DEPA Commercial: Memorandum of Cooperation with Advent Technologies

Advent Technologies Holdings, Inc., a leader in fuel cell and hydrogen technology, and DEPA Commercial, the main importer of pipeline natural gas and liquefied natural gas (LNG) in Greece, have signed a Memorandum of Understanding, launching the strategic partnership between them in hydrogen projects of common interest.

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The cooperation

The MoU sets out the framework for reaching an imminent mutually binding agreement. Specifically, the parties preliminarily agreed to complete the following actions:

• Collaboration for the production of environmentally friendly and green hydrogen as a fuel, with the participation of other major industrial partners.
• Joint development of a Combined Heat and Power (CHP) system based on proprietary and highly differentiated technology, which will be ready for mass production with efficiency approaching 90% and multi-fuel capabilities (hydrogen, natural gas, synthetic fuels). The systems will cover both current and future modes and use cases, as well as on- and off-grid energy generation.
• Creation of a “hub” for the Greek hydrogen and fuel cell industry and development of synergies for the promotion of hydrogen and related technologies.

DEPA CEO, Mr. Konstantinos Xifaras, lauded Advent’s advanced electrochemistry know-how and engineering experience as well as Advent’s team of experts. He noted that the new collaboration will contribute both to the diversification of the national energy mix and the security of energy supply, as well as to strengthening the national economy.

The President and CEO of Advent, Mr. Vassilis Grigoriou, added that the aim is to accelerate Greece’s transition to the production and transport of clean energy and to further strengthen the two firms’ joint presence on the global hydrogen map.