November 29, 2023

Technology Development

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Hyundai Motor Business and Introduction Systems Indication Joint Progress Arrangement Subsequent Prosperous Gas Cell Know-how Assessment

BOSTON & SEOUL, March 23, 2023–(Enterprise WIRE)–Hyundai Motor Company right now declared a productive technology assessment with Introduction Technologies Holdings, Inc. (“Advent”), an innovation-pushed leader in the gasoline mobile and hydrogen know-how sectors. The assessment evaluated Advent’s proprietary Membrane Electrode Assembly (“MEA”) technological know-how for providing Hyundai’s significant-temperature fuel cell wants, and adhering to its achievements, the two businesses have entered into a Joint Growth Agreement (“JDA”).

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From still left to right: Seung Hyun Hong, Ph.D. (Vice President, Components Study & Engineering Middle, Hyundai), Jim Coffey (Main Functioning Officer & General Counsel, Introduction Technologies) (Image: Company Wire)

The signing ceremony took area on March 22, 2023, at Advent’s headquarters in Charlestown, Massachusetts, and bundled senior executives from each organizations. Below the settlement, Hyundai and Arrival will get the job done with each other to further more create HMC-Arrival Ion Pair™ MEA, build industrial conditions for MEA provide, and assess Advent’s state-of-the-art gas cell technologies for Hyundai’s large-duty and/or stationary application. Also, the get-togethers will introduce state-of-the-art cooling systems for mobility High-Temperature Proton Trade Membrane (HT-PEM) gasoline mobile stacks. Introduction will get the job done carefully as Hyundai evaluates these stack cooling technologies and assure ideal general performance underneath various working problems.

This partnership builds on a dedication from both companies to acquire sustainable energy options for carbon-intense apps. Hyundai aims to speed up the institution of a hydrogen-centered modern society dependent on its vision, Development for Humanity, and this JDA aligns with that vision. The synergy created by combining the two companies’ innovative know-how in this JDA is expected to revolutionize the global MEA industry by delivering important improvement in life time and an enhance in electrical power density vs . latest HT-PEM MEAs.

“The Arrival staff globally is proud and thrilled to enter into the upcoming phase of a remarkably promising collaboration with Hyundai, with present day JDA signing at our Hood Park facility in Charlestown, MA. Via this collaboration, we purpose to accelerate the change to sustainable power and help form a cleaner, a lot more effective long run by aiding Hyundai in bringing its potential mobility technique to daily life,” explained Dr. Vasilis Gregoriou, Chairman and CEO of Advent Systems. “With our frequent aim to decarbonize large-obligation transportation, we are dedicated to contributing to Hyundai’s intention of developing ground breaking, substantial-overall performance gas cell options that will make a significant impression in lessening greenhouse fuel emissions.”

“Hyundai is delighted to shift into the subsequent stage of its collaboration with Introduction, a foremost firm in the HT-PEM house. The Ion Pair™ HMC-Introduction MEA, forming the coronary heart of the gas mobile, will be developed by combining the HT-PEM know-how and product technological innovation of both functions,” said Seung Hyun Hong, Vice President and Head of the Content Investigation & Engineering Heart at Hyundai Motor Business. “It will establish Hyundai’s significant-temperature driven substance technical abilities and perform a critical role in our decarbonization objective and produce ideal-in-course superior-temperature fuel cells, unlocking a vital action for more popular adoption of gas cell technological innovation in superior-temperature programs.”

“The prosperous completion of the Engineering Assessment with Hyundai is a testament to Advent’s complex excellence and industry-foremost experience in HT-PEM gasoline mobile technological innovation. Our team’s unwavering motivation has been instrumental in meeting the complicated needs of Hyundai’s gas mobile tasks,” additional Dr. Emory De Castro, Chief Technological innovation Officer of Advent Technologies. “Present day signing ceremony was an superb chance for us to not only rejoice this essential milestone but also showcase our freshly opened R&D and Production facility, wherever we will be producing a vary of revolutionary products, like the Ion Pair™ MEAs. As partners, we share a frequent purpose to decarbonize transportation and carry revolutionary, high-efficiency fuel cell alternatives to the market place. We are thrilled to develop on our effective partnership with Hyundai and continue on our joint efforts to reach this intention.”

