Advent Technologies Receives Funding Approval for RiverCell 3 Project

Advent Technologies Holdings’ subsidiary, Advent Technologies A/S, has received funding approval for its research and development project, RiverCell 3. The project aims to develop a maritime fuel cell system resulting in an auxiliary power unit with a capacity more than 500 kW. The power unit will utilize Advent’s modular 50 kW eMethanol-powered fuel cell systems (Serene), which are based on the company’s Ion-Pair membrane electrode assembly (MEA) technology.

"The growing adoption of eMethanol as an environmentally friendly fuel in maritime settings stems from its notable energy density, convenient handling, and minimal emissions,” said Morten Sørensen, Senior Vice President of Advent Technologies A/S. “As the maritime sector intensifies its endeavors to cut carbon footprints and comply with environmental regulations, Advent's eMethanol fuel cells stand out as the preferred choice, providing a substitute for conventional diesel generators and engines that can be easily embraced today.”

Advent’s RiverCell 3 project has a total budget of approximately $12.4 million and the budgeted portion is about $6.1 million. The partners involved in the project include MEYER NEPTUN Engineering GmbH, Siemens Energy Global GmbH, Lloyd’s Register EMEA Niederlassung Deutschland, and more. The project began in January 2024 and is expected to conclude on Dec. 31, 2026. RiverCell 3 builds on the foundation established by previous initiatives, in which Advent demonstrated the effectiveness of its Serene fuel cells in the maritime sector.

Ion Pair MEA technology triples the lifespan of fuel cells and doubles the power density compared to Advent’s earlier systems. This technology is made possible through the company’s participation in the U.S. Department of Energy’s L’Innovator program—fellow collaborators include the Los Alamos National Laboratory, Brookhaven National Laboratory, and the National Renewable Energy Laboratory.

The completion of RiverCell 3 will contribute to the objectives outlined in the revised IMI GHG Strategy adopted in July 2023. The strategy aims to mitigate greenhouse gas (GHG) emissions for international shipping with a commitment to achieving net-zero emissions by 2050. It also pledges to adopt alternative zero and near-zero GHG fuels by 2030, while setting milestone targets for 2030 and 2040.

The German Federal Ministry for Digital and Transport funded RiverCell 3 as part of the National Innovation Program Hydrogn and Fuel Cell Technology, granting approximately $6.2 million with $3 million dedicated to Advent’s portion.

“We express our appreciation to the German Federal Ministry for Digital and Transport for their funding support, and we anticipate collaborating with our partners on this project for the maritime industry,” said Dr. Vasilis Gregoriou, Advent’s Chairman and CEO. “Undoubtedly, the Ion Pair MEA technology will significantly enhance the capabilities of our Serene fuel cell systems, positioning them as a clean energy solution for the future of maritime operations."