- Advent Technologies (ADN) stock is rocketing on a funding agreement.
- This has it expecting 782.1 million euros over a six-year period.
- The company plans to use these funds for its Green HiPo project.
Advent Technologies (NASDAQ:ADN) stock is rocketing higher on Thursday after securing a massive amount of funding from the Greek State.
According to a press release from the company, it’s up for 782.1 million euros worth of funding. This comes from the Important Projects of Common European Interest (IPCEI). The agreement needs to be ratified by the European Union (EU) before ADN gets the funding.
This agreement will have Advent Technologies receive the funds over a six-year period. The funds will go toward the company’s Green HiPo project. That has the company planning to manufacture fuel cell systems as well as electrolyser systems.
Dr. Vasilis Gregoriou, Advent Technologies’ chairman and CEO, said the following in the news release:
“Green HiPo demonstrates the commitment by Greece and the EU to rapidly decarbonize power production and to move forward to energy security and independence with hydrogen technologies playing a crucial role.”
ADN stock is experiencing heavy trading today following the funding news. That has some 87 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 4.1 million shares.
ADN stock is up 162% as of Thursday morning. However, shares are still down 56% since the start of the year.
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