Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent"), an innovation-driven company in the fuel cell and hydrogen technology space, announced that it has acquired UltraCell LLC ("UltraCell"), the fuel cell division of Bren-Tronics, Inc. ("Bren-Tronics"). The acquisition closed on February 18, 2021.

UltraCell is a leader in lightweight fuel cells for the portable power market with mature products and cutting-edge technology. The portable battery chargers produced by UltraCell are the only NATO approved fuel cell products Made in the USA (and one of the only two across NATO), with units already deployed in the field by military and security agencies. Three additional NATO allies are currently testing UltraCell systems. UltraCell's fuel cell products have also been recognized and presented in multiple global NATO events.

UltraCell's technology can use hydrogen or liquid fuels to deliver reliable power at a fraction of the weight of batteries. An UltraCell system is 3x-25x lighter in weight than the equivalent battery solution (depending on the application and use case). Furthermore, the systems have been deployed with excellent performance in stringent and challenging conditions and climates. UltraCell's fuel cells rely on Advent's high-temperature MEAs for delivering on the "any-fuel, anywhere" promise.

UltraCell's fuel cell innovations will complement the development of Advent's next-generation lightweight systems for the mobility market (with emphasis on the commercial drone, aviation, and heavy-duty automotive industries). Advent plans to retain and expand current UltraCell operations and capabilities in the Livermore, California area, in parallel to its Boston operations and continue to deliver on its "Made in the USA" promise.

Dr. Vasilis Gregoriou, Advent's CEO & Founder, commented: "We are excited to welcome our long-time partners from UltraCell to the Advent family. The two teams share the same DNA and focus on innovation and have worked together for years, so we expect this to be a very successful combination. Our strategy is very clear, and we have put the plan in action immediately after our public listing. We believe our next-generation HT-PEM technology that we co-develop with the US Department of Energy, combined with UltraCell's expertise and lightweight stack innovations, is an unbeatable combination. Together, we can bring to the market industry-leading products that will benefit various end markets. The next step in our plan is to partner with strategic Tier1 and OEM companies and forge a path to mass-market adoption."

Bill Hunter, Advent's CFO & President added: "This is a high-value acquisition to extend our range in the fuel cell market. One of the first principles in technology deals is having the right people, and the two teams in this transaction know and respect each other well. The UltraCell operation is very active with its product development and is expected to bring quality revenue to Advent. Our decision to retain and expand the facilities in Livermore, California, is a testament to our Made in the USA plan."

Ian Kaye, Founder & General Manager of UltraCell added: "We are excited to join an ambitious public company that has a plan to revolutionize the fuel cell industry. I believe together with our new colleagues, we can bring to the global market products that make fuel cells affordable and ideal for the mobility industry." Mr. Kaye will also take a leading role in Advent's future plans as Senior Vice President of Product Development.

Advent Technologies Holdings | https://www.advent.energy/

UltraCell | www.ultracell-llc.com