Business Description

extreme environmental conditions (humidity, air pollution). Advent’s main operations focus on developing and manufacturing the Membrane Electrode Assembly (MEA) and the fuel cell stack, which is the core electrochemical element and the most critical component of the fuel cell. The MEA and the fuel cell stack largely determines lifetime, power density, efficiency, and overall cost of installation and operation for all applications. Advent is working with global market-leading OEMs with the goal of bringing to the market complete fuel cell systems for a range of applications in the stationary power markets (backup, off-grid, and portable power) and the heavy-duty mobility markets (automotive, aviation, marine). Our mission is to bring fuel cells that have a lower Total Cost of Ownership (TCO) to market when compared to diesel generators and internal combustion engines. Our goal is to become a leading provider of HT-PEM fuel cell systems, stacks and HT-PEM-based membrane electrode assemblies (“MEA” or “MEAs”). A large portion of our current revenue is derived from Joint Development Agreements (JDAs) and Technology Assessment Agreements (TAAs) with world-leading OEMs for the development of joint products. The ultimate goal is for OEMs to bring fuel cell systems specialized for each application to the market. These systems will be branded by the OEMs and function with Advent-inside technology (the Advent MEA and/or the Advent fuel cell stack). The Company also has extensive know-how and IP in the development of complete fuel cell systems that it intends to license out to OEMs and Tier 1s through technology license agreements. While fuel cell stack sales and associated revenue is expected to provide the majority of our income in the near future, the MEA innovation is expected to facilitate future strategic partnerships between Tier 1 suppliers and us and original equipment manufacturers (“OEMs”) as these downstream manufacturers develop their own white-labeled HT-PEM products. We have had early success in forging such strategic partnerships, as with the case of Airbus for the aerospace sector and previously with Siemens Energy for the maritime industry. The US Army development contracts for human portable power fuel cells also fall under this category. Our headquarters are in Livermore, California, and we have MEA and fuel cell stack product development facilities in Livermore, California and Patras, Greece. Our investment priorities are increasing MEA performance and meeting the milestones of the Joint Development Agreements we have with various customers and partners including Airbus, Hyundai Motors and the US Army. Our business priorities are to expand our network of strategic OEM relationships in the Automotive and large-scale Stationary power markets. Our Background Advent Technologies Holdings, Inc., a Delaware corporation (the “Company”), was originally named AMCI Acquisition Corp. (“AMCI”), and was established as a special purpose acquisition company, which completed its initial public offering in November 2018.…