Q4 2023 Advent Technologies Holdings Inc Earnings Call

Speaker Change: good morning everyone i will be your conference operator today at this time i would like to welcome everyone to advent technologies fourth quarter earnings conference call after the presentation there will be a question and answer session to ask a question during this time please press star one on your telephone key pad

Operator: I would like to welcome everyone to Advent Technology's fourth quarter earnings conference call. After the presentation, there will be a question-and-answer session. To ask a question during this time, please press star one on your telephone keypad.

Operator: Welcome everyone to Advent Technology's 4th Quarter Earnings Conference Call. After the presentation, there will be a question and answer session. To ask a question during this time, please press star 1 on your telephone keypad.

Operator: Welcome everyone to Advent Technology's 4th Quarter Earnings Conference Call.

Operator: After the presentation, there will be a question and answer session.

Operator: The floor is now open for questions.

Operator: To ask a question during this time, please press star 1 on your telephone keypad.

Operator: If you would like to ask a question, please press star 1 on your telephone keypad.

Operator: On the call today, we are joined by Dr. Vassilios Gregoriou, Advent's Chairman, CEO, and Acting CFO. Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth quarter 2023 financial results shortly before the market opened today. You may access the materials on the Investor Relations section of the company's website at www.advent.energy.

Operator: On the call today, we are joined by Dr. Vassilios Gregoriou, Advent's Chairman, CEO, and Acting, CFO.

Operator: Please ensure that your phone is not on mute when called upon.

Speaker Change: on the call today we are joined by dr vcilus reggoru advced chairman ceo and acting cfo

Operator: Thank you.

Operator: Before we begin the prepared remarks, we would like to remind you that Advent issued a press, release announcing its 4th Quarter 2023 financial results shortly before the market opened today.

Operator: One moment, please.

Operator: On the call today, we are joined by Dr. Vassilios Gregoriou, Advent's Chairman, CEO, and Acting CFO. Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth quarter 2023 financial results shortly before the market opened today. You may access the materials on the investor relations section of the company's website, at www.advent.energy, I would also like to remind everyone that during the course of this conference call, Advance Management will discuss forecasts, targets, and other forward-looking statements regarding the company's future, customer orders, and the company's business outlook that are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

Speaker Change: before we begin the prepared remarks we would like to remind you that advent issued a pressrelease announcing its fourth quarter two thousand and twenty three financial results shortly before the market open today you may access the materials on the investor relation section of the company's website

Operator: As there are no questions at this time, this will conclude today's conference call.

Operator: You may access the materials on the Investor Relations section of the company's website, at www.advent.energy.

Operator: We thank you for joining.

Operator: You may now disconnect your lines.

Speaker Change: at w dot advent dot energy

Operator: I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecast targets and other forward-looking statements regarding the company's future, customer orders, and the company's business outlook that are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. While these statements represent management's current expectations and projections about future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release. Except as required by applicable law, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

Operator: I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecasts, targets, and other forward-looking statements regarding the company's future, customer orders, and the company's business outlook that are intended to be covered by the Safe Harbor provisions of the Private Securities, Litigation Reform Act of 1995 for forward-looking statements.

Operator: Thank you.

Speaker Change: i would also like to remind everyone that during the course of this conference call advanced management will discuss forecast

Speaker Change: targets and another forward-looking statements

Speaker Change: regarding the company's future customer orders and the company's business outlook that are intended to be covered by the safe harbor provisions of the private securities litigation reform act onethousand nine hundred and ninety five for forward-looking statements

Operator: While these statements represent management's current expectations and projections about future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including, today's earnings press release. Except as required by applicable law, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

Operator: While these statements represent management's current expectations and projections about, future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect, Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release.

Speaker Change: while these statements represent management's currents current expectations and projections about future results and performances as of today adents actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations

Speaker Change: in addition to any risks highlighted during this call important factors that may affect advanced future results are described in its reports filed with the united states securities and exchange commission including

Operator: Except as required by applicable law, the company undertakes no obligation to update, any of these forward-looking statements for any reason after the date of this call.

Speaker Change: today's earnings press release except as required by a plicable law the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call

Operator: Lastly, information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. Management estimates are derived from publicly available information released by independent industry analysis and other third-party resources as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets which it believes to be reasonable.

Operator: Lastly, information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. Management estimates are derived from publicly available information released by independent industry analysis and other third party resources, as well as data from the company's internal research, and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets, which it believes to be reasonable. These assumptions are subject to uncertainties and risks, which could cause results to differ materially from those expressed in the estimates.

Operator: Lastly, information discussed on this call concerning the company's industry competitive, position in the market in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. Management estimates are derived from publicly available information released by independent, industry analysis and other third-party resources, as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets which it believes to be reasonable. These assumptions are subject to uncertainties and risks which could cause results to differ, materially from those expressed in the estimates.

Speaker Change: lastly information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations other third-party sources and management estimates

Speaker Change: management estimates are derived from publicly available information released by independent industry analysis and other third party resources as well as dther from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industryet and markets which it believess to be reasonable

Operator: These assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimate. Please note that this call is being recorded. Kicking off the call will be Dr. Vassilios Gregoriou. Dr. Gregoriou, I now turn it over to you.

Speaker Change: these assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimates please note that this call is being recorded

Operator: Please note that this call is being recorded.

Operator: Please note that this call is being recorded.

Operator: Kicking off the call will be Dr. Vasilis Gregorio.

Operator: The next person taking off the call will be Dr. Vassilis Grigouriou.

Speaker Change: kicking off the call will be dr vcilis gregoryou dr gregoru i now turn it over to you

Operator: Dr. Grigouriou, I now turn it over to you.

Vassilios Gregoriou: Dr. Gregorio, I now turn it over to you.

Vassilios Gregoriou: Thank you, Operator.

Vassilios Gregoriou: Thank you, operator. Good morning to everyone listening in, and thank you for joining us on Advent's fourth quarter 2023 earnings call. On today's call, I will provide an update on the business, and I will also review our financial performance and outlook.

Vassilios Gregoriou: Thank you, Operator. Good morning to everyone listening in, and thank you for joining us on Advent's fourth quarter, 2023 Ernst & Koch. On today's call, I will provide an update on the business and I will also review our financial performance analysis. I would like to take this opportunity to briefly reintroduce Advent to you, what we do and what makes our technology different. At Advent, we're developing the high-temperature pen fuel cell technology.

Vassilios Gregoriou: Good morning to everyone listening in, and thank you for joining us on Advent's fourth, quarter 2023 earnings call.

Dr. Gregory: thank you berwror good moritor listen in and thank you for joining us on adv' fourth quarter two thousand and twenty three earning's call

Vassilios Gregoriou: On today's call, I will provide an update on the business, and I will also review our, financial performance and outlook.

Speaker Change: on today's call i will provide an update on the business and i will also review our financial performance and outlook

Vassilios Gregoriou: I would like to take this opportunity to briefly reintroduce Advent to you, what we do and what makes our technology different. At that time, we're developing the high-temperature pen fuel cell technology. High-temperature pen, as we call it, is a unique competitive advantage. Our fuel cells are optimum for using liquid yield fuels made from hydrogen like emethanol but also biofuels and biogas. If you're following market developments, you have recently heard these words more and more. We expect that emethanol and biogas will dominate the investment in business plans of the next years, moving to deployment much faster than compressed or liquid-fived hydrogen applications.

Vassilios Gregoriou: I would like to take this opportunity to briefly reintroduce Advent to you, what we do, and, what makes our technology different.

Speaker Change: i would like to take the opportunity to briefly reintroduce out to you what we do and one makes our technology different

Vassilios Gregoriou: At Advent, we're developing the high-temperature PEM fuel cell technology. High-temperature PEM, as we call it, gives unique competitive advantages. Our fuel cells are optimal for using liquid fuels made from hydrogen like e-methanol, but also biofuels and biogas.

Speaker Change: doven were development the high temersature to ben fuelcell technology hydled high tember two pam as we call it gi unique competitive advantages

Vassilios Gregoriou: High-temperature fan, as we call it, gives unique competitive advantage. Our fuel cells are optimal for using liquid fuels made from hydrogen like e-methanol, but also biofuels and biogas. If you're following market developments, you have recently heard this word more and more.

Speaker Change: our fuel cells are optimum for using liquid ill fuels made from hydrogen like emathanol but also biofuels and biographs

Vassilios Gregoriou: If you're following market developments, you have recently heard this word more and more.

Speaker Change: if your fallen market developments we have recently said these world more and more we expect that in mathanol and biogust who will dominate the investment in business plans for the next years moving to deployment much fastas are compress or liquid five hyrogen applications

Vassilios Gregoriou: We expect that e-methanol and biogas will dominate the investment and business plans in the next years, moving to deployment much faster than compressed or liquefied hydrogen applications. The reason is simple, the cost of infrastructure and the end cost of electrification. Advent fuel cells are not limited to pure hydrogen and this makes them ideal for marine and north greek power, both of which are turned into methanol. Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that can reach 85% when the heat is used and are ideal for aviation and heavy-duty trucks.

Vassilios Gregoriou: We expect that e-methanol and biogas will dominate the investment in business plans, in the next years, moving to deployment much faster than compressed or liquefied hydrogen applications.

Vassilios Gregoriou: The reason is simple: the cost of infrastructure and the end cost of electrification. Advent fuel cells are not limited to pure hydrogen, and this makes them ideal for marine and not great power, both of which are turned into methanol. Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that can reach 85% when the heat is used and are ideal for aviation and heavy-duty trucks. All these statements have been validated by our strong collaborations with Airbus, US Army, Hyundai, and Jim and Synergy, among others, during the last year. You will know probably following developments in the battery market and the hundreds of billions invested there.

Vassilios Gregoriou: The reason is simple, the cost of infrastructure and the end cost of electrification.

Speaker Change: there is 't a symbol the cost of infrastructure and the endth co of electrificification

Vassilios Gregoriou: Advent's fuel cells are not limited to pure hydrogen, and this makes them ideal for marine, and off-grid power, both of which are turning to methanol.

Speaker Change: others fuel cells are not limited to bl hydrogen and this makes a myideal for marine and north great power both of wids are turning to methemamum

Vassilios Gregoriou: Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that, can reach 85% when the heat is used, and are ideal for aviation and heavy-duty trucks.

Speaker Change: furthermore due to a high temperature of oation our fuel self herehave superior ficiency that can readach eighty five percent when the heat is used and i ideal for aviation and sha y dut y truacks

Vassilios Gregoriou: All these statements have been validated by our strong collaborations with Airbus, U.S. Army, Hyundai, and Siemens Energy, among others, during the last year. You and I are probably following developments in the battery market and the hundreds of billions invested there. Let us give you a comparison that showcases the importance of our technology. Our fuel cell converts approximately 400 grams of methanol that carry 80 grams of green hydrogen to one kilowatt hour of electrical power. Thus, it is equivalent to 2,500 watts per hour per kilogram battery.

Vassilios Gregoriou: All these statements have been validated by our strong collaborations with Airbus, U.S.

Speaker Change: all these statements have been validated by our strong collaborations with airbusts usrmy who dye and gyimman syenergy among others during the last year

Vassilios Gregoriou: Army, Hyundai, and Siemens Energy, among others, during the last year.

Vassilios Gregoriou: You are now probably following developments in the battery market and the hundreds of, billions invested there.

Speaker Change: you un all probably falling developments of the battery market and the cons of billions invested there

Vassilios Gregoriou: Let us give you a comparison that showcases the importance of our technology. Our fuel cell converts approximately 400 grams of methanol, the carry 80 grams of marine hydrogen, to 1 kilowatt hour of electrical power. Thus, it is equivalent to 2500 watts per hour per kilogram battery. As a comparison, lithium-ion batteries are at one tenth of the power density, and even futuristic batteries are at one fifth. Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on the existing infrastructure of transport at the especially liquid fuels globally, even in the poorest countries.

Vassilios Gregoriou: Let us give you a comparison that showcases the importance of our technology.

Speaker Change: let us give you a comparison that so cases the importance about technology

Vassilios Gregoriou: Our fuel cell converts approximately 400 grams of methanol, that carry 80 grams of, green hydrogen, to one kilowatt-hour of electrical power, thus it is equivalent to 2,500 watts per hour per kilogram battery.

Speaker Change: our fuel cell converts approximately four hundred grounds of methanol that carry eight the gramounds of green hydrogen to one chil a hourwer of eleal power thus it is equivalent to twenty five handand watchper hour but kilogram battery

Vassilios Gregoriou: As a comparison, lithium-ion batteries are at one-tenth of the power density, and even, futuristic batteries are at one-fifth.

Vassilios Gregoriou: As a comparison, lithium-ion batteries are at one-tenth of the power density, and even futuristic batteries are at one-fifth. Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on the existing infrastructure of transporting and dispensing liquid fuels globally, even in the poorest countries. You might wonder why high temperature PEM has not been more widespread in the past.

Speaker Change: as a comparison littleis batteries are at one tenth of the power density and if fteruristic batteries are at one fifth

Vassilios Gregoriou: Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on, the existing infrastructure of transporting and dispensing liquid fuels globally, even in the poorest countries.

Speaker Change: moreover unlike a battery or a hydrogen bby system our fuel cells can be deployed on the existing in frastructure of transported at the special liquid fuse globally even in the poorest counes

Vassilios Gregoriou: You might wonder why high temperature PEM has not been more widespread in the past. This was the maturity of the technology. Other than using a next generation membrane electrode structure called ion-per-MEA, has achieved in 2024 2X the power of previous state-of-the-art fuel cells per square centimeter. We also have concrete data that we will achieve 2X the lifetime of competing high temperature PEM systems. These accomplishments can lead to massively lower cost of electrification and will believe that at scale and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel and service, in the range of 20 to 30 cents per kilowatt hour.

Vassilios Gregoriou: You might wonder why high-temperature PEM has not been more widespread in the past. The issue was the maturity of the technology.

Speaker Change: you might wonandder why high temperature pam has not been more widespread in the past

Vassilios Gregoriou: This was the maturity of the technology. Advent using a next generation membrane and electrode structure called Ion-Pair-MEA has achieved in 2024 2x the power of previous state-of-the-art, fuel cells per square centimeter. We also have concrete data that we will achieve 2x the lifetime of competing high-temperature PEMs. These accomplishments can lead to massively lower cost of electrification and we believe that at scale and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel and service, in the range of 20 to 30 cents per kilowatt hour.

Vassilios Gregoriou: Advent using a next-generation membrane and electrode structure, called Ion-Pair MEA, has achieved, in 2024, 2x the power of previous state-of-the-art fuel cells per square centimeter. We also have concrete data that we will achieve 2x the lifetime of competing high-temperature, PEM systems. These accomplishments can lead to massively lower costs of electrification, and we believe, that at scale, and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel, and service, in the range of 20 to 30 cents per kilowatt-hour.

Speaker Change: they was the maturered with acknownoledge i've been using a next generation membraneand electroad structure called onpair anda has achieved in two thousand and twenty-four two acts the power of previous state of the art

Speaker Change: fuel cells per squares on the meidter we also have concrete data that will will vie that we will achieve to x the lifetime of compeent high temberatureship pm systems

Speaker Change: these areaccoplishments can lead to massively lower course of electquification and would believe that the scale and incooperation with the oems and cleer ones which can achieve a levelized cost of electricity includive hardwork sho and service and the range of twenty to thirty cent per ular at our

Vassilios Gregoriou: This, of course, will not be competitive versus the grid, but it will be highly competitive, for all off-grid and backup markets, and also for all heavy-duty mobility markets. In fact, it will be the lowest-cost solution when compared to battery-only, compressed, hydrogen, or even fossil-fuel alternatives.

Vassilios Gregoriou: This, of course, will not be competitive versus the grid, but it will be highly competitive for all off-bridge and backup markets, and also for all heavy-duty mobility markets. In fact, it would be the lowest-cost solution when compared to battery-only, compressed hydrogen, or even fossil-fuel alternatives.

Vassilios Gregoriou: This, of course, will not be compared to versus the grid, but it will be highly competitive for all off-grid and backup of markets and also for all heavy-duty mobility markets. In fact, it will be the lowest cost solution when compared to battery-only, compressed hydrogen, or even fossil fuel alternatives. The relentless pursuit of low cost green energy what drives us and its our mission. The development of the ion-per-MEA was a niche; the core mission of our event since its public market entry. We are happy to announce that in 2024 we are on pace to meet the demands of the global OEM leaders in the fuel cell industry, comers like Airbus and Tundine Motors, which have been highly successful in meeting all the milestones we've had with our key OEM partners, and I will discuss this in more detail later.

Speaker Change: this of course will not be paid diversus aggrid but they will be highly competitive for all of grades and buckup up markets and also for all cheid duty mobility markets

Speaker Change: in fact it would be the lowest cost solution when compared to battery only compress hyrogen or even fossil fuel etenies

Vassilios Gregoriou: The relentless pursuit of low-cost green energy is what drives us, and it's our mission.

Vassilios Gregoriou: The relentless pursuit of low-cost green energy is what drives us, and it's our mission. The development of the IonPair MEA was and is the core mission of Advent since its public market entry. We're happy to announce that in 2024, we're on pace to meet the demands of the global OEM leaders in the fuel cell industry, companies like Airbus and Hyundai Motors, which have been highly successful in meeting all the milestones we set with our key OEM partners, and I will discuss this in more detail later. A nitrogen high-temperature pan-fuel cell with equivalent to 2,500 watt-hours per kilogram battery performance is ideal for enabling electrification in heavy-duty mobility and also off-grid power, large-scale stationary power, and backup applications like data centers.

Speaker Change: the rellentless pursuit of flow or screeninenity what derdrives us and it's our mission

Vassilios Gregoriou: The development of the Ion-Pair MEA was and is the core mission of Advent since its public, market entry.

Speaker Change: the development of the onpair in the a was a new the coordmission of advent since its public market enters

Vassilios Gregoriou: We're happy to announce that in 2024, we're on pace to meet the demands of the global, OEM leaders in the fuel cell industry, companies like Airbus and Hyundai Motors.

