ADN - Earnings call transcript Q4 2021 | Advent Technologies Holdings, Inc.

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Operator

Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to the Advent Technologies Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

we by today, call the are Dr. joined On CEO; Brackman, Advent's Gregoriou, Advent's Kevin and Chairman Vasilis CFO. and

its a we Before begin release results issued remind market opened the would XXXX today. announcing shortly press before we like prepared to that you fourth financial quarter remarks, Advent

statements of management the and orders, be outlook during You by of regarding of customers the forward-looking that are the section Reform the this the will to provisions targets, statements. like conference Investor business future, on access I'd forward-looking remind Advent's discuss course the other company's forecasts, may for Litigation company's and Harbor of Securities Relations intended covered call, material the XXXX Act ir.advent.energy. everyone to Private that Safe

expectations are law, could in no statements to future to press projections to actual and call, actual call. represent results for future results today, current statements during including may highlighted the update that of Except of after earnings date reports as subject by and Exchange described differ the this undertakes Advent's important results to from its are Commission, expectations, these this factors today's SEC uncertainties the cause management's most performance release. that and in about of required these forward-looking as addition filed Advent's the affect company those with any results applicable risks materially risk recent and Securities many any obligation any reason While

and third resources, internal organizations, management's from operates company's resources, is estimates as independent information position available concerning estimates. company's are other such data markets, and information and cause which be those industrial competitive Vasilis it party analysts Management be the on is to and will released could call which industry Kicking other the subject upon note in reasonable. Management the such results are market, from call data are it discussed and this These risks industry from made which of by differ based on on this and third-party knowledge estimates. the as off recorded. and Gregoriou. assumptions information well being the believes the and research Dr. from to experience reviewing publicly derived research, assumptions uncertainties Please call to Lastly, in independent expressed based industry, materially

I it to Gregoriou, Dr. you. will So, now turn over

Vasilis Gregoriou

stationary moving global and with manufacturing has Advent value of thank On Advent's quarter comments call. across Thank fuel advanced and cell Advent's Good and to today's you you, Brackman. fourth on listening an for the in Denmark, a structure fuel Kevin, earnings Operator. organically to into year have by to We who quarter CFO, from XXX I facilities advanced Valley, the after the I grown cell our business. materials And joining additional successful and of sales performance Germany, significant chain has a and XXXX Advent force. nearly XXXX of followed Kevin review NASDAQ, Silicon December call, XX target will outlook morning by was on to integrated result, today now, detail. joined fourth us. everyone us our a our listing Prior provide offices in, and to over Philippines. very then will On lightweight both an had February XXXX, of XXXX. manufacturer hand a for financial of the I'm give regarding grown people, more systems. now XXXX, headcount will the in progress in on update change manufacturing and

a together XXX expertise cell growth The eco in consolidated R&D After pending products one worldwide. We XX This increasing programs, demand SerEnergy acquisitions, have to hold and in to some material Advent's plan. SerEnergy for reach Philippines, from now to SerEnergy, fischer our patents, cell of UltraCell, global around our the Advent by ahead expanded have years, allowing have worldwide, structure technology, branding. leading eco of meet in now began clean leapfrog continue energy accelerated as the and and and efficiencies market, throughout to acquisitions fuel UltraCell, one scale high-temperature our final solutions spectrum cell solutions issued and During follows. fuel earnest of integrated summarized enable and which offer and fuel space, brought can platform consolidation be XXXX. maximize to of advanced activities for effectively to systems. SerEnergy, the will XXXX, the the and Philippines, XXXX, development under were the fischer The Advent throughout acquisitions and

development MEA headquartered In five-kilowatt market Philippines, manufacture building systems. In and electrode next-generation are system Mass. state-of-the-art in service Mass. SereneU California, through We the the design and light-weight [synthesis] facilities manufacturing kilowatt we our and Boston, for in XX responsibility the our operation. we assembly telecom research Charlestown, membrane polymer in We're Advent's Livermore, have Advent former UltraCell Denmark in Germany MEA. capacity, the [Ph] site for and staff. with production polymer service, expanded sales, to Greece, we And including

