Advent Technologies Holdings Inc (ADN) 2022 Q4 法說會逐字稿

Good morning, everyone. I will be your conference operator today. At this time, I would like to welcome everyone to Advent Technologies fourth-quarter earnings conference call. (Operator Instructions) On the call today, we are joined by Dr. Vasilis Gregoriou, Advent's Chairman and CEO; and Kevin Brackman, Advent's CFO.

大家，早安。今天我將是您的會議接線員。此時，我想歡迎大家參加 Advent Technologies 第四季度財報電話會議。 （操作員說明）在今天的電話會議上，Advent 的董事長兼首席執行官 Vasilis Gregoriou 博士加入了我們的行列；和 Advent 的首席財務官 Kevin Brackman。

Before we begin the prepared remarks, we would like to remind you that Advent issued a press release announcing its fourth-quarter 2022 financial results shortly before market opened today. You may access the materials on the investor relations section of the company's website, www.advent.energy.

在我們開始準備好的評論之前，我們想提醒您，Advent 在今天開市前不久發布了一份新聞稿，宣布了其 2022 年第四季度的財務業績。您可以在公司網站 www.advent.energy 的投資者關係部分訪問這些材料。

I would also like to remind everyone that during the course of this conference call, Advent's management will discuss forecasts, targets, and other forward-looking statements regarding the company's future customer orders and the company's business outlook that are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. While these statements represent management's current expectations and projections about future results and performance as of today, Advent's actual results are subject to many risks and uncertainties that could cause actual results to differ materially from those expectations.

我還想提醒大家，在本次電話會議期間，Advent 的管理層將討論有關公司未來客戶訂單和公司業務前景的預測、目標和其他前瞻性陳述，這些陳述將被納入 Safe 1995 年私人證券訴訟改革法案中有關前瞻性陳述的港灣條款。雖然這些陳述代表了管理層目前對未來結果和業績的預期和預測，但 Advent 的實際結果受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些預期存在重大差異。

In addition to any risks highlighted during this call, important factors that may affect Advent's future results are described in its reports filed with the United States Securities and Exchange Commission, including today's earnings press release. Except as required by applicable law, the company undertakes no obligation to update any of these forward-looking statements for any reason after the date of this call.

除了本次電話會議中強調的任何風險外，Advent 向美國證券交易委員會提交的報告中還描述了可能影響 Advent 未來業績的重要因素，包括今天的收益新聞稿。除適用法律要求外，公司不承擔在本次電話會議日期後以任何理由更新任何這些前瞻性陳述的義務。

Lastly, information discussed on this call concerning the company's industry-competitive position in the market in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates. Management estimates are described from publicly available information released by independent industry analysis and other third-party resources as well as data from the company's internal research and are based on assumptions made upon reviewing such data and with knowledge of such industry and markets, which it believes to be reasonable. These assumptions are subject to uncertainties and risks which could cause results to differ materially from those expressed in the estimates.

最後，本次電話會議中討論的有關公司在其運營市場中的行業競爭地位的信息是基於獨立行業和研究機構的信息、其他第三方來源以及管理層的估計。管理層的估計是根據獨立行業分析和其他第三方資源發布的公開信息以及公司內部研究的數據進行描述的，並基於在審查此類數據並了解其認為的此類行業和市場後做出的假設要合理。這些假設受不確定性和風險的影響，可能導致結果與估計中表達的結果存在重大差異。

Please note that this call is being recorded.

請注意，此通話正在錄音中。

Kicking off the call will be Dr. Vasilis Gregoriou. Dr. Gregoriou, I'll now turn it over to you.

Vasilis Gregoriou 博士將開始通話。 Gregoriou 博士，我現在把它交給你。

Thank you, operator. Good morning to everyone listening in and thank you for joining us on Advent's fourth-quarter 2022 earnings call. On today's call, I will provide an update on the business. I will then hand over to Kevin, who will give a review of our financial performance and outlook.

謝謝你，運營商。大家早上好，感謝您加入我們參加 Advent 2022 年第四季度財報電話會議。在今天的電話會議上，我將提供業務的最新情況。然後我將交給凱文，他將審查我們的財務業績和前景。

It is clear that the energy transition is underway. And while sustainability has always been foremost, the issue of energy security is also now prominent. The combination of sustainability and energy security has provided the tipping point for the clean energy economy. In particular, the increasing support from governments, and most notably the US and EU, have introduced incentives such as the Inflation Reduction Act of 2022, REPowerEU, and the European Hydrogen IPCEI project, where Advent is one of the participants.