Speaker Change: were habit on now that in two thousand and twenty four where on pace to meet the demand of the global orim leaders in the fuel cell industry comments like arbbus in sununai models which had been highly successful in meid ing other the mil soul who said with our key o m partners and i will discuss this in more detail ler

Vassilios Gregoriou: We have been highly successful in meeting all the milestones we set with our key OEM, partners, and I will discuss this in more detail later.

Vassilios Gregoriou: Another high-temperature PEM fuel cell with equivalent to 25 hundred watt hours per kilogram battery performance is ideal for enabling electrification and heavy-duty mobility and also of grid power, large-scale stationary power and backup applications like data centers. We'll see how fuel cells as a key technology for covering the other 50% of the markets that will not and cannot be addressed by batteries or direct electrification. In the marine of grid power, but also in the defense markets, we see methanol as a practical solution today. Methanol is the fuel of tomorrow, available today. We already deploy systems using natural gas-based methanol that is a low-cost interim solution in tropes emissions 40% lower than this.

Vassilios Gregoriou: Μία υψηλή υψηλή θερμοκρασία πέμπτου κεφάλαιο με αντιμετώπιση 2.5 χιλιόμετρα ώρα π.κ.

Speaker Change: and notin high numberbers of permensialual cell with equivalent into twenty-five c what our speckilogram bter performance

Vassilios Gregoriou: μπατέρια, είναι ιδανική για την ενεργοποίηση της ηλεκτροποίησης στη δύναμη κινητική κινητικότητα και επίσης υψηλή δραστηριότητα, μεγαλύτερη δραστηριότητα και προστασιακά εφαρμογές όπως δεξιόμετρα.

Speaker Change: is ideal for enabling electqurificification in shaituting mobility and also of grid power

Speaker Change: largecape stionary power and backup applications like that ascendants

Vassilios Gregoriou: Βλέπουμε τις κεφάλαιες πέμπτου ως την κύρια τεχνολογία για την καθαρίωση των άλλων 50% του αγοράς, που δεν μπορούν και δεν μπορούν να αντιμετωπίσονται από μπατέρια ή διευθυντική ηλεκτροποίηση.

Vassilios Gregoriou: We see our fuel cells as the key technology for covering the other 50% of the market that will not and cannot be addressed by batteries or direct electrification. In the marine, off-grid power, but also in the defense markets, we see methanol as a practical solution today. Methanol is the fuel of tomorrow, available today.

Speaker Change: will sales fuel cells as the ky technology for cover in the other fifty percent of the market that will not and not be addressed by batteries or direct quification

Vassilios Gregoriou: Στην αεροποίηση της αεροποίησης, αλλά και στις διευθυντικές αγορές, βλέπουμε το μέθανο ως μια πρακτική λύση σήμερα.

Speaker Change: in the marine of greatid power but also in the defense markets we see methanol as a practical solution today

Vassilios Gregoriou: Το μέθανο είναι το φύλλο για αύριο, διαθέσιμο σήμερα.

Vassilios Gregoriou: Είμαστε έτοιμοι να εφαρμόσουμε σύστημα χρησιμοποιώντας το μέθανο βασιλικής γάσης, η οποία είναι μια λειτουργική λύση σύστημα χρησιμοποιώντας εφαρμοσίες 40% χαμηλότερα από αυτή.

Vassilios Gregoriou: We already deploy systems using natural gas-based methanol that is a low-cost interim solution and drops emissions 40% lower than diesel. Tomorrow, as hydrogen and subsequently e-methanol costs drop, we see our fuel cells being highly competitive in most applications, while providing net zero green power without polluting. Already there are 130 renewable metal production projects around the world, 250 marine vessels, and we project that the demand for marine and off-grid markets will further accelerate the trend.

Speaker Change: meter is the fuel of tomorrow available today

Speaker Change: whereready deploy systems use a natural gas-based methanol that is a low-cost inter solution in drops emissions forty percent lowthan this

Vassilios Gregoriou: Αύριο, όσο και μεταξύ της αεροποίησης και της αεροποίησης, θα βλέπουμε ότι οι αυριότερες αγορές θα είναι υψηλότερα συμπεριφερόμενα στις περισσότερες εφαρμοσίες, ενώ θα προσδιορίσουν τελείως χαρακτηριστική δημόσια δυνατότητα χωρίς πολλούτανες.

Vassilios Gregoriou: Tomorrow, as hydrogen and super-secondly in methanol cost drop, we see a few cells being highly competitive in most applications while providing net zero green power without pollutants. Already there are 130 new gold methanol production projects around the world, 250 marine vessels, and for the project, the demand for marine and no big markets will further accelerate the trend. The ion-per-MBA technology is the core differentiator for Active. Any OEM or T-1 manufacturer that has access to RMEA shares the capability of producing state-of-the-art high-temperature PEM fuel cells for completely different applications, from data center backup power to heavy-duty trucks and from your electrification to a space propulsion.

Speaker Change: tomorrow as hydrogen and susubpersequently in metal cost drop we see feure cells been highly competitive in most applligications while providing net zero green power without pollutants

Vassilios Gregoriou: Ωστόσο, υπάρχουν 130 προϊόντα βασιλικής βασιλικής χρησιμοποιήσεως γύρω από τον κόσμο, 250 προϊόντα αεροποίησης, και θα προσδιορίσουμε ότι η ανάγκη των αεροποίησεων και των μεγαλύτερων αγορών θα συνεχίσει να αυξηθεί την τρέντα.

Speaker Change: already there one hundred thirty inrenewable methtal production projects around the worldall two hundred and fifty marine byce and per project but they demand from marine and not big marers will fedther accelerate the rend

Vassilios Gregoriou: Η τεχνολογία IonPairMBA είναι το κορυφαίος διαφορετικό για το ΆΚΑ.

Vassilios Gregoriou: The IonPair MEA technology is the core differentiator for Advent. Any OEM or Tier 1 manufacturer that has access to our MEA has the capability of producing state-of-the-art high-temperature temperatures, and Vassilios Gregoriou, Christos Kaskavelis, Advent Tech, Advent's business model will, from now on, focus exclusively on the MEA innovation, IP and MEA manufacturing scale. A business that requires low CAPEX, is highly protected by Advent's 360 degree know-how, and can have a healthy market.

Vassilios Gregoriou: Κάποιο OEM ή εφαρμοσίο 1 που έχει δίκη στο RMEA, έχει την ευθύνη να παραγωγήσει κατά τη διάρκεια ενός ροδοδομικού πυλού για διαφορετικά προσδιορίσεις, από την ενδιαφέρουσα πλήρη της πλήρης, έως στους δύο πλήρους τράκτους, και από την πλήρη της πληροσοφικής ελεκτρικής δραστηριοδότησης, έως την προϊόντα αεροποίησης.

Speaker Change: the oppa in the ate technology is the court differentiator forr any o m or one manufacturer that has acxious to r n a sharess a c ab bility of producing state of we are high numberbers of pen

Speaker Change: fuel cells for completely different applications from data center backup power to sevent ut the tracks and from heredeliclquification to space propulsion

Vassilios Gregoriou: Other business models were from now on focused exclusively on the NMEA innovation, IPN NMEA manufacturing scale, and business that requires low-capics is highly protected by others which we should know how and can have a healthy market.

Vassilios Gregoriou: Το μοντέλο της Adrenes είναι από τώρα, εξακολουθεί μόνο από την εφαρμοσία MBEA, την πραγματικότητα και την εφαρμοσία του MBEA, μια επιχειρήση που χρειάζεται μικρή καπέξη, είναι πολύ προστατευμένη από το γνώμα της Adrenes, και μπορεί να υπάρχει μια υγεία.

Speaker Change: others business model with from now on focus exclusively on them b ainnovation i p n m me a manufacturing and scale that bus the requires low capex is highly protected by adrance which we ree know how and can never ahealth in marchin

Vassilios Gregoriou: Περιμείνοντας στην εφαρμοσιακή πλευρά, έχουμε αντιμετωπίσει μια μίξη θετικών, καθώς και ευκαιριστικών πράγματων.

Vassilios Gregoriou: Moving to the operational side over the past year, we have encountered a mix of positive as well as challenging events. On the positive side, the interest from metal fuel sensor clean power solutions has reached unprecedented levels from a variety of markets. However, the financial markets have not been favorable to clean energy investments lately. Consequently, infrastructure loans and grants from the UND US have become the most viable routes for financial support through the Intel lengthy bureaucratic processes. In response to these delays, we have proactively streamed light our operations by reducing operational and facilitated expenses. We made the difficult decision to close subsidiaries and facilities that were not profitable and negatively impacted the company's future trajectory.

Vassilios Gregoriou: Moving to the operational side, over the past year, we have encountered a mix of positive as well as challenging events. On the positive side, the interest for methanol-fueled sensor clean power solutions has reached unprecedented levels from a variety of markets. However, the financial markets have not been favorable to clean energy investments lately.

Speaker Change: movingit to the operational side over the past year which have encountered a mix of positive as well as challenggeing events

Vassilios Gregoriou: Στη θετική πλευρά, το ενδιαφέρουσα πλήρης της πλήρης ελεκτρικής δραστηριοδότησης έχει έρθει σε αντιμετωπισμένες επίπεδες, από μια διάφορα αγορές.

Speaker Change: on the positive side the interest for methol fuield s a clean power solutions has readre 'unprecedentident in levels from a variety of markets

Vassilios Gregoriou: Ωστόσο, οι οικονομικές αγορές, δεν έχουν υποστηρίξει την ελεκτρική δραστηριοδότηση τώρα.

Speaker Change: however if financial marg you not been favorable to play energy investments lately consequently infrastructure launch and grants from the u un the u s they have become the most bible rooutes for final support through the entail length ped bureaucratic processes

Vassilios Gregoriou: Συμφωνικά, οι πλήρες της πλήρης ελεκτρικής δραστηριοδότησης, από το ΗΠΑ και το ΗΠΑ, έχουν γίνει τα πιο βιώσιμα δρόμια για τη διευθυντική υποστηρίξη, μέσω των διευθυντικών δραστηριοδοτητικών προϊόντων.

Vassilios Gregoriou: Consequently, infrastructure loans and grants from the EU and the US have become the most viable routes for finance support through the entailed lengthy bureaucratic process. In response to these delays, we have proactively streamlined our operations by reducing operation and facility expenses. We've made the difficult decision to close subsidiaries and facilities that were not profitable and negatively impacted the company's future trajectory. Accordingly, in 2024, we eliminated our Boston, Denmark, and Philippines operations.

Vassilios Gregoriou: Σύμφωνα με αυτές τις διευθυντικές δραστηριοδότησες, έχουμε προακτιβοληθεί τις εργασίες μας με τη χαρακτηρισμό των εργασίων και των χρησιμοποιημένων χρησιμοποιημένων.

Speaker Change: in response of these delays which are broacve stream light our vations by reduion of ational for fil expenses

Vassilios Gregoriou: Έχουμε κάνει την δύσκολη αποφάσιση, να κλείσουμε εργασίες και εργασίες που δεν ήταν πλήρες και να επηρεάσουν αρνητικά τη διευθυντική δραστηριοδότηση της εταιρείας.

Speaker Change: we've made the difficult decision to close subsidiaration facilities that were not profitableal and negatively impacted the compbany's futureures ajectory

Vassilios Gregoriou: Συμφωνικά, το 2024, έχουμε καταστήσει τις εργασίες της Βόστανης, της Δανεισμένης και της Φιλιππίνης.

Vassilios Gregoriou: Accordingly, in 2024, we eliminated our Boston, Denmark, and Philippines operations. Through the years in post-acquisitions, especially Postal Energy, we have developed hardware technology, and we have successfully managed to sell 1,200 hardware systems, primarily to the telecom industry. This know how is utilized to accelerate partner OEMs through technology transfer and licensing agreements, but is not our intent to become an end product OEM and multiple markets that will require hundreds of minutes in investment and a long time to market. This is the reason we have decided to discontinue operations of certain subsidiary facilities that have been focusing on net system production and were demanding more and more cost for law or even negative margin revenues.

Speaker Change: accordingly in two thousand and twenty four we eliminated our boston denmark and philippines operations

Vassilios Gregoriou: Μέσα από τα χρόνια και τις προετοιμασίες, ειδικά τις προετοιμασίες της Ενεργίας, έχουμε δημιουργήσει τεχνολογία εργασίας και έχουμε επιτυχώς επιτρέψει να αγοράσουμε 1200 εργασίες εργασίας, κυρίως στη διευθυντική δραστηριοδότηση.

Vassilios Gregoriou: Through the years and post acquisitions, especially post Serenergy, we have developed hardware technology and we have successfully managed to sell 1,200 hardware systems, primarily to the telecom industry. This know-how is utilized to accelerate partner OEMs through technology transfer and license agreements, but is not our intent to become an end product OEM in multiple markets, a field that will require hundreds of millions in investment and a long time to market. This is the reason we have decided to discontinue operations of certain subsidiary facilities that have been focusing on net system production and were demanding more and more cash for low or even negative margin revenues.

Speaker Change: through the years and post acquisitions especially personal energy we have developed hardw technology we have successfully managed to sell twelve founder and hardware systems for primary to the telecom industry

Vassilios Gregoriou: Αυτό το γνωστικό, χρησιμοποιείται για να αυξηθεί η συνεργασία των εργασίων μέσω τεχνολογικής μετατράπησης και δεδομένων συμφωνίων, αλλά δεν είναι το στόχο μας να γίνουμε ένα τελευταίο προϊόν των εργασίων και διευθυντικών αγοράσεων, ένα πρόγραμμα που θα χρειάζεται χιλιάδες λεπτομέρειες εργασίας και πολύ χρόνο αγοράσεων.

Speaker Change: this know how is utilized to accelerate partnerary oems for the technology transfer and licensse agreements but is not our intent to become an end producttorian and multiple markets a feed that will require hundreds of minilles and investment and a long time to market

Vassilios Gregoriou: Αυτή είναι η λόγη που αποφάσισαμε να διαχειριστούμε τις εργασίες, μερικών εργοδοξιών που εξελίχθηκαν στην παραγωγή της συστηματικής παραγωγής και που πλήρυνε περισσότερο και περισσότερο χρήμα για νόμιμα ή ακόμα και αρνητικά εισόδημα.

Speaker Change: this the reason we have decided to discontinueed operations of certain subsidiary facilities that have been focuseding on net system production and where demanded more and more cars for law or even negative margin revenues

Vassilios Gregoriou: Το εργοδοξιό Denny, που εξελίχθηκε σε συστηματικές παραγωγές, βασισμένες από την παλαιότερη υψηλή τεχνολογία του RUT-PEM, εξελίχθηκε ένα χρηματοδοτικό χρηματοδοτικό πέρα από 2 χιλιόμετρα, ενώ εξελίχθηκαμε ότι οι OEMs με την τεχνολογία IonPairMEA μπορούν να εξελιχθούν συστήματα με ένα χρηματοδοτικό προσέγγισης πέρα από 500 χιλιόμετρα.

Vassilios Gregoriou: The Danish subsidiary, which was development systems based on all their high-temperature and technology, KD Production cost exceeded 2000 per kilowatt. While we expected that OEMs with a ion pair and a technology can develop systems that with a cost approach in 500 per kilowatt's case, these are dollars. This will happen from the product plan that will deliver ion pair MBAs with 3X the lifetime and 3X the power per square centimeter. The ion pair makes all the difference between much market scale up and a profitable low-business, low-volume business.

Vassilios Gregoriou: The Danish subsidiary Specially, which was developing systems based on older high-temperature PEM technology, had a production cost exceeding 2,000 per kilowatt. While we expected that OEMs with the IonPairMA technology can develop systems with a cost approach in 500 per kilowatt scale, these are all dollars. This will happen from the product plan that will deliver Ion Pair MEAs, with 3x the lifetime and 3x the power per square centimeter. The Ion Pair makes all the difference between mass market scale-up and an unprofitable low-volume business. These strategic actions position us for a more...

Speaker Change: the denis subsisted subsidiary pecially which was developing systems based on all their high temperature to pand technology ci production cost exceedin two thousand perculoatt

Speaker Change: while we expected that oems with the ion parent a acknownoledlogy can develop systems that with a cost of produoach and five hundred particular wattlet scalpee these are dollars

Vassilios Gregoriou: Αυτές είναι όλες τις δολάρες.

Vassilios Gregoriou: Αυτό θα συμβαίνει από το εργοδοτικό πλάνο που θα εφαρμόσει οι IonPairMEAs, με 3x τη ζωή και 3x τη δύναμη σε μήκος σαντιμέτρο.

Speaker Change: this will happen from the product plant that will deliver i onpa and the aage

Speaker Change: with three eggs a lifesttimeone and three ggs appar per square on the meter the om pair makes all the difference between march markeket scale up and an unprofitable lo business low volu business

Vassilios Gregoriou: Η IonPair κάνει όλη τη διαφορά μεταξύ εξελιχθημένης αγοράς, και μιας ανεξαρτητημένης μικρής επιχειρήσης.

Vassilios Gregoriou: Αυτές οι στρατηγικές δραστηριότητες μας θέλουν μια περισσότερη βιωσιμότητα, και εξελίχθηση μέχρι το μέλλον, επιτρέπει να εξελίχθουμε στις δυνάμεις μας και να συνεχίσουμε να κερδίσουμε στο πλήρης δύναμης λειτουργίας.

Vassilios Gregoriou: These strategic actions position us for a more sustainable and profitable future, allow us to focus on our core strengths and continue leading in the clean power solutions market. The business model shift is significantly reducing Arden's current op-ex and future cap-ex needs and keep the scalable, global, civil, practical business model. Despite the chance of last year, Arden has been extremely successful in its MBA development, where we've made very considerable strides. Our high-temperature pension cell technology is gaining recognition from world-leading companies, demonstrated by a collaboration with Airbus, US Army, Hyundai Motor Company, and other top automobile leaders.

Speaker Change: these ateatgic actions position us for a more

Vassilios Gregoriou: Sustainable and Profitable Future, allowing us to focus on our core strengths and continue leading in the clean power solutions market. The business model shift is significantly reducing Advent's current OPEX and future CAPEX needs and keeping a scalable, global, simpler-to-execute business model. Despite the challenges of last year, Advent has been extremely successful in its MEA development where we've made very considerable strides. Our high-temperature PEM fuel cell technology is gaining recognition from world-leading companies demonstrated by our collaborations with Airbus, US Army, Hyundai Motor Company and other top automotive leaders. We're proud to have delivered on our contractual agreements with all aforementioned partners.

