Why Is Advent Technologies (ADN) Stock Up Today?
What do you need to know about Advent today?
Well, this morning the company released a statement announcing that it had signed a “technology assessment, sales, and development agreement” with Hyundai. As part of the partnership, Advent aims to provide green energy solutions for “current high carbon applications” and energy models. Fuel cell technology is one of the company’s solutions — something it has become increasingly familiar with of late.
In the release, the company highlighted three major areas it hopes to assist Hyundai with as part of the project:
- “Developing inks and structures using IFAT catalysts, which will then be evaluated by IFAT. Following evaluation, Hyundai will determine whether IFAT or standard catalysts will be used for this project.”
- “Supplying MEAs [membrane electrode assemblies] throughout the development/commercialization cycle (‘Advent MEAs’) for testing, evaluation, and optimization under conditions set by Hyundai.”
- “Assisting Hyundai with the use and specifications of MEAs as well as their implementation into Hyundai's designs.”
ADN Stock Leaps on Hyundai Deal
Since its boom early last year, ADN stock has generally been on a downward trajectory. Accordingly, today’s news comes as a breath of fresh air for investors holding out hope for the green energy company.
This deal gives the company a high-profile partner with which to test out its potentially ground-breaking MEAs and related technologies. After the first phase of the project, Advent also hopes to integrate its stack cooling technology. The technology will help achieve future production milestones.
So far, the announcement has clearly pleased investors. ADN stock is enjoying its largest jump in recent memory.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.