Advent, BASF Ink MoU To Secure Supply Chain For Large Scale Projects - Advent Technologies Hldgs (NASDAQ:ADN)

Advent Technologies Holdings Inc ADN and BASF SE BASFY unit BASF New Business GmbH have signed a Memorandum of Understanding (MoU) to develop and increase the manufacturing scale of advanced fuel cell membranes designed for long-term operations under extreme conditions. Deal terms not disclosed.
The parties will explore membrane manufacturing, mass production, and testing capabilities for the BASF Celtec membrane for high-temperature PEM fuel cells.
BASF intends to improve the long-term stability of its Celtec membrane and increase production capacity with advanced technical capabilities to enable further improved and competitive Advent fuel cell systems and membrane electrode assembly (MEA).
"The agreement with BASF advances our vision to accelerate electrification through advanced materials, components, and next-generation fuel cell technology and to support industries in decarbonizing at a faster rate," said Advent Chairman and CEO Vasilis Gregoriou.
Price Action: ADN shares are trading higher by 6.95% at $7.85 and BASFY lower by 0.81% at $16.86 on the last check Monday.