Speaker Change: stainable and profitable future allow us to focus on our core strength and continue leading in the clean power solutution margket

Vassilios Gregoriou: Το μοντέλο της επιχειρήσης είναι σημαντικά να λειτουργήσουμε την προηγούμενη OPEX, και τις ανάγκες της προηγούμενης ΚΑΠΕΞ και να συνεχίσουμε να εξελιχθούμε σε μια ισορροπική, παγκόσμια και εύκολη επιχειρήση της επιχειρήσεως μοντέλης.

Speaker Change: the business model shift is significantly reduced ardland caradophics and future capeics needs and keep be a scalable global civil execute business model

Vassilios Gregoriou: Εξαρτάτα από τις δυνάμεις του προηγούμενου χρόνου, η Advent έχει γίνει εξαιρετικά επιτυχημένη, στις εξελιχθήσεις της ΕΜΕΑ, όπου έχουμε κάνει πολύ σημαντικές επιχειρήσεις.

Speaker Change: despite the challancege of last year urban has been extremely successful in its andmade development where we've made very considerable strides

Vassilios Gregoriou: Η υψηλή θερμοκρασία της τεχνολογίας PEMFUEL, έχει δημιουργηθεί από διευθυντικούς εταιρείες, δημιουργημένοι από συνεργασίες με την Airbus, την U.S. Army, τη Hyundai Motor Company και άλλους πρωτοβουλευτικούς πρωτοβουλευτικούς.

Speaker Change: our high ambers ofsubpmial cell technology is gained recognition from worldleading companies demonstrate by a collaboration with airbus you assumly should d motor compbany another top of moti leaders

Vassilios Gregoriou: Είμαστε περήφανοι που έχουμε δημιουργήσει τις συμφωνίες μας με όλους τους αφορμένους συνεργάτες.

Vassilios Gregoriou: We're proud to have delivered on our contractual agreements with all aforementioned partners. These strategic partnerships underscore the interest of confidence in our technology and at the first phase before the commercial scale uprun for 2026. Additionally, our defense solution on the development, the honey-badger 50, is anticipated to transition to mass production by 2026. We expect that with the introduction of the ion pair technology, OEMs will be able to pack 50 kilowatt-80 kilowatt of power in a small cabinet and multiple companies for multi-megabat solution, aim, adaptor centers, remotely recharge stations, virtual power plants and microgrid support systems. When it comes to new business development, we are seeking to develop joint grantures or technology transfer and license agreement with large scale local integrators, T1s and OEMs. Some of the discussions are the advanced stage and our technology transfer and license model makes sense to all partners.

Speaker Change: we are proud to have delivered on our conactal agreements withall our forementioned partners

Vassilios Gregoriou: These strategic partnerships underscore the industry's confidence in our technology and are the first phase before the commercial-scale upland for 2026. Additionally, our defense solution under development, Honey Badger 50, is anticipated to transition to mass production by 2026. We expect that with the introduction of the IonPair technology, OEMs will be able to pack 50kW to 80kW of power in a small cabinet and combine multiple cabinets for multi-megawatt solutions aimed at data centers, remote EV charging stations, virtual power plants and microgrid support systems. When it comes to new business development, we are seeking to develop joint ventures or technology transfer and license agreement with large scale local integrators. Indicators, Tier 1 Chem OEM.

Vassilios Gregoriou: Αυτές οι στρατηγικές συνεργασίες υποστηρίζουν την εμπειρική εμπιστοσύνη στη τεχνολογία μας, και είναι η πρώτη φάση πριν την εμπειρική εμπειρική εμπειρική προσοχή για το 2026.

Speaker Change: these ategic partneri underscore the indust is confidence in our technology and are the first phase before the commmisscial scale lo l for two thousand and twenty six additionally are defse solution other development the hanoneyi butter fifty is anticipated to the transition of much production by two thousand and twenty six

Vassilios Gregoriou: Επιπλέον, η διευθυντική λύση της υψηλής τεχνολογίας, η Honey Badger 50, ειδικά θα καταναλωθεί τη διατήρηση της δημιουργίας του δημιουργικού εφαρμογής το 2026.

Vassilios Gregoriou: Εμείς περιμένουμε ότι με την αρχή της τεχνολογίας IonPair, οι OEM θα μπορούν να κατασκευάσουν 50-80 kW της δύναμης σε μικρό καμπίνατ και να συνδυάσουν πολλές καμπίνατα για μια πολυμεγαλύτερη λύση με μεγαλύτερη μηχανή, σχετικά με τα κέντρα δεξιότητας, τηλεφωνικές εφαρμογές, διευθυντικές δημιουργικές εφαρμογές και υποστηρίζοντας υποστηρίζοντα.

Speaker Change: we expect that with the introduction of the an technology oems will be able to pack fifty kilo at way to kilo att of power in a small cabinet and combined multiple companies for multimegaabat solution aim at data centers

Speaker Change: the remoti charg stations a brach of power plants and microgric support systems

Vassilios Gregoriou: Όταν προχωράμε στις νέες επιχειρήσεις, προσπαθούμε να δημιουργήσουμε συμμετοχές ή τεχνολογικές εφαρμογές και να δημιουργήσουμε συμμετοχές ή τεχνολογικές εφαρμογές με μεγαλύτερη λύση με μεγαλύτερους εφαρμογές, τεχνολογικές εφαρμογές και υποστηρίζοντα.

Speaker Change: when it comes to your business development where are seeking to develop joint ventanchers or technology transfer and license agreement with large scale local integror

Vassilios Gregoriou: Κάποιες από τις συζήτησεις είναι οι προηγούμενες κίνητρα, και η τεχνολογική εφαρμογή και τη διευθυντική μοντέλα μας κάνουν σημασία σε όλους τους συμμετοχούς.

Vassilios Gregoriou: Some of the discussions are the advanced stage, and our technology transfer and license model makes sense to all parties. Under this model, we intend to continue to manufacture the MEA and potentially even the fuel cell stack for some markets, but we license out the complete balance of plant and energy system products. This can allow a multitude of different tier one manufacturers to scale up different usage specific product configurations, with a cold one, Advent inside, high temperature PEM MBA, no problem.

Speaker Change: in the grritororss p once and noyance some of the discussions under the advanced stage an artloglogy transfer lices model ma senseto all partket

Vassilios Gregoriou: Στην υπόσχεση αυτής της μοντέλας, προσπαθούμε να συνεχίσουμε να δημιουργήσουμε το M&A, και να δημιουργήσουμε την εφαρμογή εφαρμογών για κάποιες αγορές, αλλά θα δημιουργήσουμε την ολοκληρωμένη μονοπλάνηση και το πρόγραμμα αντισύστησης.

Vassilios Gregoriou: Under this model, we intend to continue to manufacture the MIA and protest and live on the fuel cell stack for some markets, but we license out the complete balance of plant and net system product. This can allow a multitude of different tier-1 manufacturers to scale up different user-specific product configurations with a code one other inside high-temperature BMW A and no products. Such a model can be highly scalable, low-capit, and high-gross margin for ads. In the automatic market, we are already active in the first level of collaboration, the technology as management phase, with four of the top 10 of the world's leading auto-manufacturers in terms of annual vehicle production.

Speaker Change: under this model we intend to continue to manufacture ma and potallyli in the fuel cells stack for some markets but will license the complete balance of plan and net system product

Vassilios Gregoriou: Αυτό μπορεί να επιτρέψει μια πολλή διάφορα, εφαρμογές τεχνολογικές εφαρμογές να κατασκευάσουν διαφορετικές συγκεκριμένες εφαρμογές με έναν κοσμικό, άλλον μέσα, με υψηλή θερμοκρασία M&A και όλους τους προϊόντους.

Speaker Change: this can allow a multitude of different pair one and factr to scale up different useer specific forther configuractions

Speaker Change: with a coone other an inside high ature pen nba in no products such a model can be highly scalable low carpex and high-gross marginvad

Vassilios Gregoriou: Έτσι, ένα τέτοιο μοντέλο μπορεί να είναι υψηλή εφαρμογή, χαμηλή κατασκευή και υψηλή εφαρμογή αντισύστηση.

Vassilios Gregoriou: Such a model can be highly scalable, low capex and high gross margin for advent. In the automatic market, we're already active in the first level of collaboration, the technology assessment phase, with four of the top ten of the world's leading auto manufacturers in terms of annual vehicle production. This is all we can announce, and not their names at this point, as every world-class partner has its own specific strategy and goal.

Vassilios Gregoriou: Στο αυτοματοφυκτικό αγοράκι, ήταν ήδη ενεργοποιημένοι στο πρώτο επίπεδο της συνεργασίας, την τεχνολογική φάση μετατραπής, με τέσσερις από τις πιο κυριαρχικές αυτοφυκτικές εταιρείες του κόσμου σε περίπτωση της παραγωγικής εξέλιξης.

Speaker Change: in the automomatic market were ready active in the first level of corrooboration the technolog mment phase with four of the top ten of the world's leading automanufacturers in terms of annual vehicle production

Vassilios Gregoriou: This is all we can announce and not their names at this point, as every world-class partner has its own specific strategy and goals. We have announced a fifth-partner Q-dime motor as they have already moved to the next stage of a joint development agreement. Our goal is to conclude the technology assessment by the end of 2024 and then move with one or more of the other companies into a joint development agreement that can provide a significant budget for scaling up. The high-temperature company technology shows unique promise primarily for the track and heavy-duty vehicle market. The high-temperature operation can result in a efficient hit rejection, which means that the track will be able to run optimally in many countries around the world for its extreme heat for periods of time.

Vassilios Gregoriou: Αυτό είναι ό,τι μπορούμε να αναφέρουμε και όχι τους όντους, καθώς κάθε κλίμακα κλίμακα του κόσμου έχει την ειδική στερεοτήτη και στόχους.

Speaker Change: this is all we can announce and not the nens at this point as every word class partner says a john specific strategy and goals

Vassilios Gregoriou: Έχουμε δημιουργήσει έναν τέσσεριο πρόγραμμα, QDiMotor, καθώς έχουν ήδη προχωρήσει στην επόμενη στιγμή μιας συνεργασίας.

Vassilios Gregoriou: We have announced a fifth partner, Hudaimotor, as they have already moved to the next stage of a joint development agreement. Our goal is to conclude the technology assessment by the end of 2024 and then move with one or more of the other companies into a joint development agreement that can provide a significant budget for scaling up. The high temperature temp technology shows unique promise primarily for the truck and heavy duty vehicle market. A high temperature operation can result in efficient heat rejection, which means that the truck will be able to run optimally in many countries around the world where it is extreme heat for periods of time.

Speaker Change: will have announced a fifth baron to die mo

Speaker Change: as they have already moved to the next stage of a joint development agreement

Vassilios Gregoriou: Το στόχο μας είναι να τελειώσουμε την τεχνολογική αξιολογία στο τέλος του 2024, και μετά να προχωρήσουμε με ένα ή περισσότερο από τις άλλες εταιρείες σε μια συνεργασία που μπορεί να προσφέρει ένα σημαντικό τρόπο για την αυξηγή.

Speaker Change: our goal is to conclude the technology assessment by the end of two thousandand twenty four and then move with one or more of the other compbanies into enjo development agreement that can provide

Vassilios Gregoriou: Η υψηλή θερμική τεχνολογία δείχνει μοναδική υπόσχεση, διότι η υψηλή θερμική τεχνολογία είναι σύντομη για την αυξηγή και τα σημαντικά αυξηγή του αυτοκίνητου.

Speaker Change: a significant bget for scaling up the high numbersature of come technology so unique promiseis primaryily for the drack and heavy d the vehic market

Vassilios Gregoriou: Η υψηλή θερμική αυξήγηση μπορεί να αποτελέσει μια ευφαλής αποτυχία, το οποίο σημαίνει ότι οι αυξηγές θα μπορούν να επιτρέψουν ορθόντας σε πολλές χώρες γύρω από τον κόσμο, όπου είναι υψηλή θερμική αυξήγηση για περίπτωση ώρα.

Speaker Change: the high temperature operation can result in efficiency the rejection which means that the track will be able to run optimately in many countries around the world where is extreme heat for periods of time

Vassilios Gregoriou: Moreover, they will run more efficiently as the cooling requirements are lowered. The balance of plan is simpler than a low temperature pan, and there is no water management issues that other fuel cells have. And the promise of also using directly a liquid fuel is also a promising feature. Our intent is to enter into strategic agreements in 2024 to 2025 to have one or more automatic partners that can become a strong pillar of support for us.

Vassilios Gregoriou: Moreover, they will run more efficiently as the cooling requirements are lower. The balance of climate simpler, not low-temperature than, and there is no water management issues that other fuel cells have, and the promise of also using directly a liquid fuel is also a promising feature. Our intent is to enter into strategic agreements in 2024 to 2025 that have one or more automatic partners that can become a strong pillar of support for other.

Vassilios Gregoriou: Παραπάνω, θα επιτρέψουν πιο ευφαλώς, διότι οι θερμοκρασίες αυξήγησης είναι χαμηλότεροι.

Speaker Change: moreover they were run more efficiently as the cooling requirements are lower

Vassilios Gregoriou: Το σχεδιασμό του σχεδιασμού είναι ευκολότερο από το χαμηλότερο θερμοκρασίο, και δεν υπάρχουν προβλήματα της υποχρεωτικότητας νερού που έχουν οι άλλες αυξηγές, και η υπόσχεσή να χρησιμοποιήσουν διευκολυντικά μια αυξηγητική αυξήγηση, είναι επίσης μια υποχρεωτική εφαρμογή.

Speaker Change: the balance of plan is similer now low temperature ban and there is no water management issues that other fuel cells here and the promise of also using directly and liquidity fu is also promis feature

Vassilios Gregoriou: Το σχεδιασμό μας σχεδιάζεται με την εφαρμογή στους στρατηγικούς συμφωνίες, του 2024-2025, που έχουν ένα ή περισσότερο αυξηγείς συνεργασίες που μπορούν να γίνουν ένα δυνατό κύκλο υποστηρίζοντας για την υποχρεωτικότητα.

Speaker Change: our intent is ' enter indust stoategic agreements in two thousand and twenty four to two thousand and twenty five they have one or more automatic partbs that can become a strong pillar of support for att

Vassilios Gregoriou: Their space market situation is very similar to the automotive one. The one strong difference is that there we have already forged a $13 million strategic partnership with Airbus to fast-track the development of advanced ion pair MBA. The goal is to achieve the performance targets required for a creation standards. Our primary focus is on enabling Airbus in its endeavour to power aircraft solely with fuel cells. So far, we have managed to achieve the first milestones of the program, and we're very optimistic that the progress towards achieving the performance goals that Airbus has set. The joint development agreement duration is two years, calendar years, 2024 and 2025, and we as adventants tend to have a four-log phase that will bring us closer to our hardware system and eventually test flights in the next few years.

Vassilios Gregoriou: The aerospace market situation is very similar to the automotive one. The one strong difference is that there we have already forged a $13 million strategic partnership with Airbus to fast-track the development of Advent's Ion Pair MEA. The goal is to achieve the performance targets required for a creation study.

Vassilios Gregoriou: Η κατάσταση της αεροσφαιρικής αγοράς είναι πολύ σχεδιαστική με την αυξηγική.

Speaker Change: thereare space market situation is verysimilar to realautomotive one

Vassilios Gregoriou: Η μία δυνατή διαφορά, είναι ότι εκεί έχουμε ήδη δημιουργήσει ένα $13.000.000 στρατηγικό συνεργασίες με την Airbus, για να δημιουργήσουμε γρήγορα το ανάπτυξης της Advanced Ion Pair MEA.

Speaker Change: the one strong difference is that there we have already for effective ming on dollar strategic partnerciship with their bus to fast ragular development of adance i am pa a the goal is to achieve the performance ar gives required for a creation standards

Vassilios Gregoriou: Το στόχο είναι να κατασκευάσουμε τις επιτυχίες επιτυχίας, που χρειάζονται για τα στρατηγικά.

Vassilios Gregoriou: Our primary focus is on enabling Airbus in its endeavour to power aircraft solely with fuel. So far, we have managed to achieve the first milestones of the program and we're very optimistic of the progress towards achieving the performance goal that Adrian Herbas has set. The joint development agreement duration is two years, calendar years 2024 and 2025.

Vassilios Gregoriou: Το βασικό στόχο μας, είναι να δημιουργήσουμε την Airbus, για να δημιουργήσουμε αεροσφαιρίες μόνο με λαμβάνες.

Speaker Change: our primary for go is on enabable in arabbutts in itits endeor to power the tr solely with cuers

Vassilios Gregoriou: Μέχρι τώρα, έχουμε κατασκευάσει να κατασκευάσουμε, τις πρώτες μιλεύσεις του πρόγραμματος και είμαστε πολύ ευαίσθητοι για την προέτοιμη πέραση εντός της επιτυχίας του στόχου που έχει δημιουργήσει η Airbus.

Speaker Change: so far we have managed achieved the first milestones of a program and wewerere very optimistic that the pro very sto achieving the performance both the diagram air bus is set

Vassilios Gregoriou: Η συλλογική συλλογική συμφωνία, έχει δύο χρόνια.

Vassilios Gregoriou: And we as Advent intend to have a follow-up phase that will bring us closer to our hardware system and eventually test flights in the next few years. Airbus is communicating publicly a lot of information about the progress of this formal project, and you can find a lot of online about their intentions, time trends, etc. While the aerospace and automotive markets are not primed for mass production in the 2024-2026 time frame, they provide a potential strong R&D support and path to massive scale under the same model of Advent Manufacturing and the MEA, and potentially license some of its fuel cell stack and system technology.

Speaker Change: the jointn development agreement ddirection is two year

Vassilios Gregoriou: Ιδρύμα χρόνων 2024 και 2025.

Speaker Change: talent ed years two thousand and twenty four and two thousand andtwenty five and w are been then to have a full out pe that would bring us closer to hardware system and eventually test flights in the next few years

Vassilios Gregoriou: Και εμείς, στην Airbus, προσπαθούμε να έχουμε μια επόμενη φάση που θα μας δίνει κοντά στο σύστημα ανάπτυξης και, επιτυχώς, να δείξουμε πλήρους πλάνους στις επόμενες χρόνια.