很明顯，能源轉型正在進行中。雖然可持續性一直是最重要的，但能源安全問題現在也很突出。可持續性和能源安全的結合為清潔能源經濟提供了引爆點。特別是，政府（尤其是美國和歐盟）越來越多的支持已經引入了激勵措施，例如 2022 年的通貨膨脹減少法案、REPowerEU 和歐洲氫能 IPCEI 項目，Advent 是其中的參與者之一。

Advent had a productive fourth quarter. After formal ratification from EU for funding of EUR782.1 million for Advent's Green HiPo projects, which have been working with the Greek State on the mechanism and time schedule for the funding facility. These meetings have included visits by Greek State officials to the Company's research and production facilities in Patras, Greece, which is our goal to finalize these discussions as soon as possible and proceed with the rollout of the program.

Advent 在第四季度取得了豐碩的成果。在歐盟正式批准為 Advent 的 Green HiPo 項目提供 7.821 億歐元的資金後，該項目一直在與希臘政府就資助機制和時間表進行合作。這些會議包括希臘政府官員對公司在希臘帕特雷的研究和生產設施的訪問，我們的目標是盡快完成這些討論並著手推出該計劃。

The scope of Green HiPo, over the initial period of six years, is to innovate and develop and manufacture fuel cell systems and electrolyzer systems for the production of power and green hydrogen, respectively. We're aiming for cumulative capacity of 118 megawatts of fuel cells and 1.5 gigawatts of electrolyzers over this time. The production of these systems will take place in Greece in the region of Western Macedonia, which will become our focal point for technology development and mass production. The company intends to create approximately 600 direct jobs for qualified scientific technical personnel, and up to 4,600 indirect jobs over the six-year period.

Green HiPo 的範圍是在最初的六年中，分別創新、開發和製造用於生產動力和綠色氫的燃料電池系統和電解槽系統。我們的目標是在這段時間內累計生產 118 兆瓦的燃料電池和 1.5 吉瓦的電解槽。這些系統的生產將在希臘西部馬其頓地區進行，該地區將成為我們技術開發和大規模生產的重點。該公司打算在六年內為合格的科技人員創造約 600 個直接工作崗位，並間接創造多達 4,600 個工作崗位。

Green HiPo will provide Advent with a momentum to enter into and accelerate towards commercialization of electrolyzer systems. As a result, we would establish a global green hydrogen value chain from hydrogen production with electrolyzers to clean energy production with fuel cells.

Green HiPo 將為 Advent 提供進入並加速電解槽系統商業化的動力。因此，我們將建立從電解槽制氫到燃料電池清潔能源生產的全球綠色氫價值鏈。

In addition to the Green HiPo project, I will now give an overview of key recent developments. In the US, Advent recently announced that it opened its new R&D and manufacturing facility at Hood Park in Boston, Massachusetts. The state-of-the-art Hood Park facility will enable Advent to scale up and deliver on the increasing global demand for electrochemical components in the clean energy sector, which includes state-of-the-art coating machines to support the seamless transition from prototypes to production runs for advanced membranes and electrodes. a fully analytical facility dedicated to quality control, performance analysis, and improving product lifetime; fuel cell test stations for statistical process control and development of next-generation MEA materials, a mechanical engineering lab for development automated processes for MEAs.

除了 Green HiPo 項目，我現在將概述最近的主要進展。在美國，Advent 最近宣佈在馬薩諸塞州波士頓的胡德公園開設了新的研發和製造工廠。最先進的 Hood Park 設施將使 Advent 能夠擴大規模並滿足清潔能源領域對電化學元件日益增長的全球需求，其中包括最先進的塗層機，以支持從從原型到高級膜和電極的生產運行。專門用於質量控制、性能分析和延長產品壽命的全面分析設施；用於下一代 MEA 材料統計過程控制和開發的燃料電池測試站，用於 MEA 開發自動化過程的機械工程實驗室。

One of the products to be developed -- to manufacture, I'm sorry, in the Hood facility, will be the ion-pair Advent MEA which is currently being developed within the framework of L'Innovator, the company's joint development program with the US Department of Energy. Advent intends that its proprietary fuel cell products, such as Serene and Honey Badger 50, will incorporate the ion-pair Advent MEA beginning in 2024. The company expects the introduction of the ion-pair MEA will significantly reduce the cost of our Serene flagship product suite, and thus expand the immediately addressable market. Furthermore, the expected system increase in power density and lifetime will highly differentiate Advent's fuel cells in the heavy-duty mobility industry.