up business lead the now sales cell million prior systems, Asia. reach Middle systems, materials rolling year, OEMs high-temperature flow complete has and for Europe, systems delivered direct on cell global cell fuel cell and is and the MEAs, to advanced in the In strong North enable Advent's into agreements. our to collaboration our of America, across Continental the development force are material. revenue, fuel quarter, battery we advanced out production sales fuel by focus customer in of demand the The driven will fourth from East, licensing long-term on us with XXX% enter We expanded fuel $X.X hydrogen the

also revenue. the quarter fourth SerEnergy during to million $X from collected We related customers pre-acquisition

as basis full-year, of if we SerEnergy been the $XX year, forma and have of the million. the would million been our revenue. revenue beginning have though, solutions pro For fischer On generated eco acquired at $X.X a

the continue totaling leaves company. year cash million $XX.X have the We confident growth and the to about our earnings quarter us year-end. of strong Overall, and for performance reserves, potential at long-term this

last announced will results October, of our System evaluate in now validated new model, the Asian the [key been In to testing overview Advent's the and our reformers SereneU that telecom we I give achievements] an with [Ph]. selection the internal Our new spectrum quarter and for business for to of cell Thai rollout market. are order placed to operator. set-ups fuel support intended performance showcase The has

Nations cells, to product this the the all is system early telecom ownership. in and emissions cell no distributor upgrade and and would partnerships fuel lifetime, to Honey fuel [cell Philippines. facilities XXXX and generation help development ensure dollar for pivotal to the for fuel completed Department clean Skylight plants. that Philippine's significant policy position an the of been MOU information made network United is for to Race Badger Advent the a the product Alright longer advantages product agreement, to Campaign. demand first sources cost for communications In service Thai-based new in Denmark utilize testing The long-term Advent respond address and we The Advent's product with sector fuel M-ZERØ to conditions. tech including assess BASF explore has broad-based build increased are with and agreement membrane owners] manufacturing global XXXX, follows Zero to coal longer increase government new places to movement fourth-generation operator of portable sustainable technology global Thailand's scale and accept shift Smart's installation to Combination under will This zero methane signed cell provider designed commitment this mobile successfully for was business its reduction, Communications, in October, more cells SereneU the to the sustainable proposal support energy multimillion announcement service industry our Our partnered Also which energy a The Energy company. high December, extreme shift of the in cells Advent's which HG and cell the power, five-kilowatt to volume qualify for Centric Under business. and since operations announced Thai. of Communications, the fuel a power for of entity. [introduce] green an [Ph] the [Ph]. advanced will fuel of SereneU cell implementation to of this product total partner, with fuel for products. and The of membranes, XXXX telecom maintenance less an in membranes manufacturing Advent's improved fees, follows stack Smart tech develop emission across cell the have of commitment delivery in Smart the that system cell growth

and that materials. of are applications and generation, EU Green development [producibility] passed project the the In Advent framework projects, hydrogen Also world's to new of within HiPo power will our fuel supports for addition, the Dragon These of BASF is to [Ph] power fuel realization completed sector which marine one cell The has the system also storage. evaluate generation safety pending inland safety and cell materials announced of unit White to as of generation, customers the increase address by scope as societies. well between Advent performance collaboration its for the assessment and testing, developed Department of December, the to requirements this in to developed the Energy. vessels. ion by the Advent design its DNV, RiverCell the next RiverCell working in classification for Consortium and membrane of satisfy dedicated is cell pair development hybrid the the U.S. fuel of and leading of products approval

safety In and the increase greenhouse concept addition demonstrated an emissions, shipment. hybrid in cutting in gas to efficiency both

As successfully which part equipped marine grid, with modern energy SereneU battery into cell of was a integrated Advent subsystems, including the prototype fuel hybrid unit all DC of was storage. relevant electric the demonstration,

submitted in progress clean continue we Union. gigawatts production Western capacity. electricity, the with Hydrogen through Greece's solar by South which energy Green Advent use coal-fired is two products companies the Dragon and White hydrogen green and the X.XX converted renewable project The will capacity quarter, IPCEI HiPo, Dragon fourth of megawatts are hydrogen Advent's Advent Through Consortium The parks, production and with green to the This plant heat of of as the to and goal is renewable XXX cell. PEM Europe. electricity European power HiPo heat COX-free be high projects, hydrogen energy will White Technologies part electrolysis. supported to fuel the largest replace by green by to During Green fuel cell power produce of of temperature and