Vassilios Gregoriou: Airbus is communicating publicly a lot of information about the progress of this formal project, and you can find a lot online about the intentions, time trends, etc. While the aerospace and automotive market markets are not prime for mass production in the 2024-2026 time frame, they provide the potential stronger in this support and path to massive scale under the same model of advanced manufacturing in the MBA and potentially licensing some of which fuel cells start and system technology. Furthermore, if these markets move to scale up, they bring the market potential to hundreds of megabytes.

Vassilios Gregoriou: Η Airbus έχει δημιουργήσει δημιουργικά, προέτοιμη πέραση του προγράμματος και μπορείτε να βρείτε πολλές εφαρμογές σχετικά με τις σχέσεις τους, τις στιγμές, κτλ.

Speaker Change: airbus communicate public a lot of information about the progress of this formof project and you can find a lot of online about their intention down trends etc

Vassilios Gregoriou: Ωστόσο, οι αεροσφαίσεις και τα εργατικά αγορά, δεν είναι κυριαρχικοί για τη δημιουργία της επόμενης εποχής του 2024-2026, προσφέρουν ένα ισχυρό πιθανό στήριο υποστηρίζοντας στήριξη και διαδρομή στη μεγαλύτερη κατάσταση υπό το ίδιο μοντέλο της εφαρμογής και μπορεί να δημιουργήσει κάποια από τις αεροσφαίσεις και τη συστηματική τεχνολογία.

Speaker Change: while there are specialout of mogn margins are not prilimme for mass production if we tryed it twentybeforefour two thousand and twenty sixth time frame they provide the potential stronger in the support and path to massive scale under the same model of adan on fivefact uring the m b a

Speaker Change: and potentially licensen some of its fuel cell stock conssystement technology

Vassilios Gregoriou: Επιπλέον, όταν αυτές οι αγορές, μεταρρυθμούν στην κατάσταση, δίνουν το αγορά πιθανό σε εκατοντάδες μεγαλώδες.

Vassilios Gregoriou: Furthermore, as these markets move to scale up, they bring the market potential to hundreds of megabytes. A pragmatic market estimate and analysis for the high-temperature film technology is also provided in our recent investor presentation. Let's go to the defense.

Speaker Change: furthermore that these markets moved to scale upab they bring the market potential to s of megaabart the pragmatic market estimated analys for the hey super technology is also provided in our recent investor presentation

Vassilios Gregoriou: A pragmatic market estimate and analysis for the high-temperature fund technology is also provided in a recent investor presentation.

Vassilios Gregoriou: Ένα πραγματικό αγορά πιθανό, και αναλύσιμο για την υψηλή κατάσταση της τεχνολογίας είναι επίσης προσφέρει σε μια νέα παρουσιακή παρουσιακή παρουσία.

Vassilios Gregoriou: Let's go to the defense market. Come to the defense market; we signed back in September and December of 2023. Contracts totaling $5 million to the U.S. Department of Defense. This conducts referred to the Honeybadger 50 program. In essence, Honeybadger 50 strands as an ultra compact fuel cell delivering quite lightweight power for soldiers on the move. With over 70% weighted reduction compared to batteries, it operates on a versatile range of fuels, including methanol, and even wind-shield water fuel. We're currently in the program of integrating the ion-pair-and-meat technology into the Honeybadger 50, enhancing specific components and improving manufacturing process.

Vassilios Gregoriou: Ας πάμε στο αγώνα προστασίας.

Vassilios Gregoriou: Coming to the defense market, we signed back in September and December of 2023 contracts totaling $5 million with the U.S. Department of Defense. These contracts refer to the Honey Badger 50. In essence, HoneyBuzzer-50 stands as an ultra-compact fuel cell, delivering quite lightweight power for soldiers on the move. With over 70% weighted reduction compared to batteries, it operates on a versatile range of fuels including in methanol and even wind-seeing water fuels. We're currently in the process of integrating the IonFare MEA technology into the HoneyBuzzer 50, enhancing specific components, and improving manufacturing process. The objective is to facilitate the shift from low prototype volume to manufacturable scale volume. The program is advancing steadily with daily collaboration with the U.S. Department of Defense. All milestones today have been successful.

Vassilios Gregoriou: Μετά από το αγώνα προστασίας, υποστηρίζουμε τον Σεπτέμβριο και τον Δεκέμβριο του 2023 συμφωνίες με τον τόνο από 5 εκατομμύρια δολάρια από το ΔΝΤ της ΗΠΑ.

Speaker Change: let's gogot the fense market

Speaker Change: coming defense market we signed back in september and december of two thousand and twenty three contract total in five million dollars with the u s department of defense

Vassilios Gregoriou: Αυτές οι συμφωνίες σχεδιάζονται με το πρόγραμμα Honey Badger 50.

Vassilios Gregoriou: Συνήθως, το Honey Badger 50 σημαίνει μια υψηλή μοτοσυκλέτα μοτοσυκλέτα, που παίρνει αρκετή δύσκολη δύναμη για στρατιωτές και το Μ.Ο.Ο.Ο.Ο.

Speaker Change: this conduct refer to the honey by fifty problem in nencese honey honey about the fifteen strs as an ultra compact fuel cell delivering in quite lightweight power for soldiers and the move

Vassilios Gregoriou: Με περισσότερη από 70% χρήση χαρακτηριότητας αντιμετωπίζοντας μοτοσυκλέτες, λειτουργεί σε μια εύκολη λίγη μοτοσυκλέτες, που συμφωνεί με μεθανόλι και παράλληλα με βαρυφύλλα.

Speaker Change: with over seventy percent way the reduction compared to batteries we operates on a versatile range of fuels including methanol and even windsilield water fuel

Vassilios Gregoriou: Τώρα, αντιμετωπίζουμε τη μηχανή της ΙΟΝ ΠΑΡΑΜΙΑ στο Honey Badger 50, αυξάνοντας συγκεκριμένες συστημίες και πως προωθούν την πρόκληση της κατασκευής.

Speaker Change: we are currently the pro but in the grgreat the ometer and a acnology into the hhandybule fifty enhancing specific components and improval manufacturing process

Vassilios Gregoriou: The objective is to facilitate the ship from low-volume, low-prototype volume to manufacture open, scale volume. The program is advanced steadily with daily collaboration with the U.S. Department of Defense. All milestones today have been successfully achieved. Our dedicated team is now focused on refining the manufacturing process for the enhanced Honeybadger 50 fuel cell system, with the objective of achieving high-growing production capacity by 2026.

Vassilios Gregoriou: Ο σύμβολος είναι να διορθώσουμε την ανάπτυξη από τη μικρή πολύνια, στη μικρή πολύνια προτοιμασίας, στη πολύνια κατασκευής.

Speaker Change: the objective is to facilitate the shipif from both low volume low prototype volume to manufacture sale volume

Vassilios Gregoriou: Το πρόγραμμα προετοιμαστεί στήριζοντας.

Vassilios Gregoriou: Στη μηχανή της ΙΟΝ ΠΑΡΑΜΙΑ, η μηχανή της ΙΟΝ ΠΑΡΑΜΙΑ συνεχίζεται με σύντομα συνεργασία με την Αμερική Επιστήμη.

Speaker Change: the program is advancedin steadily with daily collaboration with the u s depart defense

Vassilios Gregoriou: Our dedicated team is now focused on refining the manufacturing process for the Enhanced Honey Butter 50 Fuel Cell System with the objective of achieving high volume production capacity by 2020. Martin David Brackman, Unknown Executive, Vassilios Gregoriou, Christos Kaskavelis, One great example of the AVOX strategy is our entry into the maritime market. Our technology is already installed in San Lorenzo's 50 steel methanol fuel cell superyacht, the AOMAX, which was officially launched in May 2024.

Vassilios Gregoriou: Όλα τα μηχανής σήμερα έχουν επιτυχηθεί.

Speaker Change: all myicense today have been successful che our dedicated them is now focused on refining the manufacturing process for the ent anyy by the triat fuel system with the objective over achieving high volme production capacity by two thousand and twenty six

Vassilios Gregoriou: Το διευθύντομα σύστημα μας κατάφερε να αναπτύξει την πρόκληση της κατασκευής, για το συστηματικό Honey Badger 50, με το σκοπό να καταφέρει την πολύνια πολύνια κατασκευή μέχρι το 2026.

Vassilios Gregoriou: Maritime market. One great example of the above services is our entry into the maritime market. Our technologies are already installed in some of our answers 50. Still, methanol fuel cell superglot, the old max, which was officially launched in May 2024. We're confident that methanol, especially its greener variant, biomethanol and e-methanol, are the keys to the carbonizing of the marine industry, serving as liquid green fuels and efficient carriers of green hydrogen. They hold immense potential. We certainly widely shared, as evidenced by the approximately 130 methanol projects currently underway, with a majority of 60 percent dedicated to immethanol and their remaining 40 percent to biomethanol.

Vassilios Gregoriou: Τα αγορά.

Speaker Change: maran market

Vassilios Gregoriou: Οι τεχνολογίες μας έχουν ήδη εφαρμόσει στην Σαν Λορέντζο 50, αυτοκίνητο μεθανολόγια της ΙΟΝ ΠΑΡΑΜΙΑ, το ΙΟΜΑΚ, το οποίο δημιουργήθηκε επίσης τον Μάιλ 2024.

Speaker Change: one great example of the abo this is our entry into the maritime markket attic artctictechnoleses in the installed in ssomemer enters fifty still methodolof fuels cell superyork the oldmarks which was officially lach in may two thousand and twenty four

Vassilios Gregoriou: Είμαστε σίγουροι ότι το μεθανολόγιο, ιδιαίτερα το μεγαλύτερο, το βιομεθανολόγιο και το ε-μεθανολόγιο, είναι τα κλειδιά για την καρπονομία της αεροδομίας.

Vassilios Gregoriou: We're confident that methanol, especially its greener variants, biomethanol and e-methanol, are the keys to decarbonizing the marine industry. Serving as liquid green fuels and efficient carriers of green hydrogen, they hold immense potential. Glycerin is widely shared, as evidenced by the approximately 130 methanol projects currently underway, with the majority, 60%, dedicated to e-methanol and the remaining 40% to biomethanol.

Speaker Change: we're confident the methanol especial greener variance biomtal on the ane methano are the keys look at the carboniz in the marine in the ry

Vassilios Gregoriou: Δημιουργημένοι ως λίγες λευκές λευκές αεροδομίες, και ευφυσικές καρπονομίες της λευκής αεροδομίας, υπάρχουν τεράστιες ευθύνες.

Speaker Change: serin as liquid green fuls and efficient cares of green hydrogen they hold immanse potential

Vassilios Gregoriou: Το ΙΟΜΑΚ είναι δημιουργημένος, όπως αποδείχνει το σχεδόν 130 μεθανολόγιο πρότζεκτ, που στις στιγμές υπάρχουν, με το μεγαλύτερο, το 60%, διευθυντικό στο ε-μεθανολόγιο και το υπόλοιπο το 40% στο βιομεθανολόγιο.

Speaker Change: the sevenden is widely s as evident by the approximately a hundred thir metthemammal projects counly underway with a majority did sixty percent dedicated to meum and the remain in forty percent to bomah

Vassilios Gregoriou: Projections indicate that methanol production capacity will reach 20 million tons by 2028.

Vassilios Gregoriou: Projections indicate that methanol production capacity will reach 20 million tons by 2028. Advent expects a significant number of yachts to benefit from its high-temperature pen-fueled cell technology in the near future. This includes both existing yachts looking to retrofit, approximately 10,800 currently afloat, and newly built ones, around 275 were built last year, data centers. When it comes to new markets, we're targeting collaborations with OEMs for the data center off grid power market, as we see a unique advantage for our fuel cell technology and the, Currently, data centers worldwide consume 1-2% of overall power, but this percentage is expanded, to rise to 3-4% by the end of the decade, reaching, 1000TWh per year Even on the trials, the demand for fuel cell engines is going to be significant. In the US and Europe, this increased demand will drive substantial electricity growth. A trend not seen in a generation.

Speaker Change: projections indicate that metal production capacity will reach twenty million tonms by twenty and eight art then expects a significant number of yards to benefit from its high temperature penields technology in the near future

Vassilios Gregoriou: Η Advent περιμένει ένα σημαντικό σύνολο ευθύνων, από τη νομιζόμενη υψηλή οδοσηχή της πλούτης στη σχεδόν αρχαία μέρα.

Vassilios Gregoriou: I don't expect a significant number of yachts to benefit from its high-temperature fuel cell technology in the near future. This includes both existing yachts looking to retrofit, approximately 10,800 currently afloat, and newly built ones. Around 275 will build last year.

Vassilios Gregoriou: Αυτό περιλαμβάνει και τις υπόσχεσαν ευθύνες, που κοιτάζονται τον πλούτη, κυρίως 10.800 που δημιουργήθηκαν τώρα, και πέραν από όλα, περίπου 275 που χτίστηκαν το τελευταίο χρόνο.

Unknown Executive: I would like to welcome everyone to Advent Technology's Fourth Quarter earnings conference call.

Unknown Executive: I would like to welcome everyone to Advent Technology's Fourth Quarter earnings conference call. After the presentation, there will be a question and answer session. To ask a question during this time, please press star one on your telephone keypad.

Speaker Change: this includes both existingin george's logo to res fit approximagic ten thousand eight hundred currently of flow and newly buildilt once are around two hundred and seventy five who were buildilt last year

Unknown Executive: After the presentation, there will be a question and answer session.

Unknown Executive: To ask a question during this time, please press star one on your telephone keypad.

Vassilios Gregoriou: Data centers. When it comes to new markets, we're targeting collaborations with OEMs for the data center of green power market, as we see unique advantages for fuel cell technology in the sector. Currently, data centers worldwide consume one to two percent of overall power, but this percentage is expected to rise to three to four percent by the end of the decade, reaching 1,000 terawatt hours per year. Even at higher levels, the demand for fuel cell is going to be significant. In the US and Europe, this increased demand will drive substantial electricity growth and trend not seen in a generation.

Vassilios Gregoriou: Όταν αφορά τους νέους αγορές, προσεγγίζουμε συνεργασίες με το ΙΟΜΑΚ για το κέντρο δεξιότητας της πλούτης, καθώς βλέπουμε μοναδική πλευρά για την τεχνολογία των φορτών και αυτήν την πλευρά.

Speaker Change: datacenters when it comes to new markets where targeting collaborations with oem for the data center of grid bar market as we see unique advantage for our fuel cell techknowledlogy in the sector

Unknown Executive: On the call today, we are joined by Dr Vassilios Gregoriou, Advent's Chairman CEO and Acting CFO.

Unknown Executive: On the call today, we are joined by Dr Vassilios Gregoriou, Advent's Chairman CEO and Acting CFO. Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth quarter 2023 financial results shortly before the market opened today. You may access the materials on the Investor Relations section of the company's website at www.advent.energy.

Unknown Executive: Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth quarter 2023 financial results shortly before the market opened today.

Vassilios Gregoriou: Τώρα, τα κέντρα δεξιότητας παγκόσμια, χρησιμοποιούν 1-2% της πλούτης, αλλά αυτή η ποσότητα προσέγγιζεται να ανέβει στο 3-4% στο τέλος της δεκαετίας, προσεγγίζοντας 1.000 τεραουάτ ώρες κάθε χρόνο.

Speaker Change: kindofly thatat a centers worldwide con su one to two percent of overall power but this percent age is expanded is expected to rise to threety to four percent by the end of the decade region

Vassilios Gregoriou: Ακόμα και στις επεξεργασίες, η ανάπτυξη των φορτών θα είναι σημαντική.

Speaker Change: one thousand terat a houseper year even a dal levels that the men of fuel cell is going to be significant in the u s and europe thisincreased demand will diie substantial exu the growth and then not seen in a generation

Unknown Executive: I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecast targets and other forward looking statements regarding the company's future, customer orders and the company's business outlook that are intended to be covered by the safe harbor provisions of the Private Security's litigation reform act of 1995 for forward looking statements. While these statements represent management's current expectations and projections about future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations.

Vassilios Gregoriou: Στις ΗΠΑ και στην Ευρώπη, αυτή η αυξημένη ανάπτυξη θα διευκολύνει υψηλή ανάπτυξη και τρένος που δεν βλέπουμε σε μια γενιά.

Vassilios Gregoriou: Σαν αποτέλεσμα, οι δεξιότητες δεξιότητας της πλούτης των κέντρων δεξιότητας μπορούν να διευκολύνουν μεταξύ του 2022 και του 2023.

Vassilios Gregoriou: As a result, the carbon dioxide emissions of data centers made more than double between 2022 and 23rd. To reduce latency, data centers need to be located closest to fiber optic ground lines and have dual independent fields from the power grid. Visual requirements of their place data centers within corporate hubs, where land prices are premium. Implementing a fuel cell technology can significantly reduce complex investments and accelerate time to market as it eliminates the need for grid updates, solid fire permits, and build up. Our fuel cell can play a primary role at the beginning of a data center project, transitioning to a backup or secondary backup role as demand increases.

Vassilios Gregoriou: As a result, the carbon dioxide emissions of data centers may more than double between 2022 and 2030. To reduce latency, data centers need to be located closest to fiber-optic ground lines and have dual, independent feeds from the power grid. These requirements often place data centers within corporate hubs, where launch prices are the premium. Implementing a fuel cell technology can significantly reduce complex investments and accelerate time to market, as it eliminates the need for grid updates, solar farm permits and build-ups.

Speaker Change: as a result the cobon di excited missions of data sers made more than double between twenty and we two and twenty third

Vassilios Gregoriou: Για να λειτουργήσουμε τη λιτότητα, οι δεξιότητες δεξιότητας πρέπει να βρίσκονται κοντά στις δεξιότητες της πλούτης και να έχουν διευκολυντικά, ανεξαρτημένες βάρκες από τη δεξιότητα της πλούτης.

Speaker Change: to reduce latency data centers need to be located closerset the other optic groundline and have dual independent feield from the paragram

Vassilios Gregoriou: Αυτές οι επιτυχίες, εφαρμόζουν τα δεξιότητα δεξιότητας μέσα από τα εταιρεία, όπου οι αγορές αγοράς είναι υψηλές.