要開發的產品之一——抱歉，要在 Hood 工廠製造，將是離子對 Advent MEA，目前正在 L'Innovator 框架內開發，L'Innovator 是該公司與美國能源部。 Advent 打算從 2024 年開始在其專有燃料電池產品（例如 Serene 和 Honey Badger 50）中採用離子對 Advent MEA。公司預計離子對 MEA 的推出將顯著降低我們 Serene 旗艦產品的成本套件，從而擴大可立即尋址的市場。此外，預期的系統功率密度和壽命增加將使 Advent 的燃料電池在重型移動行業中脫穎而出。

In March this year, Advent and Hyundai announced a successful technology assessment. The assessment evaluated Advent's proprietary MEA technology for supplying Hyundai's high-temperature fuel cell needs. And following its success, the two companies have entered into a joint development agreement. The agreement solidifies the interest of one of the world's leaders in fuel cell technology to further develop the high-temperature PEM technology in collaboration with Advent. The first step of the JDA focuses on the MEA. Advent's goal is to provide its MEA and its high-temperature PEM fuel cell development expertise to co-develop with other automotive manufacturers the next generation of fuel cells for heavy-duty mobility.

今年 3 月，Advent 和現代宣布成功進行技術評估。該評估評估了 Advent 專有的 MEA 技術，以滿足現代汽車的高溫燃料電池需求。在取得成功後，兩家公司簽訂了聯合開發協議。該協議鞏固了世界燃料電池技術領導者之一與 Advent 合作進一步開發高溫 PEM 技術的興趣。 JDA 的第一步側重於 MEA。 Advent 的目標是提供其 MEA 和高溫 PEM 燃料電池開發專業知識，以與其他汽車製造商共同開髮用於重型機動性的下一代燃料電池。

The high-temperature PEM fuel cell technology is highly differentiated compared to the tire-inductive PEM technology because it allows the vehicle to operate with e-fuel, such as eMethanol, biofuels, and low-purity hydrogen. It allows higher impurity in the hydrogen or air intake, a case which is very common in practice and has repeatedly hampered low-temperature PEM deployments in real-world conditions. It has built-in resilience, as the high-temperature PEM fuel cell does not rely on water for conductivity, therefore eliminating the problems of operating in extreme heat, cold, or humid conditions. And it has a higher efficiency resulting from the high-temperature operation, which allows for optimized cooling, a critical performance parameter for heavy-duty trucks and aircraft.

與輪胎感應 PEM 技術相比，高溫 PEM 燃料電池技術具有高度差異化，因為它允許車輛使用電子燃料運行，例如電子甲醇、生物燃料和低純度氫氣。它允許氫氣或進氣中含有更高的雜質，這種情況在實踐中非常普遍，並且一再阻礙現實條件下的低溫 PEM 部署。它具有內在的彈性，因為高溫 PEM 燃料電池不依賴水的導電性，因此消除了在極熱、寒冷或潮濕條件下運行的問題。由於高溫運行，它具有更高的效率，可以優化冷卻，這是重型卡車和飛機的關鍵性能參數。

Based on this, Advent will continue to pursue strategic joint development agreements to achieve its goal of supplying key MEA components and technology to the mobility market.

基於此，Advent 將繼續尋求戰略聯合開發協議，以實現其向移動市場提供關鍵 MEA 組件和技術的目標。

In December, Advent launched a proof-of-concept project with Vantage Towers to replace diesel generators with fuel cells. Vantage Towers Greece is the largest and only independent tower infrastructure company in Greece, operating more than 5,250 towers for Vodafone Greece and Wind Hellas. By replacing diesel generators with fuel cells at non-permanent sites that are not connected to the power grid, they can be supplied with cleaner electricity.