like Greek approval look started able has control, significant and to together businesses, environmental such clean technology a We not final poised key I'd this Commission believe hydrogen [Ph] QX put that over [power] Advent energy, large work being from the have more scope is will the projects final place role deliver or climate to in to that technology timeline approval immediately structure the crisis. play thereafter. well-positioned Advent EU We're QX societies be ratification. to on governments, With over partner during and on Kevin clean will power forward to upon be In project advantage a these EU [indiscernible] approval parallel, economy government. growing former we're the focus and remains pleased important for Advent European year to the within Brackman. project decarbonization. our information will of provide with CFO, We final the address by ideally from that, on to coming expecting While the with our to Europe, received the notification notification in take in and the months. operational and an hand the to shortly energy and the of to commence

Kevin Brackman

Thank everyone. Vasilis, and good you, morning,

revenue MEAs, Vasilis other in driven and noted material delivered of quarter, $X.X fuel from million by Turning to products. the systems, growing fourth year. increase demand increase financials, as The for cell a our we XXX% the Advent was advanced prior customer earlier,

to related $X collected customers Energy quarter the also from We revenue. during pre-acquisition Solar million fourth

we expenses if for and revenue staffing requirement SerEnergy incentive to the quarter, MEAs satisfy fourth fischer year, million year-over-year the solutions and costs increase $XX $X.X million solutions. the solutions, SerEnergy R&D the increased eco fischer SerEnergy, The million, fuel and costs cost fourth as $X.X in growth to of increased to of primarily related beginning pro revenue. the to R&D million research with primarily that directly quarter, Department Administrative a resulting and $X in expenses fourth stock-based of selling $XX.X the and company, the fischer and of generated systems $XX.X demand. revenues gain related $XX.X been acquisitions the have the expenses. basis, of the eco our was have been in increase For due production development and as were as note loss a excludes the $X.X a over the net to and our million Energy Cost year, adjusted from and cell outstanding year-over-year forma operate million. well the and agreement loss compensation quarter, net the loss and from of warrants. value to $X public last of a should in totaled I fair increased million revenue adjusted full our Net million quarter. change in million. customer as was were year, On of acquired cooperative eco the would at

share $X.XX at the of fourth in in on the and strategic in from per the expenses. flexibility agile XXXX increased by reserves September our be capitalized XX, Advent $XX.X to level with administrative loss the with which R&D million provides driven This net balance and selling sheet quarter. was $XX.X well of on cash Our and a is million decrease executing us remains priorities. operational year-end,

potentially Our next cash significantly now sufficient to XX existing flows cash team large to the support are dedicated reserves a outlook. developed on for will turn We and XXXX. product Advent planned pipeline. therefore sectors and our with I strong our have advanced has and to during operations technical months. anticipated projects. projected XXXX be we geographies sales a range. And infrastructure entered key more A have focused

predict. approval to may and does uncertainty second-half not is to As its Opportunities control. delayed. solutions energy approximately can $XX to pipeline use we will into Dragon not opportunity beyond provider contract translate that resources be which contribution and across we of remarks. of expertise which that, this execute XXXX our of in all of in income to will project. to around timing estimate towards has be the the every the variety total year. solid closing for fruition, for significant markets. initiatives. know, to model, revenue however, or Advent's I not grow anticipate be our foundation difficult we opportunities include could believe The long-term of the on hand to White from projects the Having may and be Southeastern revenue company a back end Due Green Vasilis factors In and a the heavily also a transpire materialize This clean With built HiPo Advent well-positioned the for the grants due bring will continues timing due be to strategic to Advent revenue. Europe, and will nature business of our to said the million, that, the and weighted business closing, it from will that

Vasilis Gregoriou

much. clear and the with is creative I a ready that cell Advent, saying decarbonized now to massive feasible phase, are Thank opportunity technology this advanced energy. in hydrogen economy to is quite economically you and we're would offerings for cannot repercussions of by demand increased to cleaner, The and It materials address questions. Advent's thank climate face products this Kevin. answer us products. for like to you change as there and Advent issue. in in global like fuel impetus ignored all change to factors very the decarbonization you, now conclude is commercialization system and be would its the are solution silly an I that the to requires today, are a an now has going create joining Thank a positive for from for coupled that world.