Speaker Change: vis requirements of the place that cenders within corporate hubs

Vassilios Gregoriou: Η εφαρμογή μιας δεξιότητας της πλούτης, μπορεί να αυξηθεί σημαντικά τις επενδύσεις του ΚΑΠΕΞ και να αυξηθεί το χρόνο στο αγοράδιο, καθώς ελευθερώνει την ανάγκη των πληροφοριών, των δεξιότητων και των πλούτων.

Speaker Change: where lunch prices other premium implement of few cell technology can significantly reduce comppex investments and accelerate time to market as it liin asthe for reupdades solar hard quaremids and build large

Unknown Executive: In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release, except as required by applicable law, the company undertakes no obligation to update any of these forward looking statements for any reason after the date of this call.

Vassilios Gregoriou: Η μοτοσυκλέτα μας μπορεί να παίξει κύριο ρόλο, στις αρχές εργασίας δεδομένων, μεταφράζοντας σε ένα πίσω ή δεύτερο πίσω ρόλο όταν η ανάπτυξη αυξάνεται.

Vassilios Gregoriou: Our fuel cell can play a primary role at the beginning of a data center project, transitioning to a backup or secondary backup role as demand increases. This flexibility allows data centers to maintain dependence, enhance resilience, and negotiate better terms with all parties involved. Additionally, our fuel cells can optimize seasonality by operating primarily during peak electricity demand periods and shutting down when demand is low. A high temperature pump fuel cell technology is ideal for data centers for several reasons.

Speaker Change: our fuel cell can plain primary role at the beginning of a data centender project to transition into a backhalf or secondary back up all as demand increases this lexibity allows that the senders to maintain dependence in hencer resilians and negotiate better than with all partners involved

Vassilios Gregoriou: Αυτή η ευθύνη επιτρέπει στους δεδομένους, να διατηρήσουν ανάπτυξη, να διευθυνθεί η ανάπτυξη και να διαπραγματευτούν καλύτερες δεδομένες με όλους τους συμμετοχούς.

Vassilios Gregoriou: This flexibility allows data centers to maintain dependence, enhance resilience, and negotiate better terms with all partners involved. Additionally, our fuel cell can optimize seasonality by operating primarily during peak electricity demand periods and setting down when demand is low. A high-temperature firm fuel cell technology is ideal for data centers for several reasons. Multi-fuel capability allows immediate deployment with metal fuel tanks and fuel cells installation. And the systems can switch to hydrogen, natural gas, and other fuels without re-design. You can adapt to different levels of metal and fuel with hydrogen, optimizing cost and environmental impact without infrastructure changes.

Vassilios Gregoriou: Επιπλέον, η μοτοσυκλέτα μας μπορεί να οπτιμίζει, τον ευθύνος τους με την εργασία, κυρίως, στις αρχές εργασίας μεγαλύτερης δεδομένων και να το καθαρίσει όταν η ανάπτυξη είναι αραιότερα.

Speaker Change: additionally our fe cells can optimizees on a season ality by operating primarily during big electristic demand period and sattingin down when the mmonths is law

Unknown Executive: Lastly, information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations, other third party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysis and other third party resources, as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets, which it believes to be reasonable. These assumptions are subject to uncertainties and risks, which could cause results to differ materially from those expressed in the estimates.

Vassilios Gregoriou: Η υψηλή θερμική ενέργεια, της μηχανής είναι ιδανική για δεδομένες για διάφορες λόγους.

Speaker Change: a high temperatureship pamp hels and technology is ideal for data sers for several reasonfs mtorfield capability allows immediate deployment would me outual tanks and fuel celles are lesson and the systems can sho to hydrogen natural gas and other fuels other design

Vassilios Gregoriou: Multi-fuel capability allows immediate deployment with methanol fuel tanks and fuel cells installation. And the systems can switch to hydrogen, natural gas, and other fuels without redesign. He can adapt to different levels of methane and fuel of hydrogen, optimizing cost and environmental impact without infrastructure change.

Vassilios Gregoriou: Η δεδομένη ευθύνη επιτρέπει, την αρχαία επιτρέψη με μεθανοβουλές και εργασίες για μηχανές και τα σύστημα μπορούν να αλλάξουν και άλλες εργασίες χωρίς να επεξεργαστούν.

Vassilios Gregoriou: Μπορεί να αντιμετωπίσει, σε διαφορετικούς επίπεδους μεθανοβουλές με υψηλή θερμική ενέργεια χωρίς να αλλάξει η εμφανισμότητα.

Speaker Change: we can adopt to different levels of metal and fuel of critergen optimizeing cost and environmental limmimpact without infrastructure changes

Vassilios Gregoriou: Αντιμετωπίζει μέχρι 45% της θερματικής ευθύνης σε λειτουργική λειτουργία προσφέροντας αέρα και καθαρότητα και προσφέροντας την ουσιαστική ευθύνη πάνω από το 80%.

Vassilios Gregoriou: It achieves up to 45% thermal efficiency in a heat palm solution, providing AC and cooling, and bringing overall efficiency to above 80%. With its minimal food grains, especially when considering if fuel or methanol, our technology offers great, quiet power that perfectly fits the evolving niche of data centers. By leveraging our technology, data centers can achieve faster deployment, greater efficiency, and improve environmental performance. We're currently in discussions with multiple companies looking to benefit from a high-temperature pent-technology in all-scale scenarios.

Vassilios Gregoriou: It achieves up to 45% thermal efficiency in a heat pump solution, providing AC and cooling and bringing overall efficiency to above 80%. With its minimal footprint, especially when considering e-fuel or methanol, our technology offers green, quiet power that perfectly fits the evolving needs of data centers. By leveraging our technology, data centers can achieve faster deployment, greater efficiency and improve environmental performance. We're currently in discussions with multiple companies looking to benefit from a high-temperature pen technology in large-scale scenarios.

Speaker Change: it achieves up to forty five percent thermal efficiency in a ship pump solution providvide an ac c and cooling and bring an overall efficiency to above eighty percent

Vassilios Gregoriou: Με την μικρή ευθύνη, η τεχνολογία μας προσφέρει λευκή ευθύνη που καλύπτει σωστά τις αναπτυξιακές ανάπτυξες των κέντρων.

Unknown Executive: Please note that this call is being recorded.

Speaker Change: with its minimum foodot brint especially one considering if fu of mechans our technology office great quite part the per f revolvevingin need of dataascives

Unknown Executive: Kicking off the call will be Dr. Vasilis Gregorio. Dr. Gregorio, I now turn it over to you. Thank you, operator.

Vassilios Gregoriou: Με τη λειτουργία της τεχνολογίας μας, τα κέντρα μπορούν να εξελιχθούν πιο γρήγορα, με μεγαλύτερη ευθύνη και να βελτιώσουν την περιβαλλοντική επιτυχία.

Speaker Change: my leabor our technologies that offers can achieve faster deployment greater efficiencicy and improveving environmental performance were currently discussions multiple companies look at or benefit from a high temature pen technology in al skain scenarios

Unknown Executive: You may access the materials on the Investor Relations section of the company's website at www.advent.energy.

Vassilios Gregoriou: Good morning to everyone listening in and thank you for joining us on Advent's fourth quarter, 2023 earnings call. On today's call, I will provide an update on the business and I will also review our financial performance and outlook.

Vassilios Gregoriou: Βρίσκομαστε στις συζήτησες, με πολλές εταιρείες, προσπαθώντας να επεξεργαστούν από την υψηλή τεχνολογία Εξαιτίας των μεγάλων διαφορετικών, σε όλες αυτές τις αγορές, ο πρόγραμμας και ο σχέδιος είναι συγκεκριμένος και υψηλός.

Vassilios Gregoriou: Despite the vast differences in all these markets, the urban business challenge and plan is singular and highly focused. All our product efforts are in the common underlying fuel cell technology and MEA that targets heavy-duty automotive and large-scale stationary. MEA's success leads to unlocking all of these markets from a technology point of view. The right for partnership will also unlock them from a commercial point of view. Our recent extraction efforts have been crucial in mass-reducing costs, and we're talking with total cost below $20,000,000 on 2024, versus $15,000,000 on 2023, a 70% reduction.

Vassilios Gregoriou: Despite the vast differences in all these markets, the Advent Business Challenge and plan is singular and highly focused. All our product efforts are on a common underlying fuel cell technology, an MEA, that targets heavy-duty automotive and large-scale stations. MEA's success leads to unlocking all of these markets from a technology point of view. The right furnaces will also unlock them from a commercial point of view.

Unknown Executive: I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecast targets and other forward looking statements regarding the company's future, customer orders and the company's business outlook that are intended to be covered by the safe harbor provisions of the Private Security's litigation reform act of 1995 for forward looking statements.

Vassilios Gregoriou: I would like to take this opportunity to briefly reintroduce advent to you, what we do and what makes our technology different. At that time, we're developing the high-temperature pen fuel cell technology. High-temperature pen, as we call it, is unique competitive advantage. Our fuel cells are optimum for using liquid yield fuels made from hydrogen like emethanol but also biofuels and biogas. If you're following market developments, you have recently heard these words more and more.

Speaker Change: despite the v differences in in augast markets the akand business challenge and plan in singular and highly focused

Vassilios Gregoriou: Όλες τα προϊόντα μας, βρίσκονται στην κοινή τεχνολογία και την ΕΜΕΑ, η οποία σχεδίζει μεταξύ τεχνολογική και μεγαλύτερη ευθύνη.

Speaker Change: aller product efforts are a common under under line of fu selfll technology and m the targets here we do to motive and large scale fession

Unknown Executive: While these statements represent management's current expectations and projections about future results and performances as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations. In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release, except as required by applicable law, the company undertakes no obligation to update any of these forward looking statements for any reason after the date of this call.

Unknown Executive: Lastly, information discussed on this call concerning the company's industry competitive position in the market in which it operates is based on information from independent industry and research organizations, other third party sources and management estimates.

Vassilios Gregoriou: Η επιτυχία της ΕΜΕΑ, προσφέρει να εξελιχθούν όλες αυτές τις αγορές από τη θέση της τεχνολογίας.

Speaker Change: maa success list on log and follow his markeket from a technology point of view

Vassilios Gregoriou: Οι συμμετοχές της ΕΜΕΑ, θα τα εξελιχθούν επίσης από τη θέση της αγορής.

Speaker Change: the right partnner it will also unlo them from the commencial point of view

Vassilios Gregoriou: Our recent restructuring efforts have been crucial in massively reducing costs, and we target total costs below $20 million in 2024 versus $50 million in 2023, a 70% reduction. As a consequence of the change in strategy and the reduction of direct sales effort, especially in more countries, we've seen a reduction in revenue in 2023, and we refrain from mission revenue guidance. Ten other financial results, with a living revenue of 1.5 million in the fourth quarter compared to 2 million in the prior year.

Vassilios Gregoriou: Οι προηγούμενες προστασίες και προστασίες, είναι σημαντικές στις μεγαλύτερες επιτυχίες και σχεδιάζοντας ένα τελικό κόστος κάτω από 20 εκατομμύρια το 2024 αντί 50 εκατομμύρια το 2023.

Speaker Change: a recent restruction efforts have been crucial in massin reducing course and we're tal with total course below twenty million two thousand and twenty four firstchase fifty million two and twenty three seventy percent reduction

Unknown Executive: Management estimates are derived from publicly available information released by independent industry analysis and other third party resources, as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets, which it believes to be reasonable. These assumptions are subject to uncertainties and risks, which could cause results to differ materially from those expressed in the estimates.

Unknown Executive: Please note that this call is being recorded.

Vassilios Gregoriou: We expect that emethanol and biogas will dominate the investment in business plans of the next years, moving to deployment much faster than compressed or liquid-fived hydrogen applications. The reason is simple, the cost of infrastructure and the end cost of electrification. Advent fuel cells are not limited to pure hydrogen and this makes them ideal for marine and not great power, both of which are turned into methanol. Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that can reach 85% when the heat is used and are ideal for aviation and heavy-duty tracks.

Vassilios Gregoriou: Ένα 70% εφαρμογή.

Vassilios Gregoriou: As a consequence of the change in strategy and the reduction of direct sales effort, especially in more countries, we've seen a reduction in revenue in 2023, and we're referring for mission revenue guidance. 10 out of financial results. We deliver revenue of 1.5 million in the fourth quarter, compared to 2 million in the prior year quarter. The year-over-year results due to the declining orders for the company's stationary fuel cell systems. R&D expenses were 4 million in the fourth quarter, primarily related to internal R&D costs and curing each of our businesses, as well as a cooperative research and development agreement with the Department of Energy.

Vassilios Gregoriou: Σαν αποτέλεσμα της αλλαγής στρατηγικής, και της εφαρμογής των προϊόντων διαφορετικών έχουμε δει ένα αρνητικό εφαρμογή το 2023 και εξελίχθηκαμε από την οδηγία των προϊόντων διαφορετικών.

Speaker Change: as a consequence of the change in strategy and the reduction of direcesss therefore especially in more counarid we ve seen areduction revenue two twenty three and we refrain form mission revenue guidance

Unknown Executive: Kicking off the call will be Dr. Vasilis Gregorio.

Vassilios Gregoriou: Ας δούμε τώρα, τα οικονομικά αποτέλεσματα.

Vassilios Gregoriou: Εφαρμογή 1,5 εκατομμύρια το 4ο κόρτος, αντί 2 εκατομμύρια το 4ο κόρτος.

Speaker Change: then not financial results with de liver revenue of bump and five million in the fourth quarter comared the two millor and the prri here quarter

Vassilios Gregoriou: Dr. Gregorio, I now turn it over to you.

Vassilios Gregoriou: Το αποτέλεσμα του χρόνου, εξαρτάται από την ατάπηση των προϊόντων για τις εταιρείες εφαρμογής εξοπλισμών.

Vassilios Gregoriou: The year over year results due to the decline in orders for the company's stationary fuel cell system. R&D expenses were $4 million in the fourth quarter, primarily related to internal R&D costs and curing needs of our businesses, as well as our cooperative research and development agreement with the Department of Energy. Administrative and selling expenses were 6.7 million and the fourth quarter. Combined with art in the expanses, total of the expanses were 10.7 million a year of a year's decrease of 1 million.

Speaker Change: the year over a year suts d due to the decline in ororders for the company stationary fuel cell systems

Vassilios Gregoriou: Thank you, operator.

Vassilios Gregoriou: Οι προστασίες της εφαρμογής ήταν 4 εκατομμύρια, το 4ο κόρτος κυρίως σχετικά με τα εσωτερικά προϊόντα και τα ανάγκη των επιχειρήσεων των επιχειρήσεων και η συνεργασία εξελίχησης και εξελίχησης με το Δεσμό της Ενέργειας.

Speaker Change: are the expenses were four midteror in the fourth quarter primarily related to paranallarentty course and jury me of our businesses as well as our coorative research and development agreement with the departmentof energy

Vassilios Gregoriou: Administrative and selling expenses were $6.7 million in the fourth quarter. Combined with R&D expenses, total of very expensive were $10.7 million in the year-over-year decrease of 1 million. Net loss in Q4 was 25.7 million, or 12.04 dollars per share. Adjusting net loss was 22.1 million, or $10.32. The Adjacent Nellos excludes a point of $3 million gain from the change the fair value of standing warrants, a $3.71 million goodwill and intangible assets in permanent charge. I restrict the cost of the sales were $3.6 million as of December 31, 1903, which is a decrease of $0.1 million from September 30.

Vassilios Gregoriou: Οι εφαρμογές εφαρμογής και αγοράς, ήταν 6,7 εκατομμύρια το 4ο κόρτος.

Vassilios Gregoriou: Good morning to everyone listening in and thank you for joining us on Advent's fourth quarter, 2023 earnings call.

Vassilios Gregoriou: All these statements have been validated by our strong collaborations with Airbus, US Army, Hyundai, and Jim and Synergy, among others during the last year. You will know probably following developments in the battery market and the hundreds of billions invested there.

Speaker Change: administrative and selling expenses were sequ seven million in the fourth quarter combinedwith our and the expenses to oflebrated expenses were ten point seven illthan a year over year decrease of one million

Vassilios Gregoriou: Συνδυασμό με τις προϊόντες, τα οικονομικά αποτελέσματα ήταν 10,7 εκατομμύρια το χρόνο και η αγορά ήταν 1 εκατομμύρια το χρόνο.

Vassilios Gregoriou: On today's call, I will provide an update on the business and I will also review our financial performance and outlook.

Vassilios Gregoriou: Η αγορά προϊόντα, στον κύριο 4ο κόρτο ήταν 25,7 εκατομμύρια το χρόνο ή 12,04 δολάρια την αγορά.

Vassilios Gregoriou: Net loss in Q4 was $25.7 million or $12.04 per cent. Adjusted net loss was $22.1 million or $10.32. The adjusted net loss excludes a $0.03 million gain from the change to fair value by outstanding warrants, a $3.71 million goodwill and intangible asset impairment charge.

Speaker Change: me loss in q four was twenty five point seven million or twelve or no four dollars percent adjust in netety loss was twenty two point one mion or ten point thirty two dollars the share

Vassilios Gregoriou: I would like to take this opportunity to briefly reintroduce advent to you, what we do and what makes our technology different.

Vassilios Gregoriou: Let us give you a comparison that showcases the importance of our technology. Our fuel cell converts approximately 400 grams of methanol, the carry 80 grams of marine hydrogen, to 1 kilowatt hour of electrical power. Thus, it is equivalent to 2500 watts per hour per kilogram battery. As a comparison, lithium-ion batteries are at one tenth of the power density and even futuristic batteries are at one fifth. Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on the existing infrastructure of transport at the especially liquid fuels globally, even in the poorest countries.

Vassilios Gregoriou: Η αγορά προϊόντα, ήταν 22,1 εκατομμύρια το χρόνο ή 10,32 δολάρια το χρόνο.

Vassilios Gregoriou: At that time, we're developing the high-temperature pen fuel cell technology.

Vassilios Gregoriou: The Adjusted Net Loss excludes a $0.03 million gain from the Change Deferred Value of Outstanding, Warrants, a $3.71 million Goodwill and Intangible Asset Impairment Charge.

