Advent Technologies (ADN) Announces Agreement with Daiden to Accelerate the Distribution of Methanol-Based Fuel Cells across Malaysia

March 17, 2022 8:50 AM EDT
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Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that it has entered into a preliminary strategic agreement with Daiden Equipment Sdn Bhd (“Daiden”), a leading power generation and industrial equipment provider in Malaysia.

Daiden has declared its intention to become a distributor of Advent’s SereneU fuel cell products. This will enhance the promotion of Daiden’s clean power generation sources and actively support the ongoing green energy transition efforts in Malaysia.

Mr. Kim Abildgaard, Advent’s Sales and Business Development Director (Asia), said: “Advent and Daiden will work together to bring Advent’s SereneU “plug and play” fuel cell systems to the Malaysian market, as it can be a reliable and sustainable power solution for the country’s telecom and utility operators. This collaboration could be further complemented by the integration of Advent’s methanol-based fuel cells into existing power systems and equipment in Daiden’s portfolio.

Advent has already shipped units of its SereneU fuel cell products to Daiden for testing and evaluation. Once these tests have been completed, Daiden and Advent will determine the best strategic approach for the introduction of Advent’s methanol-based fuel cells to the Malaysian market.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said: “We see Daiden as a highly committed partner to the mission of transitioning to green technologies and to provide its local organizational know-how and technical expertise. It is the start of a fruitful and mutually beneficial collaboration that will put us in a position to infiltrate the Malaysian market as fast and efficiently as possible.”

Mr. Ng Win-Wei, Daiden’s Director, stated: “The global emphasis on achieving net-zero emissions by 2050, combatting climate change, and promoting clean power generation sources, will lead to the gradual replacement of diesel generators and internal combustion engines with renewable and clean power generation alternatives, such as fuel cells, solar panels, and wind turbines. We believe that methanol-based fuel cells are the ideal solution for replacing diesel-driven power generators. Methanol-based fuel cells ensure low carbon emissions, are safer to handle than hydrogen fuel, and can be easily deployed to site.”

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