Advent Technologies reports Q1 2024 results with $9.4 million net loss and decreased cash reserves.
From GlobeNewswire: 2024-10-15 07:00:00
Advent Technologies Holdings, Inc. announced operational highlights including work with Airbus on fuel cell MEAs for aviation, projects with the U.S. Department of Defense, and technology assessments for top automotive manufacturers. Financially, Q1 2024 saw $4.9 million in revenue, $8.3 million in expenses, and a net loss of $(9.4) million. Cash reserves decreased to $0.8 million. CEO Dr. Vasilis Gregoriou emphasized a focus on development of the Advent MEA for HT-PEM fuel cells and partnerships to drive market adoption.
Advent began implementing a MEA benchmarking project with Airbus to enhance aviation applications. The project will compare Ion Pair MEA against aviation requirements and technological limits at high temperatures. These advancements can improve fuel cell performance for aviation, heavy-duty trucks, automotive, and maritime sectors. Contracts with the U.S. Department of Defense continue to optimize portable fuel cell systems for military use and may lead to long-term collaborations.
Advent highlights work on R&D projects in the EU, aiming to enhance MEA performance by 3 times for heavy-duty mobility applications. Improvements in MEA technology target cost reductions and greater efficiency, positioning Advent as a leader in clean energy solutions. The company is focused on developing fuel cell systems for various markets including stationary and heavy-duty mobility applications, with a vision to drive decarbonization efforts.
Recent changes in CFO positions at Advent reflect a commitment to financial leadership. CEO Dr. Gregoriou sees the HT-PEM technology as key to decarbonization and envisions green hydrogen solutions for the future. Advent is focused on developing MEA technology to meet market demands for clean energy and low-cost solutions. The company continues to collaborate with OEMs to bring fuel cell systems to a wide range of applications, emphasizing advancements in HT-PEM technology.
Read more at GlobeNewswire:: Advent Technologies Reports Q1 2024 Results