Speaker Change: the adjusted loss excludes a point zo three midillle dollar gain from the change the fair guard souid warrants a threety point seventy one million dollar goodwill and indintoulible asset environment charge

Vassilios Gregoriou: Unrestricted cash reserves were $3.6 million as of December 31, 2023, which is a decrease of $0.1 million from September. Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We're exploring opportunities to raise additional capital and expect to provide an update on this very, In the meantime, we will continue to manage our costs closely and capitalize on opportunities to reduce costs where possible. I will now turn to our lab.

Vassilios Gregoriou: Unrestricted cash reserves were $3.6 million as of December 31, 2023, which is a decrease of $0.1 million from September 30.

Speaker Change: i restric c it is as wereth fif for three and six million as of december thirty first nine twenty three which is a discrease of pointer one million dollars from september thirty

Vassilios Gregoriou: Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to manage our costs closely and capitalize on opportunities to reduce costs where possible.

Vassilios Gregoriou: Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to monitor costs closely and capitalize on opportunities to reduce costs where possible.

Speaker Change: our existicas balances and project the cash flows are not expected to be sufficient to support bl the varation for the twelve months

Vassilios Gregoriou: High-temperature pen, as we call it, is unique competitive advantage.

Vassilios Gregoriou: You might wonder why high temperature PEM has not been more widespread in the past. This was the maturity of the technology. Other than using a next generation membrane electrode structure called ion-per-MEA has achieved in 2024 2X the power of previous state-of-the-art fuel cells per square centimeter. We also have concrete data that we will achieve 2X the lifetime of competing high temperature PEM systems. These accomplishments can lead to massively lower cost of electrification and will believe that at scale and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel and service and the range of 20 to 30 cents per kilowatt hour.

Speaker Change: we' explored opportunities to raise a itional capital and expect to provide an update on this verysoon in the meantime we will continue to manitor our cost closely and capitaliz opportunity to reduce coursest where possible

Vassilios Gregoriou: I will now turn to our lab, Outlook.

Vassilios Gregoriou: I will now turn to our outlook. Other than end of 2024 with a strong pipeline of opportunities, as we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond our control. Opportunities may not materialize or could be delayed due to the long-term conduct nature of our business model; the time or our revenue can also be difficult to predict.

Vassilios Gregoriou: As an ender, 2024 was a strong pipeline of opportunities.

Vassilios Gregoriou: Advent Ender 2024 with a Strong Pipeline of Opportunities. As we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond Advent's control. Opportunities may not materialize or could be delayed.

Speaker Change: i will now get to our outlook

Speaker Change: other landred ttwentyve ident before with a strone pipeline of opportune

Vassilios Gregoriou: As we all know, however, not, every opportunity in the pipeline will transpire due to factors that are beyond others' control. Opportunities may not materialize or could be delayed. Due to the long-term contract, nature of our business model, the time of our revenue can also be difficult to predict.

Speaker Change: as well know however not every ortun the pipeline were anspred due to five deserve theyond unb control opportunities may no materialli or could be delayed

Vassilios Gregoriou: Due to the long-term contract nature of our business model, the time of our revenue can also be difficult to predict. Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2024 at this time. With that, I will now make some closing remarks. The second half of 2023 and the first half of 2024 are a restructuring year for us. We have focused our business model on strategic policies and believe we are on the right track. Airbus and Airspace, five top automakers, and the U.S. Department of Defense have done extensive due diligence and have thoroughly scanned the markets and our competitors.

Speaker Change: due to the long-term conduct nature of our business model the timeam orri revenue can also be difficult to preadede due to the level of onside the court by which fikers will not provide an revenue outlook for twent twenty four this time that i will now make some closing remarks

Vassilios Gregoriou: Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2024 this time.

Vassilios Gregoriou: Due to the level of uncertainty caused by these factors, we are not providing a revenue, outlook for 2024 at this time.

Vassilios Gregoriou: With that, I will now make some closing remarks.

Vassilios Gregoriou: With that, I will now make some closing remarks. The second half of 2023 and the first half of 2024 are a restriction of year for urban, which have focused our business model on strategic finances and believe we are on the right track. There are bus and air space, five top automakers, and the US Department of Defense have done extensive due diligence. If you have thoroughly scanned the market and the competitors. They have all concluded that the urban high-dermost government technology has a significant advantage, and we believe they will bring products to the market soon, some faster than others.

Vassilios Gregoriou: The second half of 2023 and the first half of 2024 are a restructuring year for Advent.

Speaker Change: the second half of two thousand andtwentythree in the first half of two and twenty four are a retraction year for out

Vassilios Gregoriou: This of course will not be compared to versus the grid, but it will be highly competitive for all off-grid and backup of markets and also for all heavy-duty mobility markets. In fact, it will be the lowest cost solution when compared to battery-only, compressed hydrogen, or even fossil fuel alternatives. The relentless pursuit of low cost green energy what drives us and its our mission.

Vassilios Gregoriou: We have focused our business model on strategic balances and believe we are on the right track. Airbus and Airspace, five top automakers, and the U.S. Department of Defense have done, extensive due diligence and have thoroughly scanned the markets and our competitors.

Speaker Change: which are focused our business model on strategic paces i believe we are on the right line therebus an air studies five top automakers and the use department of defense they have done extensive to diligence if you have thoroughly sscned the markets and reco competitors

Vassilios Gregoriou: They have all concluded that the Advent high-temperature PEM technology has a significant, advantage and we believe they will bring products to the market soon, some faster than others.

Vassilios Gregoriou: They have all concluded that the Advent high-temperature PEM technology has a significant advantage and we believe they will bring products to the market soon, some faster than others. Moreover, we have managed to do all this by significantly cutting any fat and not sacrificing our core capabilities, creating a very lean, highly technical team that's focused on product development, strategic technology transfer, and joint development relations with world-leading, Our lean structure is essential to have the greatest runway possible until the market scales up and to ensure that we can get to EBITDA positive operation by 2025 while having the IP and the leading position in one of the most promising clean energy technologies.

Speaker Change: they have more concluded that the adand high amageatureof pen technology is significant advantage they will believe there would breing products to the market so some faster than others

Vassilios Gregoriou: The development of the ion-per-MEA was a niche the core mission of our event since its public market entry. We are happy to announce that in 2024 we are on pace to meet the demands of the global OEM leaders in the fuel cell industry, comers like Airbus and Tundine Motors, which have been highly successful in meeting all the milestones we've had with our key OEM partners and I will discuss this in more detail later.

Vassilios Gregoriou: Moreover, we have managed to do all this by significantly cutting any fat and not sacrificing, our core capabilities, creating a very lean, highly technical team that's focused on product development, strategic technology transfer, and joint development relations with world-leading firms. Our lean structure is essential to have the greatest runway possible until the market scales up and to ensure that we can get to EBITDA positive operation by 2025 while having the IP and the leading position in one of the most promising clean energy technologies.

Vassilios Gregoriou: Moreover, we have managed to do all this by significantly cutting any part and not sacrificing our core capabilities, creating a very lean, highly technical team that focuses on product development, strategic technology transfer, and joint development relations with world-leading firms. Our lean structure is essential to have the greatest runway possible, as the market scales up, and to ensure that we can get to EBITDA positive operation by 2025, while having the IP and the leading position in one of the most promising clean areas of the philosophy.

Speaker Change: moreover it which have maned with do with by significantly cin any far and not sacrifice in our cot cap of being this create in a very highly technical team that's focus on product development strategic technoal transanfer and john development relship will world lead infrce

Speaker Change: our instructure is the sense to get the greatestis wrong impossible that do the market capes up and to ensure that put you get to hibit a pos varation by two thousand andtwenty five while heaven the ip and the leing position in one of the most promion cleaninersies the cloes

Vassilios Gregoriou: Another high-temperature PEM fuel cell with equivalent to 25 hundred watt hours per kilogram battery performance is ideal for enabling electrification and heavy-duty mobility and also of grid power, large-scale stationary power and backup applications like data centers. We'll see how fuel cells as a key technology for covering the other 50% of the markets that will not and cannot be addressed by batteries or direct electrification. In the marine of grid power, but also in the defense markets, we see methanol as a practical solution today.

Vassilios Gregoriou: I will summarize now what you should expect from Advent during the next 18 months. Advent has recently announced that it has raised funds and furthermore will have massive capital gains, who are in the process of hiring a new CFO and appoint a new board. These developments have been delayed and have caused a delay in results announced.

Vassilios Gregoriou: I will summarize now, why would you should expect from others during the next 18 months? I think he recently announced that he has raised funds, and furthermore, we will have massive cut costs. We are in the process of hiring a new CFO, and appoint a new board. These developments have been delayed, and of course the delay in results of management. During the next 18 months, we will focus only on our partnership relations with Airbus, US Army, automotive partners, and potentially data center partners, and primarily on development and MEA further, alliances out, or hardware technology. We are not going to focus on achieving revenue targets and any costs, or going after negative margin activities.

Vassilios Gregoriou: I will summarize now what you should expect from Advent during the next 18 months.

Speaker Change: or will summarize now why would you sit expect from adthen during the next eighten months i think he isly announced that his right fund and furthermore we're get massive cut course

Vassilios Gregoriou: Advent has recently announced that it has raised funds and furthermore, we have massive cap costs.

Vassilios Gregoriou: We are in the process of hiring a new CFO and appoint a new board.

Speaker Change: when a process firing and u c form and aappoint in your board

Vassilios Gregoriou: These developments have been delayed and have caused a delay in results announcement.

Speaker Change: these developments have been delayed and ship course of delay in results management

Vassilios Gregoriou: During the next 18 months, we'll focus solely on our partnership relations with Airbus, U.S. Army, automotive partners, and potentially data center partners, and primarily on developing our MEA further, and licensing out our hardware technology. We're not going to focus on achieving revenue targets at any cost, or going after negative margin activity. We want to maintain a minimal to zero cost burn and hopefully see some progress on receiving the anticipated R&D funds from Europe and further apply for funds in the U.S. We could have been a lot more aggressive if our strategy, in our strategy, if the Greek government had approved the awarded IPCI funds, but despite this unexpected delay, we're doing our best to maximize shareholder value in an unfair competition environment where all the other major European hydrogen companies have received the funds from their local governments already.

Vassilios Gregoriou: Our fuel cells are optimum for using liquid yield fuels made from hydrogen like emethanol but also biofuels and biogas.

Vassilios Gregoriou: During the next 18 months, we'll focus solely on our partnership relation with Airbus, US Army, automotive partners, and potentially data center partners, and primarily on developing our MEA further and licensing out our hardware technology.

Speaker Change: through the next eighten months who focus only on our particip less with airbbus you serve me automotive partners and potentally data send their partners and primarily on development are m a further a lic is loud or howvard technoism

Vassilios Gregoriou: If you're following market developments, you have recently heard these words more and more.

Vassilios Gregoriou: Methanol is the fuel of tomorrow, available today. We already deploy systems using natural gas-based methanol that is a low-cost interim solution in tropes emissions 40% lower than this. Tomorrow, as hydrogen and super-secondly in methanol cost drop, we see a few cells being highly competitive in most applications while providing net zero green power without pollutants. Already there are 130 new gold methanol production projects around the world, 250 marine vessels and for the project, the demand for marine and no big markets will further accelerate the trend.

Vassilios Gregoriou: We expect that emethanol and biogas will dominate the investment in business plans of the next years, moving to deployment much faster than compressed or liquid-fived hydrogen applications.

Vassilios Gregoriou: We're not going to focus on achieving revenue targets at any cost or going after negative margin activities.

Speaker Change: we're not going to focus at our chving revenue targets at any in course or going after negative margin activities we want to maintain a minimal to zerocsber and properly see some progress or receiving that dissipated dire in defund from europe and further apply for funds of the u s

Vassilios Gregoriou: We want to maintain a minimal to zero cost burn and hopefully see some progress on receiving the anticipated R&D funds from Europe and further apply for funds in the US.

Vassilios Gregoriou: We want to maintain a minimum to zero cost burn, and hopefully see some progress on receiving the dissipated iron defense from Europe, and further apply for funds in the U.I.

Vassilios Gregoriou: The reason is simple, the cost of infrastructure and the end cost of electrification.

Vassilios Gregoriou: We could have been a lot more aggressive if our strategy, in our strategy, if the Greek, government had approved the awarded IPCI funds, but despite this unexpected delay, we're doing our best to maximize shareholder value in an unfair competition environment, where all the other major European hydrogen companies have received the funds from their local governments already.

Vassilios Gregoriou: Advent fuel cells are not limited to pure hydrogen and this makes them ideal for marine and not great power, both of which are turned into methanol.

Speaker Change: who go you have been a lot more aggressive is if our straggy in our strategy

Speaker Change: if the great government proved their worded i bci fund

Speaker Change: but despite this andunexpected delay were on our best muchx of myselfreholder value in an affair competition in environment were all the other major european his and companies have receiveved the fund from their local governments already

Vassilios Gregoriou: The ion-per-MBA technology is the core differentiator for active. Any OEM or T-1 manufacturer that has access to RMEA shares the capability of producing state-of-the-art high-temperature PEM fuel cells for completely different applications from data center backup power to heavy-duty trucks and from your electrification to a space propulsion. Other business models were from now on focused exclusively on the NMEA innovation, IPN NMEA manufacturing scale, and business that requires low-capics is highly protected by others which we should know how and can have a healthy market.

Vassilios Gregoriou: Gregoriou, Christos; Kaskavelis, Advent Tech; Vassilios Gregoriou, Christos Kaskavelis. The end product, Denmark Factory. The inflection points for mass production of the high-temperature BEM and MAA technology are set to 26 and beyond now. We believe that the demand for methanol-based fuel cells will be and already is beyond anyone's expectations. But what we have learned is that unless I am pairing a technology coupled with the power of a global OEM, brings the cost below $1,000 per kilowatt for fuel cells, ventures into massive cells and manufacturing and manufacturing into massive cells and manufacturing is a cast-bearing exercise. We intend to secure the maximum round-end for the company and will be providers of a leading world technology in 2026 when the massive scale level will come.

Vassilios Gregoriou: Furthermore, due to our high temperature operation, our fuel cells have superior efficiency that can reach 85% when the heat is used and are ideal for aviation and heavy-duty tracks.

Vassilios Gregoriou: Previous revenue targets are not valid anymore, and we have shut down the end-product Denmark factory.

Vassilios Gregoriou: Previous revenue targets are not valid anymore and we have shut down the end product Denmark factory. The inflection points for massive adoption of the high-temperature BEM and MEA technology are set to 2026 and beyond now. We believe that the demand for methanol-based fuel cells will be, and already is, beyond anyone's expectations.

Speaker Change: ious revenue dararegest ung anymore and which have shut down the n product them are facul

Vassilios Gregoriou: The inflection points for massive adoption of the high-temperature PEM and MEA technology are set to 2026 and beyond now.

Vassilios Gregoriou: We believe that the demand for, methanol-based fuel cells will be, and already is, beyond anyone's expectations.

Speaker Change: the inflection points for much adoction the suam and nmeate nolo are said to two twenty six and beyond now we believe that a demand for methanol base fuel cell will be an already beyond and one expectations

Vassilios Gregoriou: But what we have learned is that unless our ion-pair MEA technology, coupled with the power of a global OEM, brings the cost below $1,000 per kilowatt for fuel cells, venturing into massive sales and manufacturing a cast-burn venturing into massive sales and manufacturing is a cast-burn exit. We intend to secure the maximum running for the company and will be providers of a leading world technology in 2026, when the massive scale up will come.

Vassilios Gregoriou: But what we have learned is that unless our ion-pair MEA technology, coupled with the power of a global OEM, brings the cost below $1,000 per kilowatt for fuel cells, venturing into massive sales and manufacturing a cast-burned – venturing into massive sales and manufacturing is a cast-burned exercise.

Speaker Change: but what we have lear is that unless irionon paren in a technology ouple with the power of a global lowm brings the cost below one thousand dollars pecuo ones of humanel cells ventu into massive cells and manufactureuring in the husband

Vassilios Gregoriou: Moving to the operational side over the past year, we have encountered a mix of positive as well as challenging events. On the positive side, the interest from metal fuel sensor clean power solutions has reached unprecedented levels from a variety of markets. However, the financial markets have not been favorable to clean energy investments lately. Consequently, infrastructure loans and grants from the UND US have become the most viable routes for financial support through the Intel lengthy bureaucratic processes.

Speaker Change: ventually into much ceal and manufacturing is a casbl exercise

Speaker Change: we intend to secure the muchroom brown and for the company and will be providers of a leading world technology in two thousand and twenty six when the massive scalelevel will come

Vassilios Gregoriou: We intend to secure the maximum round-up for the company, and we'll be providers of a leading world technology in 2026, when the massive-scale lab will come.

Vassilios Gregoriou: Finally, I would like to say that Adam's management can seriously restructure his compensation to significantly lower levels, and he has never sold any stock or profited from the stock price of Advent, other than that for tax-related purposes, that has to do with stock grant and stock options. Management remains fully committed to running and development of this technology, crucial for world decolonization, operate as close as possible to break even, innovate beyond expectations of our most demanding OEM partners and anticipate growth infection post-2026. I would like to thank you all for joining us today.

Vassilios Gregoriou: Finally, I would like to say that Advent's management has recently restructured its, compensation to significantly lower levels, and has never sold any stock or profited from the stock price of Advent, other than for tax-related purposes that has to do with stock rank and stock options.

Vassilios Gregoriou: Finally, I would like to say that Advent's management has risked a restructure of its compensation to significantly lower levels and has never sold any stock or profited from the stock price of Advent, other than for tax-related purposes that has to do with stock rank and stock options. Management remains fully committed to running and developing this technology that's crucial for world decarbonization, operate as close as possible to break-even, innovate beyond expectations of our most demanding OEM partners, and anticipate growth infections post-2026.

Speaker Change: finally i would like to say that aden' management three they structuring its compensation to significant lower levels and it never so den in stock or proited from the stock priceer viradment

Vassilios Gregoriou: In response to these delays, we have proactively streamed light our operations by reducing operational and facilitated expenses. We made the difficult decision to close subsidiaries and facilities that were not profitable and negatively impacted the company's future trajectory. Accordingly, in 2024, we eliminated our Boston, Denmark and Philippines operations. Through the years in post-acquisitions, especially Postal Energy, we have developed hardware technology and we have successfully managed to sell 1200 hardware systems primary to the telecom industry.

