CAMBRIDGE, Mass. & NEW YORK–(Business WIRE)–Advent Technologies Inc. (“Advent”), an innovation-driven firm in the fuel mobile and hydrogen technological know-how space, and AMCI Acquisition Corp. (NASDAQ: AMCI) (“AMCI”), a particular function acquisition business, today introduced that they have completed their formerly declared organization blend (the “Business Combination”). The blended organization, Advent Systems Holdings, Inc. (“Advent” or the “Company”), will start off buying and selling on Nasdaq tomorrow, February 5, 2021, under the ticker symbol “ADN”.
The Enterprise Mixture, which was accepted at a particular conference of AMCI’s stockholders held just about on February 2, 2021, makes a primary subsequent technology gas mobile technology enterprise and builds on a amount of critical achievements, which includes: in excess of 50 international patents 15 a long time of research major to the enhancement of mental residence like the subsequent technology of components for high-temperature polymer electrolyte membrane (HT-PEM) gasoline cell technologies from Advent’s assortment in the L’Innovator plan that promise larger electricity and life span at decreased expense a collaboration, funded by an State-of-the-art Analysis Tasks Agency–Energy (“ARPA-E”) Open award, to keep on growth of next-generation HT-PEM gasoline cell technology leveraging HT-PEM for deploying liquid hydrogen carriers this kind of as dimethyl ether (DME) in fuel cells by funding by the Workplace of Strength Efficiency and Renewable Vitality (EERE) of the DoE and introducing sophisticated low price drinking water electrolysis for the generation of hydrogen by using the conclusion of a Section of Electricity (“DoE”) HydroGen Application. All these achievements enable Advent to develop fuel cells preferably suited for major-duty automotive and aviation programs.
“Now is an vital milestone for the overall Introduction group as we continue on our mission to progress the enhancement and manufacturing of our platform engineering and unlock the hydrogen financial state,” reported Dr. Vasilis Gregoriou, Chairman and CEO of Advent. “Heading forward, our new capital resources will allow us to accelerate item developments and our manufacturing of significant elements for a diversified array of large-advancement new electricity markets. We have a demonstrated small business product and a technological know-how that we imagine represents the missing piece in gas cells and sophisticated materials. I search ahead to continuing our do the job to address the greatest troubles experiencing the hydrogen financial state and am deeply happy of our team’s get the job done in getting us to this point.”
Dr. Gregoriou ongoing, “We are grateful to the full AMCI team for their ongoing partnership and assistance around the final couple months and are delighted that William Hunter, previous AMCI CEO, will be becoming a member of the company as President, Chief Economic Officer and Director.”
In addition to Messrs. Gregoriou and Hunter, Introduction will go on to be led by its knowledgeable administration workforce which include Emory De Castro as Chief Engineering Officer, Chris Kaskavelis as Main Advertising and marketing Officer, and James F. Coffey as Main Working Officer and Typical Counsel. As earlier declared, the Company’s Board of Directors will be comprised of Messrs. Gregoriou, Hunter, and De Castro alongside with Katherine E. Fleming, Provost of New York University, Anggelos Skutaris, Chief Financial investment Officer for Energy Financial institution, Katrina Fritz, Executive Director of the Stationary Fuel Cell Collaborative, and Lawrence M. Clark, Jr., founder and Controlling Member of BalanTrove Administration, LLC.
William Hunter said, “We take pleasure in the assistance acquired from shareholders of AMCI in favor of the Enterprise Combination. The prospect for Introduction is particularly promising due to its confirmed small business model and complementary technology throughout various markets. I glimpse ahead to collaborating in Advent’s upcoming accomplishment together with the rest of the Company’s seasoned executives.”
Advent lifted $158.3 million in funds by way of the transaction, which includes $93.3 million of AMCI’s income in trust and $65 million from a PIPE investment decision led by Jefferies LLC and Fearnley Securities, Inc.
Ropes & Gray LLP served as lawful advisor and Ernst & Young served as audit advisor to Introduction. Jefferies LLC served as money marketplaces advisor and Ellenoff Grossman & Schole LLP served as lawful advisor to AMCI.
About Arrival Technologies
Advent Technologies is an innovation-driven firm in the fuel cell and hydrogen technological innovation house. Our vision is to accelerate electrification by superior resources, elements, and up coming-era gas cell technological innovation. Our know-how applies to electrification (fuel cells) and energy storage (move batteries, hydrogen production) markets, which we commercialize by means of partnerships with Tier1s, OEMs, and System Integrators. For a lot more details on Arrival Technologies, please stop by the company’s web site at https://www.advent.power/
About AMCI Acquisition Corp.
AMCI Acquisition Corp. (NASDAQ: AMCI) was a blank verify enterprise incorporated for the intent of effecting a merger, cash stock trade, asset acquisition, inventory acquire, reorganization, or similar company mixture with a person or additional companies that are critical to the increasing urbanization, electrification and infrastructure needs of the world. AMCI consummated its initial public giving on the Nasdaq Money Industry in November 2018.
Specific statements produced in this press launch are “forward-looking statements”. Forward-wanting statements may perhaps be identified by the use of words and phrases these kinds of as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other identical expressions that forecast or point out foreseeable future situations or trends or that are not statements of historic issues. These ahead-looking statements mirror the present-day assessment of present information and are matter to numerous dangers and uncertainties. As a final result, caution have to be exercised in relying on ahead-looking statements. Owing to regarded and unknown threats, precise results may differ materially from put together company’s anticipations or projections. The adhering to things, amongst other individuals, could induce real final results to differ materially from these described in these ahead-on the lookout statements: (i) the ability of the put together enterprise to meet up with Nasdaq listing standards pursuing the transaction(ii) the failure to meet up with projected enhancement and manufacturing targets (iii) prices similar to the proposed transaction (iv) variations in relevant legislation or rules (v) the means of the mixed enterprise to fulfill its economic and strategic aims, owing to, between other issues, competition, the capacity of the merged enterprise to pursue a growth method and handle expansion profitability (vi) the chance that the mixed enterprise may possibly be adversely afflicted by other economic, business enterprise, and/or aggressive components (vii) the influence of the COVID-19 pandemic on the mixed organization and (viii) other challenges and uncertainties explained herein, as very well as individuals risks and uncertainties reviewed from time to time in other experiences and other public filings with the Securities and Trade Fee (the “SEC”) by AMCI or Advent.