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US-based Advent Technologies could consider local manufacturing opportunities in the Middle East for fuel cells and electrolysers as volumes scale, the company said in an emailed statement to Zawya.
Last week the company announced that it had made its foray into the Saudi market for fuel cell and hydrogen products, its first in the region.
“As volumes scale Advent will always consider local manufacturing, ideally with local partners that can license the technology. The region has a strategic advantage for renewable power and hydrogen production, and for forward looking investment. Therefore, we want to forge the right partnerships with major corporations that can leverage our technology for local solutions and their global expansion,” the company said.
A spokesperson said the company is considering a variety of projects in stationary power from very small to large scale in the region.
She said from a cost perspective, Advent’s HT-PEM technology is already on par with technologies established for decades as its multi fuel capability results in the best Capex and Opex cost.
The Nasdaq-listed Advent is targeting a revenue of $300 million by 2025 and currently has plans for production in the US, Western Europe and Greece. Over the next six years it plans to scale up its manufacturing capacity for electrolysers to 1.5 GW and for fuel cells to 120 MW in Western Macedonia, Greece and has received €782.1 million in funding for research and development and production of fuel cells and electrolysers.
The company reported a 122 percent year-on-year increase in revenues to $2.2 million for second quarter 2022.
(Reporting by Sowmya Sundar; Editing by Anoop Menon)