Speaker Change: other than fortax-related purarenes that has to do with stockgrand and stock options

Vassilios Gregoriou: Management remains fully committed to running and developing this technology that's crucial for world decarbonization, operate as close as possible to break-even, innovate beyond expectations of our most demanding OEM partners, and anticipate growth in action post-2026.

Speaker Change: management remains fully committed to iranning and development this technology that crucial for award the governmentization operate as close as possible to break given innovate the onun expectations of our most demandinorian partners and that dissipate growth infection for nine thousand and twenty six

Vassilios Gregoriou: I would like to thank you all for joining us today.

Operator: I would like to thank you all for joining us today, we are now ready to answer questions. Thank you very much. Thank you. The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad. Please ensure that your phone is not on mute when called upon. Thank you. One moment, please. As there are no questions at this time, this will conclude today's conference call. We thank you for joining. You may now disconnect your lines.

Vassilios Gregoriou: We are now ready to answer questions. Thank you very much. Thank you.

Speaker Change: i'would like to thank youall for joining us the today when i ready to answer questions thank you very much

Operator: The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad. Please ensure that your phone is not on mute when called upon. Thank you. One moment, please.

Vassilios Gregoriou: We're now ready to answer questions.

Speaker Change: thank you the floor is now open for questions if you would like to ask a question please press star one on your telephone keeppatt please ensure that your phone is not on you w called upon thank you one moment please

Vassilios Gregoriou: Thank you very much.

Vassilios Gregoriou: This know how is utilized to accelerate partner OEMs through technology transfer and licensing agreements, but is not our intent to become an end product OEM and multiple markets that will require hundreds of minutes in investment and a long time to market. This is the reason we have decided to discontinue operations of certain subsidiary facilities that have been focusing on net system production and were demanded more and more cost for law or even negative margin revenues.

Operator: As there are no questions at this time, this will conclude today's conference call. We thank you for joining. You may now disconnect your lines.

Speaker Change: i

Speaker Change: as there are no questions at this time this will conclude today's conference call we thank you for joining you may now disconnect your lines

Vassilios Gregoriou: The Danish subsidiary, which was development systems based on all their high-temperature and technology, KD Production cost exceeded 2000 per kilowatt. While we expected that OEMs with a ion pair and a technology can develop systems that with a cost approach in 500 per kilowatt's case, these are dollars. This will happen from the product plan that will deliver ion pair MBAs with 3X the lifetime and 3X the power per square centimeter. The ion pair makes all the difference between much market scale up and an a profitable low-business, low-volume business.

Vassilios Gregoriou: These strategic actions position us for a more sustainable and profitable future, allow us to focus on our core strengths and continue leading in the clean power solutions market. The business model shift is significantly reducing Arden's current op-ex and future cap-ex needs and keep the scalable, global, civil, practical business model.

Operator: Thank you.

Vassilios Gregoriou: Despite the chance of last year, Arden has been extremely successful in its MBA development, where we've made very considerable strides. Our high-temperature pension cell technology is gaining recognition from world-leading companies, demonstrated by a collaboration with Airbus, US Army, Hyundai Motor Company and other top automobile leaders. We're proud to have delivered on our contractual agreements with all aforementioned partners. These strategic partnerships underscore the interest of confidence in our technology and at the first phase before the commercial scale uprun for 2026.

Vassilios Gregoriou: All these statements have been validated by our strong collaborations with Airbus, US Army, Hyundai, and Jim and Synergy, among others during the last year.

Vassilios Gregoriou: You will know probably following developments in the battery market and the hundreds of billions invested there.

Vassilios Gregoriou: Let us give you a comparison that showcases the importance of our technology.

Vassilios Gregoriou: Additionally, our defense solution on the development, the honey-badger 50, is anticipated to transition to mass production by 2026. We expect that with the introduction of the ion pair technology, OEMs will be able to pack 50 kilowatt-80 kilowatt of power in a small cabinet and multiple companies for multi-megabat solution, aim, adaptor centers, remotely recharge stations, virtual power plants and microgrid support systems. When it comes to new business development, we are seeking to develop joint grantures or technology transfer and license agreement with large scale local integrators, T1s and OEMs.

Vassilios Gregoriou: Some of the discussions are the advanced stage and our technology transfer and license model makes sense to all partners. Under this model, we intend to continue to manufacture the MIA and protest and live on the fuel cell stack for some markets, but we license out the complete balance of plant and net system product. This can allow a multitude of different tier-1 manufacturers to scale up different user-specific product configurations with a code one other inside high-temperature BMW A and no products.

Vassilios Gregoriou: Such a model can be highly scalable, low-capit and high-gross margin for ads. In the automatic market, we are already active in the first level of collaboration, the technology as management phase, with four of the top 10 of the world's leading auto-manufacturers in terms of annual vehicle production. This is all we can announce and not their names at this point, as every world-class partner has its own specific strategy and goals. We have announced a fifth-partner Q-dime motor as they have already moved to the next stage of a joint development agreement.

Vassilios Gregoriou: Our goal is to conclude the technology assessment by the end of 2024 and then move with one or more of the other companies into a joint development agreement that can provide a significant budget for scaling up. The high-temperature company technology shows unique promise primarily for the track and heavy-duty vehicle market. The high-temperature operation can result in a efficient hit rejection which means that the track will be able to run optimally in many countries around the world for its extreme heat for periods of time.

Vassilios Gregoriou: Moreover, they will run more efficiently as the cooling requirements are lower. The balance of climate simpler, not low-temperature than, and there is no water management issues that other fuel cells have, and the promise of also using directly a liquid fuel is also a promising feature.

Vassilios Gregoriou: Our intent is to enter into strategic agreements in 2024 to 2025 that have one or more automatic partners that can become a strong pillar of support for other. Their space market situation is very similar to the automotive one. The one strong difference is that there we have already forged a $13 million strategic partnership with Airbus to fast-track the development of advanced ion pair MBA. The goal is to achieve the performance targets required for a creation standards.

Vassilios Gregoriou: Our primary focus is on enabling Airbus in its endeavour to power aircraft solely with fuel cells. So far, we have managed to achieve the first milestones of the program and we're very optimistic that the progress towards achieving the performance goals that Airbus has set. The joint development agreement duration is two years, calendar years, 2024 and 2025, and we as adventants tend to have a four-log phase that will bring us closer to our hardware system and eventually test flights in the next few years.

Vassilios Gregoriou: Airbus is communicating publicly a lot of information about the progress of this formal project, and you can find a lot of online about the intentions, time trends, etc. While the aerospace and automotive market markets are not prime for mass production in the 2024-2026 time frame, they provide the potential stronger in this support and path to massive scale under the same model of advanced manufacturing in the MBA and potentially licensing some of which fuel cells start and system technology. Furthermore, if these markets move to scale up, they bring the market potential to hundreds of megabytes.

Vassilios Gregoriou: A pragmatic market estimate and analysis for the high-temperature fund technology is also provided in a recent investor presentation.

Vassilios Gregoriou: Let's go to the defense market. Come to the defense market, we signed back in September and December of 2023. Contracts totaling $5 million to the US Department of Defense. This conducts referred to the Honeybadger 50 Program. In essence, Honeybadger 50 strands as an ultra compact fuel cell delivering quite lightweight power for soldiers on the move. With over 70% weighted reduction compared to batteries, it operates on a versatile range of fuels, including methanol, and even wind-shield water fuel.

Vassilios Gregoriou: We're currently in the program of integrating the ion-pair-and-meat technology into the Honeybadger 50 enhancing specific components and improving manufacturing process. The objective is to facilitate the ship from low-volume, low-prototype volume to manufacture open, scale volume. The program is advanced steadily with daily collaboration with the U.S. Department of Defense. All milestones today have been successfully achieved. Our dedicated team is now focused on refining the manufacturing process for the enhanced Honeybadger 50 fuel cell system with the objective of achieving high-growing production capacity by 2026.

Vassilios Gregoriou: Maritime market One great example of the above services is our entry into the maritime market. Our technologies are already installed in some of our answers 50. Still, methanol fuel cell superglot, the old max, which was officially launched in May 2024. We're confident that methanol, especially its greener variant, biomethalon and e-methanol are the keys to the carbonizing of the marine industry, serving as liquid green fuels and efficient carriers of green hydrogen, they hold immense potential.

Vassilios Gregoriou: Our fuel cell converts approximately 400 grams of methanol, the carry 80 grams of marine hydrogen, to 1 kilowatt hour of electrical power.

Vassilios Gregoriou: Thus, it is equivalent to 2500 watts per hour per kilogram battery.

Vassilios Gregoriou: We certainly widely shared as evidenced by the approximately 130 methanol projects currently underway with a majority of 60 percent dedicated to immethanol and their remaining 40 percent to biomethanol. Projections indicate that methanol production capacity will reach 20 million tons by 2028.

Vassilios Gregoriou: As a comparison, lithium-ion batteries are at one tenth of the power density and even futuristic batteries are at one fifth.

Vassilios Gregoriou: I don't expect a significant number of yachts to benefit from its high-temperature fuel cell technology in the near future. This includes both existing yachts looking to retrofit, approximately 10,800 currently afloat, and newly built ones around 275 will build last year.

Vassilios Gregoriou: Data centers. When it comes to new markets, we're targeting collaborations with OEMs for the data center of green power market, as we see unique advantages for fuel cell technology in the sector. Currently, data centers worldwide consume one to two percent of overall power, but this percentage is expected to rise to three to four percent by the end of the decade reaching 1,000 terawatt hours per year. Even at higher levels, the demand for fuel cell is going to be significant.

Vassilios Gregoriou: In the US and Europe, this increased demand will drive substantial electricity growth and trend not seen in a generation. As a result, the carbon dioxide emissions of data centers made more than double between 2022 and 23rd. To reduce latency, data centers need to be located closest to fiber optic ground lines and have dual independent fields from the power grid. Visual requirements of their place data centers within corporate hubs, where land prices are premium.

Vassilios Gregoriou: Implementing a fuel cell technology can significantly reduce complex investments and accelerate time to market as it eliminates the need for grid updates, solid fire permits and build up. Our fuel cell can play in primary role at the beginning of a data center project transitioning to a backup or secondary backup role as demand increases. This flexibility allows data centers to maintain dependence, enhance resilience, and negotiate better terms with all partners involved. Additionally, our fuel cell can optimize seasonality by operating primarily during peak electricity demand periods and setting down when demand is low.

Vassilios Gregoriou: A high-temperature firm fuel cell technology is ideal for data centers for several reasons. Multi-fuel capability allows immediate deployment with metal fuel tanks and fuel cells installation. And the systems can switch to hydrogen, natural gas, and other fuels without re-design. You can adapt to different levels of metal and fuel with hydrogen, optimizing cost and environmental impact without infrastructure changes. It achieves up to 45% thermal efficiency in a heat palm solution, providing AC and cooling and bringing overall efficiency to above 80%.

Vassilios Gregoriou: With its minimal food grains, especially when considering if fuel or methanol, our technology offers great, quiet power that perfectly fits the evolving niche of data centers. By leveraging our technology, data centers can achieve faster deployment, greater efficiency, and improve environmental performance. We're currently in discussions with multiple companies looking to benefit from a high-temperature pent-technology in all-scale scenarios.

Vassilios Gregoriou: Despite the vast differences in all these markets, the urban business challenge and plan is singular and highly focused. All our product efforts are in the common underlying fuel cell technology and MEA, that targets heavy-duty automotive and large-scale stationary. MEA's success leads to unlocking all of these markets from a technology point of view. The right for partnership will also unlock them from a commercial point of view.

Vassilios Gregoriou: Moreover, unlike a battery or a hydrogen-based system, our fuel cells can be deployed on the existing infrastructure of transport at the especially liquid fuels globally, even in the poorest countries.

Vassilios Gregoriou: You might wonder why high temperature PEM has not been more widespread in the past. This was the maturity of the technology.

Vassilios Gregoriou: Our recent extraction efforts have been crucial in mass-reducing costs, and we're talking with total cost below $20,000,000 on 2024, versus $15,000,000 on 2023, a 70% reduction. As a consequence of the change in strategy and the reduction of direct sales effort, especially in more countries, we've seen a reduction in revenue in 2023, and we're referring for mission revenue guidance.

Vassilios Gregoriou: 10 out of financial results. We deliver revenue of 1.5 million in the fourth quarter, compared to 2 million in the prior year quarter. The year-over-year results due to the declining orders for the company's stationary fuel cell systems. R&D expenses were 4 million in the fourth quarter, primarily related to internal R&D costs and curing each of our businesses, as well as a cooperative research and development agreement with the Department of Energy. Administrative and selling expenses were $6.7 million in the fourth quarter.

Vassilios Gregoriou: Combined with R&D expenses, total of very expensive were $10.7 million in the year-over-year decrease of 1 million. Net loss in Q4 was 25.7 million, or 12.04 dollars per share. Adjusting net loss was 22.1 million, or $10.32. The Adjacent Nellos excludes a point of $3 million gain from the change the fair value of standing warrants, a $3.71 million goodwill and intangible assets in permanent charge. I restrict the cost of the sales were $3.6 million as of December 31, 1903, which is a decrease of $0.1 million from September 30.

Vassilios Gregoriou: Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to monitor costs closely and capitalize on opportunities to reduce costs where possible.

Vassilios Gregoriou: I will now turn to our outlook. Other than end of 2024 with a strong pipeline of opportunities, as we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond under control. Opportunities may not materialize or could be delayed due to the long-term conduct nature of our business model, the time or our revenue can also be difficult to predict.

Vassilios Gregoriou: Other than using a next generation membrane electrode structure called ion-per-MEA has achieved in 2024 2X the power of previous state-of-the-art fuel cells per square centimeter.

Vassilios Gregoriou: Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2024 this time.

Vassilios Gregoriou: With that, I will now make some closing remarks. The second half of 2023 and the first half of 2024 are a restriction of year for urban, which have focused our business model on strategic finances and believe we are on the right track. There are bus and air space, five top automakers, and the US Department of Defense have done extensive due diligence, if you have thoroughly scanned the market and the competitors. They have all concluded that the urban high-dermost government technology has a significant advantage, and we believe they will bring products to the market soon, some faster than others.

Vassilios Gregoriou: Moreover, we have managed to do all this by significantly cutting any part and not sacrificing our core capabilities, creating a very lean, highly technical team that focuses on product development, strategic technology transfer, and joint development relations with world-leading firms. Our lean structure is essential to have the greatest runway possible, as is the market scales up, and to ensure that we can get to EBITDA positive operation by 2025, while having the IP and the leading position in one of the most promising clean areas of the philosophy.

Vassilios Gregoriou: We also have concrete data that we will achieve 2X the lifetime of competing high temperature PEM systems.

Vassilios Gregoriou: These accomplishments can lead to massively lower cost of electrification and will believe that at scale and in cooperation with OEMs and Tier 1s, we can achieve a levelized cost of electricity, including hardware, fuel and service and the range of 20 to 30 cents per kilowatt hour.

Vassilios Gregoriou: I will summarize now, why would you should expect from others during the next 18 months? I think he recently announced that he has raised funds, and furthermore, we will have massive cut costs.

Vassilios Gregoriou: We are in the process of hiring a new CFO, and appoint a new board. These developments have been delayed, and of course the delay in results of management. During the next 18 months, we will focus only on our partnership relations with Airbus, US Army, automotive partners, and potentially data center partners, and primarily on development and MEA further, alliances out, or hardware technology. We are not going to focus on achieving revenue targets and any costs, or going after negative margin activities.

Vassilios Gregoriou: We want to maintain a minimum to zero cost burn, and hopefully see some progress on receiving the dissipated iron defense from Europe, and further apply for funds in the U.I. Gregoriou, Christos Kaskavelis, Advent Tech, Vassilios Gregoriou, Christos Kaskavelis The end product, Denmark Factory.

Vassilios Gregoriou: The inflection points for mass production of the high-temperature BEM and MAA technology are set to 26 and beyond now. We believe that the demand for methanol-based fuel cells will be and already is beyond anyone's expectations. But what we have learned is that unless I am pairing a technology coupled with the power of a global OEM brings the cost below $1,000 per kilowatt for fuel cells, ventures into massive cells and manufacturing and manufacturing into massive cells and manufacturing is a cast-bearing exercise. We intend to secure the maximum round-end for the company and will be providers of a leading world technology in 2026 when the massive scale level will come.

Vassilios Gregoriou: This of course will not be compared to versus the grid, but it will be highly competitive for all off-grid and backup of markets and also for all heavy-duty mobility markets.

Vassilios Gregoriou: In fact, it will be the lowest cost solution when compared to battery-only, compressed hydrogen, or even fossil fuel alternatives.

Vassilios Gregoriou: Finally, I would like to say that Adam's management can seriously restructure his compensation to significantly lower levels and he has never sold any stock or profited from the stock price of Advent, other than that for tax-related purposes, that has to do with stock grant and stock options. Management remains fully committed to running and development of this technology, the crucial for world decolonization, operate as close as possible to break even, innovate beyond expectations of our most demanding OEM partners and anticipate growth infection post-2026.

Vassilios Gregoriou: The relentless pursuit of low cost green energy what drives us and its our mission.

Vassilios Gregoriou: The development of the ion-per-MEA was a niche the core mission of our event since its public market entry.

Vassilios Gregoriou: I would like to thank you all for joining us today.

Vassilios Gregoriou: We are happy to announce that in 2024 we are on pace to meet the demands of the global OEM leaders in the fuel cell industry, comers like Airbus and Tundine Motors, which have been highly successful in meeting all the milestones we've had with our key OEM partners and I will discuss this in more detail later.

Unknown Executive: We are now ready to answer questions. Thank you very much. Thank you.

Vassilios Gregoriou: Another high-temperature PEM fuel cell with equivalent to 25 hundred watt hours per kilogram battery performance is ideal for enabling electrification and heavy-duty mobility and also of grid power, large-scale stationary power and backup applications like data centers.

Vassilios Gregoriou: We'll see how fuel cells as a key technology for covering the other 50% of the markets that will not and cannot be addressed by batteries or direct electrification.