Operator

our Thank you. lines first [Operator Alexander from have We with phone Jefferies. from question the Laurence Instructions]

go ready, So, you're please ahead when Laurence.

Unidentified Analyst

Laurence Alexander. Good Sure, you. Kevin is actually [indiscernible] morning, for thank everyone. This

had you more Mine question. just anything was question. for you bit that, guess Vasilis, just broader it little the milestones or you. didn't timing didn't you new a about or if -- on on Maybe some detail like touch touch on given business call recent I thank potential a be on would call, just anything or the you new like any pipeline project helpful. more So, you that any new my the wins. wondered talked I but on actually update general Thank

Vasilis Gregoriou

Yes, to Kevin, say. I put as you a can color little bit this,

we know, diesel all, the replace of generator. trying are as First you to

is approach that [Ph], recently new after co-develop We're also we you the and upgrade, very XXXX. that is announcement with with the that MEA [indiscernible], backup protocol. that about game-changer. also generation we to power, So, with our tech saw [development] marine basic talking and made go the we're in new a an automotive But and a

systems able idea as the the that right then the the million, will. Kevin bit backup that in and is here about a project, sales. that revenue as we tech pillars, whole on cell XXXX, developing, major in for I spend fuel get and would One almost said, new We the without now, power, to So, that. the the little be manufacturing more inventories, the to is be I'll Advent big we're because has that if people, And JDAs existing the the project, driven, patents, hopefully time a basically XXX the capability, than keep two said, projects, company mind field. stream X,XXX you $XX SereneU

company were that we before. not we're the So,

U.S. and has sector this for know cell Sweden. us. with with Canada, companies, set we're U.K., and day-to-day you in company, so the a fuel We're -- people Now, the group, the think particular changed I yes, also of

I for a to So, I XXXX said, And big at us. will be that. looked be we think, as need year

and expect XX Dragon on we the HiPo because it potentially approved from is I the with ours; and go. the the consortium announced or gone for know. months, one know HiPo, a they're we we And of X, I White is of say least as other we But will questions. either HiPo. other going projects the the think largest is that, is September two Greek to energy I set we at the Green in government. companies. of the the through few Green big The have submitted for that Green the the what five next IPCEI thing, actually QX is got is that And there Now, the out before, there Dragon, we White where And QX, said second

we optimistic obvious will or for very are we're there have and right energy are be a that reason storage, Now, things hydrogen renewables and now say storage part happened, big the a think will good have it's hydrogen optimistic. coming I is and are geopolitical take renewables good aspect independence, of will be effort our being hydrogen very part. that enough, pessimistic? put will one is the very lot of on I it, it; two Europe of big that or for now. up word don't because the batteries not But The

it's is, the much, expensive. to it. of is is stronger other know, was to And before need all strong mind fact the believe, methanol have -- you we of going a also, Keep thing; enough, also there. The that the much you it form become also liquefied form, liquefied use in to well. what only geo-economical fertilizers. Europe Bring and is in the it matter geopolitical make be as expensive of of not them the So, all it out because find produce as in are or other to the part become gas a fuels things gas hydrogen natural very not we'll But has terminals war.

that the sun and the lot also and do Europe, a here. -- is projects we other it Greece, of that because big Spain, not an of also the it's there So south in fact is in accident in

have you outdoor, in in let's X.X hydrogen times sun we imagine we as say times X.X the can produce you the So, then have south cheaper.

confident for I the that haven't even we the not. got things and and all Kevin think or HiPo, go And know the it cannot an say say there. any -- White the $XX but year Green will gotten So, I again, contributions. we project tough Having I optimist, But approval that I it's we Dragon without a we -- though or feel million year. this said significant for said that,

companies total right we We a supply chain look we if sector, and have COVID, believe a traded debt the order But the if defined, not manufacturing at vastly now, at or it's are look spends everybody in before, side. look there as in favor. will wrong issues, at make very mentioned we see their us, are in valuations the Because take companies I is vastly, take take this that revenue, revenue, for you and grossly how much [Ph] we're the have undervalued. much a [$X.XX] any not, their to you at revenue,

So, XXXX, our I'm will we share. in fair optimistic I Thank get think you. that,

Unidentified Analyst

you. Thank

Operator

Panmure Gordon. We now Midgley from question of have Lacie phone on the our line next

