”

Nedim Husomanovic

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