Hydrogen fuel cell manufacturer Advent Technologies has announced a merger with special purpose acquisition company AMCI.
As part of the merger announced today, Advent will become a publicly listed company as a wholly owned subsidiary of AMCI.
The combined company will operate as Advent Technologies Holdings and its common stock will be listed on the Nasdaq.
Vasilis Gregoriou, CEO of Advent Technologies will continue to lead the combined company.
“We are very excited about this transaction and believe the business combination with AMCI will allow Advent to advance the development and manufacturing of our platform technology to unlock the hydrogen economy,” Gregoriou said.
“Our fuel cell technology addresses the biggest problems of the hydrogen economy: the cost of infrastructure and the total cost of ownership. Our products are already in the market and we believe that the exposure and access to capital from the Nasdaq listing will allow us to accelerate product and business development efforts.”
William Hunter, CEO of AMCI, added, “We are incredibly excited to partner with Advent and drive the next phase of its growth. As an innovation-driven company, Advent is led by an experienced management team with deep technical knowledge and a strategy of becoming the leader in material and components innovation for the fuel cell industry.”
“Advent is well positioned for significant growth opportunities given its proven business model and complementary technology across multiple markets. We expect that the combination will allow us to drive significant value creation by participating in such a dynamic and high-demand sector.”