About Advent Systems Holdings, Inc.

Advent Systems Holdings, Inc. is a U.S. company that develops, manufactures, and assembles comprehensive fuel cell techniques as effectively as supplying shoppers with important components for gas cells in the renewable strength sector. Introduction is headquartered in Boston, Massachusetts, with workplaces in California, Greece, Denmark, Germany, and the Philippines. With a lot more than 150 patents issued, pending, and/or licensed for gas cell technological innovation, Introduction holds the IP for up coming-technology HT-PEM that allows many fuels to perform at high temperatures and beneath excessive disorders – providing a versatile gasoline alternative for the automotive, aviation, protection, oil and fuel, marine, and energy era sectors. For far more info, take a look at www.introduction.power.

Cautionary Observe About Forward-Hunting Statements

This push release incorporates ahead-seeking statements. These forward-looking statements normally can be discovered by the use of terms these kinds of as “foresee,” “expect,” “approach,” “could,” “may perhaps,” “will,” “imagine,” “estimate,” “forecast,” “goal,” “challenge,” and other words and phrases of very similar meaning. Each forward-hunting assertion contained in this push release is matter to challenges and uncertainties that could result in actual outcomes to differ materially from those people expressed or implied by this sort of statement. Relevant challenges and uncertainties contain, between other people, the Company’s capacity to retain the listing of the Company’s prevalent stock on Nasdaq foreseeable future financial overall performance public securities’ potential liquidity and investing affect from the final result of any known and mysterious litigation capability to forecast and manage an suitable level of revenue advancement and appropriately plan its fees anticipations relating to potential expenses future combine of income and impact on gross margins attraction and retention of skilled administrators, officers, personnel and critical staff capability to contend effectively in a aggressive market means to guard and enrich Advent’s company standing and brand name expectations about its relationships and steps with know-how partners and other third get-togethers impression from upcoming regulatory, judicial and legislative improvements to the market means to find and obtain complementary systems or solutions and integrate people into the Company’s business foreseeable future preparations with, or investments in, other entities or associations and rigorous competition and aggressive pressure from other organizations around the world in the industries in which the Organization will function and the challenges recognized underneath the heading “Risk Elements” in Advent’s Yearly Report on Variety 10-K submitted with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as effectively as the other facts submitted with the SEC. Buyers are cautioned not to location considerable reliance on the forward-hunting statements contained in this push release. You are encouraged to go through Advent’s filings with the SEC, out there at, for a dialogue of these and other dangers and uncertainties. The forward-hunting statements in this push release communicate only as of the day of this document, and the Organization undertakes no obligation to update or revise any of these statements. Advent’s enterprise is matter to sizeable risks and uncertainties, such as those referenced previously mentioned. Buyers, opportunity investors, and other individuals really should give careful consideration to these pitfalls and uncertainties.

About Hyundai Motor Company

Founded in 1967, Hyundai Motor Organization is present in around 200 nations with far more than 120,000 personnel devoted to tackling true-planet mobility problems around the globe. Based mostly on the brand name eyesight ‘Progress for Humanity,’ Hyundai Motor is accelerating its transformation into a Wise Mobility Remedy Supplier. The business invests in innovative systems these kinds of as robotics and Advanced Air Mobility (AAM) to convey about revolutionary mobility answers, although pursuing open innovation to introduce long term mobility expert services. In pursuit of sustainable potential for the environment, Hyundai will keep on its initiatives to introduce zero emission motor vehicles outfitted with field-foremost hydrogen gasoline mobile and EV technologies.

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Elisabeth Maragoula / Michael Trontzos
Introduction Systems Holdings, Inc.
[email protected]

Dain Kang
World wide PR Company Technique & Scheduling Group / Hyundai Motor Corporation
[email protected]
+82 2 3464 2094