Advent Technologies Holdings, Inc. (ADN) stock soared 75.72% in the current-market trading session at the price of $3.55 following a collaborative deal with Hyundai Motor Company.
Development Agreement with Hyundai
On 6th April 2022, ADN announced joining a technology assessment, sales, and development deal with Hyundai, a top global automotive plant supplying a range of vehicles and mobility services across 200 countries. Both parties leverage fuel cell technology to offer green energy solutions for carbon applications.
Under the contract, Hyundai will deliver catalysts to ADN for evaluation in the company’s proprietary MEAs. The Advent agreed to support Hyundai in meeting its needs for the fuel cell project. After completing the initial phase of the agreement, both groups will cooperate closely to define combined product goals and requirements. Moreover, both companies will work to accomplish specified goals and plan for the second phase of a project.
ADN is a U.S.-based company that designs, manufactures, and constructs fuel cells and their critical elements for cell systems in renewable energy. The company has headquartered in Massachusetts with offices in Greece, California, Germany, the Philippines, and Denmark. With over 100 patents allocated for its fuel cell system, Advent has the IP for next-gen HT-PEM that allows fuels to operate under harsh conditions and at elevated temperatures.
Current Market Updates
This partnership will contribute to the company’s mission to jointly partake in the clean energy transition, making hydrogen a cheap energy source. These proprietary MEAs will meet ADN’s business needs. The successful completion of the deal will strengthen both parties’ confidence in future collaboration.
ADN already has large institutions on a share registry indicating that the stock has a high degree of credibility in the community of investors. However, it is essential to be careful while relying on the assumed validations made by these investors. Therefore, it’s worth scrutinizing the stock’s earnings history before reaching a final decision.