Advent Technologies (ADN) Announces Signing of Distribution and Service Agreement with Calscan Solutions

January 10, 2022 8:45 AM EST
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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 space, today announced it has signed a Distribution and Service Agreement with Calscan Solutions (“Calscan”), an Alberta, Canada industrial service company focused in the oil field industry with a number of products, including methane emissions mitigation instrumentation & controls, as well as services including Test Data Processing, Rentals, Repair, and Data Processing.

The agreement details Calscan’s plans to market, resell, install, and service the Advent M-ZERØ™ and SereneU fuel cell products to address the demand for electric systems in the oil and gas sector. Current regulatory pressure is focused on targets which will aggressively reduce oil & gas industry methane emissions throughout Canada. Advent’s diverse family of products, including the M-ZERØ™ and SereneU fuel cell products, aim to drop wellhead methane emissions to zero, increase well productivity and safety, and decrease maintenance costs in North American well sites. Advent’s products realize a significant carbon advantage over conventional diesel remote power generation technology and can be deployed in more extreme environments than solar panels and electric battery systems. The Advent M-ZERØ™ can also work with current systems to enhance their reliability and ensure that systems continue to operate, creating additional value opportunities for customers.

The Advent M-ZERØ™ products, designed specifically to generate power in remote environments, will offer the ability to drop methane emissions to effectively zero where they replace methane polluting pneumatic injection technology. The overall methane emissions related to wellheads approaches 40 million tons of carbon dioxide emissions per year, which is equivalent to the carbon footprint of more than eight million passenger cars. M-ZERØ™ will initially be featured mainly in Canada and the United States with the aim of providing remote power to up to 185,000 oil and gas wellheads.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said, “We are thrilled to be partnering with Calscan. Their industry knowledge and reach provide a huge advantage in bringing disruptive, emerging fuel cell solutions to a mature application.

Henri Tessier, President of Calscan, added: “We are excited to have Advent Technologies as an industry partner. Calscan is committed to reducing well site GHG emissions through innovative and progressive design, and Advent’s products make this mission a reality. We look forward to bringing this solution to our customers.

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