Advent Technologies Announces Management and Board Changes
LIVERMORE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Advent Technologies Holdings, Inc. (NASDAQ:ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce changes to its board and C-suite by removing Chairman and Chief Executive Officer, Vasilis Gregoriou and Chief Strategy Officer, Chris Kaskavelis. Gary Herman, an experienced turnaround executive has been appointed as Interim CEO.
Mr. Herman stated, "The changes were long overdue. Advent has tremendous untapped potential. Its technology is unsurpassed and offers a ubiquitous clean energy solution across multiple industries including aviation, heavy automotive, marine, telecom, and the military. I am excited to lead the Company going forward and intend to maximize these opportunities."
The Company announced the appointment of Mr. Konstantinos Ferderigos as General Manager for its Greek Operations. Mr. Ferderigos is based in Athens and is also the Company's Global IT Director. He is an experienced General Manager in large multinational corporations. He also has extensive global IT experience leading transformative ERP, CRM, Blockchain, and AI projects for industry leaders. Mr. Ferderigos is adept at driving technology strategy to unlock business value and achieve operational excellence. These skills will be highly leveraged by the Company.
Dr. Steven Rock will replace Dr. Kaskavelis as the Chief Strategy Officer. Dr. Rock holds a PhD in Computer and Systems Engineering from Rensselaer Polytechnic Institute. He is a recognized leader in automation. Dr. Rock is working on making High Temperature PEM Fuel Cells faster, cheaper, and easier to implement in passenger, commercial vehicle, drone, and lightweight aviation (eVTOL), and other stationary and portable power applications.
Emory DeCastro, Advent's Chief Technology Officer stated, "I am supportive of the changes at Advent as it grows and pursues various business initiatives. Advent stands prepared for the next stage, with the goal of positioning HT-PEM fuel cell technology as a pivotal element in global decarbonization initiatives, working towards achieving net-zero emissions in multiple business sectors."
Advent's Chief Operating Officer and General Counsel, Jim Coffey, a recognized turnaround lawyer in Boston, MA stated, "I am very pleased with the changes. These individuals are extraordinarily talented and their practical approaches to problem solving and willingness to do whatever it takes to succeed will be key elements in the Company's growth to Advent 2.0."
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Livermore, CA, with offices in Athens and Patras Greece. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company's ability to maintain the listing of the Company's common stock on Nasdaq; future financial performance; public securities' potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent's corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company's business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading "Risk Factors" in Advent's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on August 13, 2024, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent's business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies, Inc.
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