Unknown Executive: The floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad. Please ensure that your phone is not on mute when called upon. Thank you. One moment please.

Vassilios Gregoriou: In the marine of grid power, but also in the defense markets, we see methanol as a practical solution today.

Vassilios Gregoriou: Methanol is the fuel of tomorrow, available today.

Vassilios Gregoriou: We already deploy systems using natural gas-based methanol that is a low-cost interim solution in tropes emissions 40% lower than this.

Vassilios Gregoriou: Tomorrow, as hydrogen and super-secondly in methanol cost drop, we see a few cells being highly competitive in most applications while providing net zero green power without pollutants.

Vassilios Gregoriou: Already there are 130 new gold methanol production projects around the world, 250 marine vessels and for the project, the demand for marine and no big markets will further accelerate the trend.

Vassilios Gregoriou: The ion-per-MBA technology is the core differentiator for active.

Vassilios Gregoriou: Any OEM or T-1 manufacturer that has access to RMEA shares the capability of producing state-of-the-art high-temperature PEM fuel cells for completely different applications from data center backup power to heavy-duty trucks and from your electrification to a space propulsion.

Unknown Executive: As there are no questions at this time, this will conclude today's conference call. We thank you for joining.

Vassilios Gregoriou: Other business models were from now on focused exclusively on the NMEA innovation, IPN NMEA manufacturing scale, and business that requires low-capics is highly protected by others which we should know how and can have a healthy market.

Unknown Executive: You may now disconnect your lines.

Vassilios Gregoriou: Moving to the operational side over the past year, we have encountered a mix of positive as well as challenging events. On the positive side, the interest from metal fuel sensor clean power solutions has reached unprecedented levels from a variety of markets.

Vassilios Gregoriou: However, the financial markets have not been favorable to clean energy investments lately.

Vassilios Gregoriou: Consequently, infrastructure loans and grants from the UND US have become the most viable routes for financial support through the Intel lengthy bureaucratic processes.

Vassilios Gregoriou: In response to these delays, we have proactively streamed light our operations by reducing operational and facilitated expenses. We made the difficult decision to close subsidiaries and facilities that were not profitable and negatively impacted the company's future trajectory. Accordingly, in 2024, we eliminated our Boston, Denmark and Philippines operations.

Vassilios Gregoriou: Through the years in post-acquisitions, especially Postal Energy, we have developed hardware technology and we have successfully managed to sell 1200 hardware systems primary to the telecom industry.

Vassilios Gregoriou: This know how is utilized to accelerate partner OEMs through technology transfer and licensing agreements, but is not our intent to become an end product OEM and multiple markets that will require hundreds of minutes in investment and a long time to market.

Vassilios Gregoriou: This is the reason we have decided to discontinue operations of certain subsidiary facilities that have been focusing on net system production and were demanded more and more cost for law or even negative margin revenues.

Vassilios Gregoriou: The Danish subsidiary, which was development systems based on all their high-temperature and technology, KD Production cost exceeded 2000 per kilowatt.

Vassilios Gregoriou: While we expected that OEMs with a ion pair and a technology can develop systems that with a cost approach in 500 per kilowatt's case, these are dollars.

Vassilios Gregoriou: This will happen from the product plan that will deliver ion pair MBAs with 3X the lifetime and 3X the power per square centimeter.

Vassilios Gregoriou: The ion pair makes all the difference between much market scale up and an a profitable low-business, low-volume business.

Vassilios Gregoriou: These strategic actions position us for a more sustainable and profitable future, allow us to focus on our core strengths and continue leading in the clean power solutions market.

Vassilios Gregoriou: The business model shift is significantly reducing Arden's current op-ex and future cap-ex needs and keep the scalable, global, civil, practical business model.

Vassilios Gregoriou: Despite the chance of last year, Arden has been extremely successful in its MBA development, where we've made very considerable strides.

Vassilios Gregoriou: Our high-temperature pension cell technology is gaining recognition from world-leading companies, demonstrated by a collaboration with Airbus, US Army, Hyundai Motor Company and other top automobile leaders.

Vassilios Gregoriou: We're proud to have delivered on our contractual agreements with all aforementioned partners.

Vassilios Gregoriou: These strategic partnerships underscore the interest of confidence in our technology and at the first phase before the commercial scale uprun for 2026.

Vassilios Gregoriou: Additionally, our defense solution on the development, the honey-badger 50, is anticipated to transition to mass production by 2026.

Vassilios Gregoriou: We expect that with the introduction of the ion pair technology, OEMs will be able to pack 50 kilowatt-80 kilowatt of power in a small cabinet and multiple companies for multi-megabat solution, aim, adaptor centers, remotely recharge stations, virtual power plants and microgrid support systems.

Vassilios Gregoriou: When it comes to new business development, we are seeking to develop joint grantures or technology transfer and license agreement with large scale local integrators, T1s and OEMs.

Vassilios Gregoriou: Some of the discussions are the advanced stage and our technology transfer and license model makes sense to all partners. Under this model, we intend to continue to manufacture the MIA and protest and live on the fuel cell stack for some markets, but we license out the complete balance of plant and net system product.

Vassilios Gregoriou: This can allow a multitude of different tier-1 manufacturers to scale up different user-specific product configurations with a code one other inside high-temperature BMW A and no products.

Vassilios Gregoriou: Such a model can be highly scalable, low-capit and high-gross margin for ads.

Vassilios Gregoriou: In the automatic market, we are already active in the first level of collaboration, the technology as management phase, with four of the top 10 of the world's leading auto-manufacturers in terms of annual vehicle production.

Vassilios Gregoriou: This is all we can announce and not their names at this point, as every world-class partner has its own specific strategy and goals.

Vassilios Gregoriou: We have announced a fifth-partner Q-dime motor as they have already moved to the next stage of a joint development agreement. Our goal is to conclude the technology assessment by the end of 2024 and then move with one or more of the other companies into a joint development agreement that can provide a significant budget for scaling up.

Vassilios Gregoriou: The high-temperature company technology shows unique promise primarily for the track and heavy-duty vehicle market.

Vassilios Gregoriou: The high-temperature operation can result in a efficient hit rejection which means that the track will be able to run optimally in many countries around the world for its extreme heat for periods of time. Moreover, they will run more efficiently as the cooling requirements are lower.

Vassilios Gregoriou: The balance of climate simpler, not low-temperature than, and there is no water management issues that other fuel cells have, and the promise of also using directly a liquid fuel is also a promising feature.

Vassilios Gregoriou: Our intent is to enter into strategic agreements in 2024 to 2025 that have one or more automatic partners that can become a strong pillar of support for other.

Vassilios Gregoriou: Their space market situation is very similar to the automotive one.

Vassilios Gregoriou: The one strong difference is that there we have already forged a $13 million strategic partnership with Airbus to fast-track the development of advanced ion pair MBA.

Vassilios Gregoriou: The goal is to achieve the performance targets required for a creation standards.

Vassilios Gregoriou: Our primary focus is on enabling Airbus in its endeavour to power aircraft solely with fuel cells. So far, we have managed to achieve the first milestones of the program and we're very optimistic that the progress towards achieving the performance goals that Airbus has set.

Vassilios Gregoriou: The joint development agreement duration is two years, calendar years, 2024 and 2025, and we as adventants tend to have a four-log phase that will bring us closer to our hardware system and eventually test flights in the next few years.

Vassilios Gregoriou: Airbus is communicating publicly a lot of information about the progress of this formal project, and you can find a lot of online about the intentions, time trends, etc.

Vassilios Gregoriou: While the aerospace and automotive market markets are not prime for mass production in the 2024-2026 time frame, they provide the potential stronger in this support and path to massive scale under the same model of advanced manufacturing in the MBA and potentially licensing some of which fuel cells start and system technology.

Vassilios Gregoriou: Furthermore, if these markets move to scale up, they bring the market potential to hundreds of megabytes.

Vassilios Gregoriou: A pragmatic market estimate and analysis for the high-temperature fund technology is also provided in a recent investor presentation.

Vassilios Gregoriou: Let's go to the defense market.

Vassilios Gregoriou: Come to the defense market, we signed back in September and December of 2023.

Vassilios Gregoriou: Contracts totaling $5 million to the US Department of Defense.

Vassilios Gregoriou: This conducts referred to the Honeybadger 50 Program. In essence, Honeybadger 50 strands as an ultra compact fuel cell delivering quite lightweight power for soldiers on the move. With over 70% weighted reduction compared to batteries, it operates on a versatile range of fuels, including methanol, and even wind-shield water fuel.

Vassilios Gregoriou: We're currently in the program of integrating the ion-pair-and-meat technology into the Honeybadger 50 enhancing specific components and improving manufacturing process. The objective is to facilitate the ship from low-volume, low-prototype volume to manufacture open, scale volume.

Vassilios Gregoriou: The program is advanced steadily with daily collaboration with the U.S.

Vassilios Gregoriou: Department of Defense.

Vassilios Gregoriou: All milestones today have been successfully achieved. Our dedicated team is now focused on refining the manufacturing process for the enhanced Honeybadger 50 fuel cell system with the objective of achieving high-growing production capacity by 2026.

Vassilios Gregoriou: Maritime market One great example of the above services is our entry into the maritime market.

Vassilios Gregoriou: Our technologies are already installed in some of our answers 50.

Vassilios Gregoriou: Still, methanol fuel cell superglot, the old max, which was officially launched in May 2024.

Vassilios Gregoriou: We're confident that methanol, especially its greener variant, biomethalon and e-methanol are the keys to the carbonizing of the marine industry, serving as liquid green fuels and efficient carriers of green hydrogen, they hold immense potential.

Vassilios Gregoriou: We certainly widely shared as evidenced by the approximately 130 methanol projects currently underway with a majority of 60 percent dedicated to immethanol and their remaining 40 percent to biomethanol.

Vassilios Gregoriou: Projections indicate that methanol production capacity will reach 20 million tons by 2028.

Vassilios Gregoriou: I don't expect a significant number of yachts to benefit from its high-temperature fuel cell technology in the near future.

Vassilios Gregoriou: This includes both existing yachts looking to retrofit, approximately 10,800 currently afloat, and newly built ones around 275 will build last year.

Vassilios Gregoriou: Data centers.

Vassilios Gregoriou: When it comes to new markets, we're targeting collaborations with OEMs for the data center of green power market, as we see unique advantages for fuel cell technology in the sector.

Vassilios Gregoriou: Currently, data centers worldwide consume one to two percent of overall power, but this percentage is expected to rise to three to four percent by the end of the decade reaching 1,000 terawatt hours per year.

Vassilios Gregoriou: Even at higher levels, the demand for fuel cell is going to be significant.

Vassilios Gregoriou: In the US and Europe, this increased demand will drive substantial electricity growth and trend not seen in a generation.

Vassilios Gregoriou: As a result, the carbon dioxide emissions of data centers made more than double between 2022 and 23rd.

Vassilios Gregoriou: To reduce latency, data centers need to be located closest to fiber optic ground lines and have dual independent fields from the power grid.

Vassilios Gregoriou: Visual requirements of their place data centers within corporate hubs, where land prices are premium.

Vassilios Gregoriou: Implementing a fuel cell technology can significantly reduce complex investments and accelerate time to market as it eliminates the need for grid updates, solid fire permits and build up. Our fuel cell can play in primary role at the beginning of a data center project transitioning to a backup or secondary backup role as demand increases.

Vassilios Gregoriou: This flexibility allows data centers to maintain dependence, enhance resilience, and negotiate better terms with all partners involved.

Vassilios Gregoriou: Additionally, our fuel cell can optimize seasonality by operating primarily during peak electricity demand periods and setting down when demand is low.

Vassilios Gregoriou: A high-temperature firm fuel cell technology is ideal for data centers for several reasons. Multi-fuel capability allows immediate deployment with metal fuel tanks and fuel cells installation. And the systems can switch to hydrogen, natural gas, and other fuels without re-design.

Vassilios Gregoriou: You can adapt to different levels of metal and fuel with hydrogen, optimizing cost and environmental impact without infrastructure changes.

Vassilios Gregoriou: It achieves up to 45% thermal efficiency in a heat palm solution, providing AC and cooling and bringing overall efficiency to above 80%.

Vassilios Gregoriou: With its minimal food grains, especially when considering if fuel or methanol, our technology offers great, quiet power that perfectly fits the evolving niche of data centers.

Vassilios Gregoriou: By leveraging our technology, data centers can achieve faster deployment, greater efficiency, and improve environmental performance.

Vassilios Gregoriou: We're currently in discussions with multiple companies looking to benefit from a high-temperature pent-technology in all-scale scenarios.

Vassilios Gregoriou: Despite the vast differences in all these markets, the urban business challenge and plan is singular and highly focused.

Vassilios Gregoriou: All our product efforts are in the common underlying fuel cell technology and MEA, that targets heavy-duty automotive and large-scale stationary. MEA's success leads to unlocking all of these markets from a technology point of view.

Vassilios Gregoriou: The right for partnership will also unlock them from a commercial point of view.

Vassilios Gregoriou: Our recent extraction efforts have been crucial in mass-reducing costs, and we're talking with total cost below $20,000,000 on 2024, versus $15,000,000 on 2023, a 70% reduction.

Vassilios Gregoriou: As a consequence of the change in strategy and the reduction of direct sales effort, especially in more countries, we've seen a reduction in revenue in 2023, and we're referring for mission revenue guidance.

Vassilios Gregoriou: 10 out of financial results.

Vassilios Gregoriou: We deliver revenue of 1.5 million in the fourth quarter, compared to 2 million in the prior year quarter.

Vassilios Gregoriou: The year-over-year results due to the declining orders for the company's stationary fuel cell systems.

Vassilios Gregoriou: R&D expenses were 4 million in the fourth quarter, primarily related to internal R&D costs and curing each of our businesses, as well as a cooperative research and development agreement with the Department of Energy.

Vassilios Gregoriou: Administrative and selling expenses were $6.7 million in the fourth quarter.

Vassilios Gregoriou: Combined with R&D expenses, total of very expensive were $10.7 million in the year-over-year decrease of 1 million.

Vassilios Gregoriou: Net loss in Q4 was 25.7 million, or 12.04 dollars per share. Adjusting net loss was 22.1 million, or $10.32.

Vassilios Gregoriou: The Adjacent Nellos excludes a point of $3 million gain from the change the fair value of standing warrants, a $3.71 million goodwill and intangible assets in permanent charge.

Vassilios Gregoriou: I restrict the cost of the sales were $3.6 million as of December 31, 1903, which is a decrease of $0.1 million from September 30.

Vassilios Gregoriou: Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. We are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to monitor costs closely and capitalize on opportunities to reduce costs where possible.

Vassilios Gregoriou: I will now turn to our outlook. Other than end of 2024 with a strong pipeline of opportunities, as we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond under control. Opportunities may not materialize or could be delayed due to the long-term conduct nature of our business model, the time or our revenue can also be difficult to predict.

Vassilios Gregoriou: Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2024 this time.

Vassilios Gregoriou: With that, I will now make some closing remarks.

Vassilios Gregoriou: The second half of 2023 and the first half of 2024 are a restriction of year for urban, which have focused our business model on strategic finances and believe we are on the right track.

Vassilios Gregoriou: There are bus and air space, five top automakers, and the US Department of Defense have done extensive due diligence, if you have thoroughly scanned the market and the competitors.

Vassilios Gregoriou: They have all concluded that the urban high-dermost government technology has a significant advantage, and we believe they will bring products to the market soon, some faster than others.

Vassilios Gregoriou: Moreover, we have managed to do all this by significantly cutting any part and not sacrificing our core capabilities, creating a very lean, highly technical team that focuses on product development, strategic technology transfer, and joint development relations with world-leading firms.

Vassilios Gregoriou: Our lean structure is essential to have the greatest runway possible, as is the market scales up, and to ensure that we can get to EBITDA positive operation by 2025, while having the IP and the leading position in one of the most promising clean areas of the philosophy.

Vassilios Gregoriou: I will summarize now, why would you should expect from others during the next 18 months?

Vassilios Gregoriou: I think he recently announced that he has raised funds, and furthermore, we will have massive cut costs.

Vassilios Gregoriou: We are in the process of hiring a new CFO, and appoint a new board.

Vassilios Gregoriou: These developments have been delayed, and of course the delay in results of management.

Vassilios Gregoriou: During the next 18 months, we will focus only on our partnership relations with Airbus, US Army, automotive partners, and potentially data center partners, and primarily on development and MEA further, alliances out, or hardware technology.

Vassilios Gregoriou: We are not going to focus on achieving revenue targets and any costs, or going after negative margin activities.

Vassilios Gregoriou: We want to maintain a minimum to zero cost burn, and hopefully see some progress on receiving the dissipated iron defense from Europe, and further apply for funds in the U.I.

Vassilios Gregoriou: Gregoriou, Christos Kaskavelis, Advent Tech, Vassilios Gregoriou, Christos Kaskavelis The end product, Denmark Factory.

Vassilios Gregoriou: The inflection points for mass production of the high-temperature BEM and MAA technology are set to 26 and beyond now.

Vassilios Gregoriou: We believe that the demand for methanol-based fuel cells will be and already is beyond anyone's expectations.

Vassilios Gregoriou: But what we have learned is that unless I am pairing a technology coupled with the power of a global OEM brings the cost below $1,000 per kilowatt for fuel cells, ventures into massive cells and manufacturing and manufacturing into massive cells and manufacturing is a cast-bearing exercise.

Vassilios Gregoriou: We intend to secure the maximum round-end for the company and will be providers of a leading world technology in 2026 when the massive scale level will come.

Vassilios Gregoriou: Finally, I would like to say that Adam's management can seriously restructure his compensation to significantly lower levels and he has never sold any stock or profited from the stock price of Advent, other than that for tax-related purposes, that has to do with stock grant and stock options.

Vassilios Gregoriou: Management remains fully committed to running and development of this technology, the crucial for world decolonization, operate as close as possible to break even, innovate beyond expectations of our most demanding OEM partners and anticipate growth infection post-2026.

Vassilios Gregoriou: I would like to thank you all for joining us today.

Vassilios Gregoriou: We are now ready to answer questions.

Vassilios Gregoriou: Thank you very much.

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