Advent Technologies Holdings, Inc. (NASDAQ: ADN) saw its shares forge ahead mid-week Wednesday, after the company announced its participation in a clean energy project in Denmark, aiming to power the ferry service between the Danish island of Læsø and Frederikshavn with a low-carbon propulsion system.
The project is funded by the EU Regional Development Fund “Innovation Collaboration in the Offshore Cluster” and is facilitated by Energy Cluster Denmark. Partners of the project with Advent include the Læsø Municipality, OSK-ShipTech, Emenergi, Nordhavn Power Solutions, and, Hydrogen Valley, as well as the knowledge institutions DBI and AAU Energy.
The partners will work together to identify ideal alternative fuels to replace the ferry’s current diesel powerplant and determine whether the Læsø ferry service will be able to operate effectively on a daily basis, using only green fuels. One of the proposals to be examined will be the combination of methanol driven engines and fuel cells. The objective will be to identify a panacea for decarbonizing many of the 53 ferry routes currently operating in Danish waters.
Commenting on the project’s potential, Senior Vice President Morten Sørensen, said: “We are happy to be joining forces with trusted partners across several industries, having a shared goal to create a safe and sustainable solution for Denmark’s ferries, replacing their current propulsion systems which operate on traditional technologies and diesel fuels.”
ADN shares picked up 19 cents, or 6.7%, to $3.09 soon after Wednesday’s open.