So, ready, please line. when your opened Lacie, go ahead I've you're

Lacie Midgley

Can okay? Hi, Vasilis. hear me you

Vasilis Gregoriou

Lacie. you? are Yes, How

Lacie Midgley

Vasilis. Hi, Kevin. Yes. Hi,

the presentation. thanks for for of congratulations Couple I'll Firstly, result, probably two on and questions, say. actually Kevin, the

guidance, split Is sales, one for for there this and And year, that year revenue about sales forward? but you the first. next take I'll going terms and any after? the and in of perhaps given MEA system let dramatic year stack should we that sales, how think there, You've

Kevin Brackman

engineering be which acquisition don't between fees. systems, after will year, fees. I being the full over know fuel -- Yes, probably depending with split be the our MEAs moving engineering more exactly of cell of significant, MEAs two the half I SerEnergy, system, pieces revenue I on those will or think the forward, remainder and

systems, over and remainder engineering little the then fees. half MEAs a and So, from

Lacie Midgley

some focused costs about guess helpful. like the, start. just be thinking of CapEx, XX guidance And focused that sort I would over on costs, for single should environment, or well, Thank R&D would mean, months, color you there for how particular your there, firstly, Any stacks, of systems, think I you, And Is then that's particularly one all a one three. on a can, MEAs, we helpful. area, in or helpful. if that -- be

Kevin Brackman

individuals lines the bit Yes, me P&L on little go down of guidance on each. provide and let a the

So, in and let fourth $X was develop million expenses, research the with me it start quarter.

$X that's that in fourth forward reasonable a I quarter. had number think we a the million the on moving basis, quarterly

think So, -- cash. that's fourth and $XX expenses, I and for that's incentive items. and some selling mostly the administrative which compensation quarter, in million included other accruals was The that

little fourth think I bit was that So, quarter. number high in a the

think number I million moving includes, let's $XX which stock-based forward which will million more roughly on non-cash. million, compensation like a quarterly be say, SG&A basis, $X that of million to $XX $X.X are expenses,

X.X reasonable So, on non-cash. a that's a I the that SG&A, add that's million let's from those run I think we so And basis, on a line. say and something CapEx, in like I is fourth when SG&A probably it around again of think cash three $X rate you basis, quarter, had, that quarterly but million $XX X.X the was up, believe the -- then in lines

let's $X CapEx, million you for million run about say, $X of $XX million costs. and So, million-$XX then, from quarter of million our gives a cash for use per SG&A, million-$X R&D, rate $X of for cash

Lacie Midgley

of know, Appreciate HiPo and more really when when guess, type helpful. the Thank be your Green capacity they're will, sort just guess Dragon service extra you if to I demand given that. you And projects, will on which of Advent good. size, silly but stream well, you on meet you. from, need thoughts and questions, approved, until I then, That's demands that the but probably those, coming would what that White sites of your

Vasilis Gregoriou

Yes, absolutely.

Again, is talking two; As project, well you like which big is that, The be and have will pointed not BASF, with and and question, capacity get announcements, strong demand? growing, the And out, very existing project. announcement or the very obviously, a we how finance the thing to do the we this said, we business, as other have how we we're then, players, and you negotiate is the separated colossal final very okay. the and the already is, actually fulfill we know have to project numbers. engineering

then this thing renewable The That's preparing access diligently share have we to because the most the important with very And rest built. return we be that them, less in humongous. Western is energy. call, So, Macedonia, thing, the do know a can the it, is is that key. that as probably than are cheap you is the if minute the we

we're and preparing, are hopefully we're and So, successful. we ready,

Lacie Midgley

Vasilis. Thanks,

Vasilis Gregoriou

you. Thank

Lacie Midgley

last you. still on me, And applications of next you're first be developing, site? sort financial heavy-duty what's I you. in thinking year expected; the of largest sort for sort said One Thank prototypes sales should sorry; one from expecting the that of the we Thank you're think stacks this for milestone? that. when track we of on

Vasilis Gregoriou

I'm sorry.

of part question, I the first think question? I is missed what the the

Lacie Midgley

when we sort the milestone still prototypes this Sorry, Vasilis, and there, applications, should the development of next the expect on of your largest stacks for the year, those? first heavy-duty just think sales trying to is

