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Benzinga
Benzinga
Business
Akanksha Bakshi

Advent, BASF Ink MoU To Secure Supply Chain For Large Scale Projects

  • Advent Technologies Holdings Inc (NASDAQ:ADN) and BASF SE (OTC:BASFY) unit BASF New Business GmbH have signed a Memorandum of Understanding (MoU) to develop and increase the manufacturing scale of advanced fuel cell membranes designed for long-term operations under extreme conditions. Deal terms not disclosed.
  • The parties will explore membrane manufacturing, mass production, and testing capabilities for the BASF Celtec membrane for high-temperature PEM fuel cells.
  • BASF intends to improve the long-term stability of its Celtec membrane and increase production capacity with advanced technical capabilities to enable further improved and competitive Advent fuel cell systems and membrane electrode assembly (MEA).
  • "The agreement with BASF advances our vision to accelerate electrification through advanced materials, components, and next-generation fuel cell technology and to support industries in decarbonizing at a faster rate," said Advent Chairman and CEO Vasilis Gregoriou.
  • Price Action: ADN shares are trading higher by 6.95% at $7.85 and BASFY lower by 0.81% at $16.86 on the last check Monday.
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