Advent Technologies Holdings, Inc. (ADN), a fuel cell and hydrogen technology space company, on Monday announced that it has reached an agreement with European aerospace and defense major Airbus SE (EADSF.PK) for a joint benchmarking project.
In pre-market activity on Nasdaq, Advent shares were gaining around 6 percent.
The multi-million dollar collaboration for the project regarding an optimized Ion Pair Membrane Electrode Assembly or MEA for hydrogen fuel cells will take place over two years.
The project will be executed by Advent's MEA team and closely monitored by Airbus. The project is expected to commence in January 2024.
Under the deal, Advent will invest in people, materials, hardware, and 3rd party research centers, while Airbus will provide financial support to the project and its extensive knowledge of the aviation industry.
Wih the project, the companies aim to accelerate the development of Advent's MEA and benchmark the Ion Pair MEA against aviation requirements and current/expected technological limits.
The project will primarily focus on the needs for future hydrogen-fueled planes. At the same time, it should have the potential of significantly reducing the weight and volume of the powertrain system through a simplified balance of plant and cooling subsystems.
Chris Kaskavelis, Chief Strategy Officer of Advent Technologies, said, "Both companies believe that HT-PEM is a promising technology to be benchmarked and developed as it can enable better thermal management for airplanes."
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