Vasilis Gregoriou

labor big very So, a Very, been it's nature again, very it the in do intense has project a understand JV, trying of costs. and to we're right? you one, that, both

be know can order five-kilowatt up, high this for in building we So, organically things we how SereneU to go can we from economical. either the we're go module,

the internally kilo people couple XX NBA game should in they've because there, is about But community, with go [indiscernible] announcement opinion, one coupled smaller good. are our the to honest, the new We the seen our want very There of the the them. a we in is systems. patterns us understand in we doing the is board for see the out who But haven't more or changer have very which working modules, either, the a a but and many of concept mega. other and the start is demonstrations, bigger group we is demonstration with we different figured it JVA be if build design there one interest there, see you as obviously because one, concept, lot it and with the of to

company. expect the I if catalyst, will but need be JV manufacturing we catalyst you will things to there, the So, the go and the with

Lacie Midgley

for my Thanks question. answering you. Thank Understood.

Vasilis Gregoriou

Thank you.

Operator

the Thank have We you, Longspur of ready, from Adam another on please Adam. ahead Instructions] Sir, Lacie. when Forsyth question now you Capital. are [Operator go line

Adam Forsyth

Good Two me. morning, Vasilis. questions Good morning, Kevin. from

chain of seeing companies with. which are supply around Firstly, issues a issues lot

give the that? that should sort noticed I if like we And in it expect is And sheet. almost the going Is XXX right that it issues to inventory stock one days, on or one-offs forward? that expect does in first should of was unwind balance against inventory you've of other supply odd worth One got things protection looks actually the we right, sitting forward? numbers almost of level, year's your that going you

Vasilis Gregoriou

that is good question. a Yes,

that point, So, pressures to is seeing seeing. company the your every other same we're cost

so And we really of cost starting mitigate bought pressure. year, the impact last to help inventory our some the and inventory strategically we late increased levels materials of strategically

And you go up That to than so, was have the to decision inventories the normally we the wind a I that down. we higher made. through right, would built And we a expect have. yes, of expect would strategic you're level as to year, course

Adam Forsyth

you're the electrolysis where seeing I offerings, an in with particularly bit gas been seen seeing advantage around things And of but general, then you anything number likely solutions wonder seem somewhere electrolysis? oxide business to a an And on have seeing, have technology, it's not solid around we're side, perhaps I less And I much the makes quite that's wonder, on if sensor second would I'm wonder question lot that? more of just kind sense. you a where a and your That almost from of area just anything if space.

Vasilis Gregoriou

the we Yes, the I and a do do And mean are said we as though, cell company sensor turned have we Kevin now. fuel going. we corner actually have

company but cell respect, lot combination in go is know to and stack about others be. win collaborate the But that the product situation sales battle opinion, excellent our operate all the "Okay, and of and excellent mean our use lot have we day, I to effort effort is, changed materials, excellent, now collaboration with as what whatever you material, we want it the have, end there, important better, will when the At of existing the now group, but density you come the of in the technologies, and it out bring that's have power and the as economics electrolysis, we I there, patents not to cost, the see we in well. existing where we have time sell make engineering our to used they're, the that here the as Northeastern we the people, always these to with and again nice that think to advantage. don't So, right, put can to the a is has and fuel of, try the of with doesn't we more a how in things, how to to message that to we that University reduce

government about new know, invent you there talking MEA day, now down, these. it bid every else expensive." something; And we're that a everything piece nature not Second, because up, or scaling dramatically. have because the expensive. electrolysis of goes Okay, has the the projects are said, to by Therefore, the want goes also become have to know you down we bigger not might bigger we project, cost therefore we're

our think with cell, will have So, of will but based will not the very but to done, are I fuel investors excellent And another in have have ask on the next would and electrodes there in that showcase investor months, I also be an Danish I for together and the happen day to the couple say type said, people all our say. Demark materials, technologies results, in in people that for that think we that the of opportunity materials, and products, put created our come our our high the temperature people I actually people, engineering PEM questions. also impressed membranes which What fuel cell, and we but the we temperature you And were put companies is strength progress take them, the have back you as there. is the right. know, of can that, around, technologies, very in an I solid mean hundreds people if are the barrier brought of also companies and about now a the that larger we I this to that will, the day, PEM you a In can standard industry. to order, to in high look have temperature low and because big companies, I'm business there fuel many larger especially cell the can you you offer and PEM. not thing, think as talking now do factors, only if oxide mentioned, significant in enter who go the end we the

