At the beginning of the New Year, besides Ballard and Praeger, the 6th hydrogen and fuel cell concept company has entered the NASDAQ market.
Advent Technologies Inc. (" Advent ") and AMCI Acquisition Corp. (NASDAQ: AMCI (NYSE: AMCI), a special purpose acquisition company, today formally announced the completion of the business combination. The combined company, Advent Technologies Holdings, Inc., will begin trading on nasdaq tomorrow, February 5, 2021, under the ticker symbol "ADN."
Hydrogen Cloud investment Bank found that, like Nicola's backdoor listing, ADN company also chose to IPO through SPAC, or "special purpose acquisition company".
As of today, AMCI shares have been on a bullish streak, rising more than 50% since December 2020, from $10 to $16.27.
Advent raised $158.3 million in capital through the transaction, including $93.3 million in trust cash from AMCI and funds from Jefferies LLC and Fearnley Securities, Inc. Led by PIPE's $65 million investment. More than 60 SPAC ipos have raised more than $22 billion in 2020, according to public data.
How about ADN technology strength? Could it be the same powerpoint hype concept company as Nicola?
Hydrogen Cloud Investment Bank understands that the combined ADN vision is to create a leading next generation fuel cell technology company with a technology portfolio of over 50 international patents and 15 years of research-led INTELLECTUAL property development experience:
(1) Next-generation materials for high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology, promising higher power and lifetime at lower cost;
(2) Continued development of the next generation HT-PEM fuel cell technology through a collaboration funded by the U.S. Advanced Research Projects Agency energy;
(3) Energy Department office of Energy Efficiency and Renewable Energy (EERE) funding for deployment of liquid hydrogen carriers such as dimethyl ether (DME) in fuel cells using HT-PEM;
(4) The introduction of advanced low cost water electrolysis to produce hydrogen.
All these achievements have enabled Advent to develop fuel cells that are well suited for heavy duty vehicle and aviation applications.
"Said Dr. Vasilis Gregoriou, Chairman and CEO of Advent. "Today marks an important milestone for the entire Advent team as we work to advance the development, manufacturing and hydrogen economy of our platform technologies."
"Looking ahead, the new capital will enable the company to accelerate product development and develop key components for the diversified, high-growth new energy markets."
We have proven business models and technologies that address the missing pieces in fuel cells and advanced materials. Addressing the greatest challenges facing the hydrogen economy and taking great pride in the work our team has done to get us to this point."
"This opportunity is very promising because of Advent's proven business model and complementary technologies across multiple markets. I look forward to working with experienced executives from other companies to participate in Advent's future success."