but and I -- well. comment to like know, with transaction. came we volume a to So, February should you us not couple spark a a make Xth, that, that idiosyncrasies, the a bit the of outside last I months. spark. It the is showcase about traded in thinking because out, We its of that we start unlocking I substantial have little in as had that concentrate very we has of think a on want the it, pipe own and for know

very two cost, it's ourselves decouple XXXX. But this very if times with global the agree a to of I see other ask companies as company companies, Thank that for trade U.S. through cell you places, only will has enlisted think in the us lot with will Then you spark you. away maybe three we rates shares, the if take actually I by with compete listed in basically in So, we times that growth in that, us fuel to see and U.S. that. way, think know, poised it's and from that XXX the a company not you good try are now. unfair to and a the plus and value, you

Adam Forsyth

Great, thank you.

Operator

Sir, question Jha you're on the Gordon. have Panmure now We go with Sanjay ready. Instructions] ahead line next [Operator you. from when please the Thank

Sanjay Jha

Hi, gentlemen.

if of I And at revenue to if Just business? year how questions, coming Philippines ask -- couple this here, may, up I Thailand how profile wanted look and -- to and your a important is your wanted suitable of get head those your countries temperature head around those that is you -- kind high know, or to kinds my just to is get product around, more of line, to wanted just I issues.

Vasilis Gregoriou

are important. Yes, very you're right, they

people we're And the this think very the Philippines we put the use have effort the where will lot examples world. educate a a nice suited in that's part that showcase. there technical effort, lot as I for of of and ideally of to sales a we

very well important to So, the very this is region us, product for offering. it and couples

Sanjay Jha

the hydrogen -- presumably you is quality infrastructure… developed so And that how hydrogen, high need is

Vasilis Gregoriou

No, no, no. There we fuel. use methanol, and actually we is use renewable methanol, which carbon-neutral

hydrogen is the So, a methanol carrier.

it's I fuel, where hydrogen think So, bring because the the like methanol. right, liquid ideal, about the the that where liquid of way, you when you have a you in the towers very which the installation, have needs it's jungle from you bring fact take we up hydrogen

[indiscernible]. it's So, very

Sanjay Jha

Okay.

Vasilis Gregoriou

problems, longer, they there. original make over bit cheaper, it them, this a but will make last As you know, it there back that and how product thousands of to region the this address. to measure] same every little trying learn lasts effort will question, more its to [Ph], of them, put we come hundred [tracking many standard thousands many and expensive we're the of okay. want, to make that what that's ideal, people new is your lot less has We It's product own want, can a

Sanjay Jha

raw lots and of expenses in material are three kind product which of your could from us is been one final expenses? your just increases biggest -- what remind material I know things I me, in about talk your costs you costs, two And there or has things, mean, Raw thing line?

Vasilis Gregoriou

plan is the stationary platinum the the to know, expensive, for is recycle. you but As things,

of now going there is take shortage, -- know, it is like So, a that up, the basically things because supply equation. all out but electronics, the And you the chain we

Sanjay Jha

Yes.

Vasilis Gregoriou

better pressure factors. before technology [indiscernible] to the respect, share though we from got said, the works before look you But platinum, the that. eventually the stock because we try if [indiscernible] cells, know really in line. you And it's market, I to we things we supplies with the with take the you way, we the is we And at platinum, platinum now to to your because and a long and okay, always reduce get do with inventory, big have trying that out, will external fuel even well as from money are be even these smart issue when address, know, platinum in a that it's that

problem, So, for the almost neutralize okay. back-half of off-grid, that we

Sanjay Jha

Okay, that's good.

well answering least Okay, so at questions. levels. given you're Thank your covered my you for for inventory

Vasilis Gregoriou

You're very welcome.

Operator

at Thank questions We Instructions] no you. have time. this [Operator registered

So, I'd it management to back the hand to like team.

Vasilis Gregoriou

to much. everybody a for thank forward on XXXX. looking being to like you would very the good I we're call, Thank and very

Operator

for you Thank you. This joining. does conclude today's call. Thank

your disconnect lines. now may You

Advent Technologies (ADN) 28 Mar 222021 Q4 Earnings call transcript