去年 12 月，Advent 與 Vantage Towers 啟動了一個概念驗證項目，用燃料電池取代柴油發電機。 Vantage Towers Greece 是希臘最大且唯一的獨立塔基礎設施公司，為 Vodafone Greece 和 Wind Hellas 運營超過 5,250 座塔。通過將未連接到電網的非永久性場所的柴油發電機更換為燃料電池，可以為它們提供更清潔的電力。

Under the project, Vantage Towers Greece, a subsidiary of Vantage Towers Group, one of Europe's leading tower companies will explore the applicability of Advent's Serene biomethanol-powered fuel cell systems as back up and primary power sources for its telecom towers. Following the successful completion of the project in Greece, Advent and Vantage Towers could consider wider deployments. Advent has already installed approximately 1,000 methanol-powered Serene fuel cell systems worldwide, primarily used as a back-up power source for the telecommunications sector.

在該項目下，Vantage Towers Group 的子公司 Vantage Towers Greece（歐洲領先的塔公司之一）將探索 Advent 的 Serene 生物甲醇動力燃料電池系統作為其電信塔的備用和主要電源的適用性。在希臘的項目成功完成後，Advent 和 Vantage Towers 可以考慮更廣泛的部署。 Advent 已經在全球安裝了大約 1,000 個甲醇驅動的 Serene 燃料電池系統，主要用作電信行業的備用電源。

In January of this year, Advent announced a collaboration with Alfa Laval, a global provider of heat transfer, separation, and fluid-handling products, on a project to explore application of Advent's methanol-powered high-temperature PEM fuel cells in the marine industry. Funded by the Danish Energy Technology Development and Demonstration Program, the project is a joint effort between Advent, Alfa Laval, and a group of Danish shipowners. The project focus on testing Advent's methanol-powered high-temperature PEM fuel cells as a source of marine auxiliary power.

今年 1 月，Advent 宣布與全球傳熱、分離和流體處理產品供應商 Alfa Laval 合作開展一個項目，探索 Advent 的甲醇動力高溫 PEM 燃料電池在海洋工業中的應用.該項目由丹麥能源技術開發和示範計劃資助，是安宏資本、阿法拉伐和一群丹麥船東的共同努力。該項目重點測試 Advent 的甲醇動力高溫 PEM 燃料電池作為船用輔助電源。

These fuel cells will be based on Advent's next-generation MEA. Aiming to meet the ever-growing power requirements of the marine industry, Advent's next-generation fuel cells are expected to demonstrate a significant increase in lifetime, efficiency, and electrical output.

這些燃料電池將基於 Advent 的下一代 MEA。為了滿足海洋工業不斷增長的電力需求，Advent 的下一代燃料電池有望在使用壽命、效率和電力輸出方面顯著提高。

In February, Advent announced a new marine collaboration with a globally renowned energy technology company, offering sustainable solution across the entire energy value chain. Advent and its partner will work together to develop a 50-kilowatt to 500-kilowatt marine fuel cell solution for a range of superyachts, which will provide a sustainable and reliable source of auxiliary power and offer improved power density. This marine fuel cell solution is initially expected to be used as a hybrid power source, enabling clean electricity generation instead of using conventional diesel engines and generators for procedures such as anchoring and maneuvering.

2 月，Advent 宣布與一家全球知名的能源技術公司開展新的海洋合作，為整個能源價值鏈提供可持續的解決方案。 Advent 及其合作夥伴將共同為一系列超級遊艇開發 50 千瓦至 500 千瓦的船用燃料電池解決方案，這將提供可持續且可靠的輔助電源並提供更高的功率密度。這種船用燃料電池解決方案最初預計將用作混合動力源，實現清潔發電，而不是使用傳統的柴油發動機和發電機進行拋錨和操縱等程序。

As part of the agreement, Advent's partner has placed an initial order for 20 of Advent's methanol-powered Serene fuel cell systems. Following the completion of this project, the two parties will explore the potential of developing similar solutions for a wider range of business applications beyond marine, such as industrial power solutions.

作為協議的一部分，Advent 的合作夥伴已初步訂購了 20 個 Advent 的甲醇動力 Serene 燃料電池系統。該項目完成後，雙方將探索為海洋以外更廣泛的業務應用開發類似解決方案的潛力，例如工業電源解決方案。

Advent continued with the development efforts of the Honey Badger 50, the portable power generation for the Defense market funded by the US Department of Defense. The company expects the production version will be finalized in 2023, and our goal is to receive production orders in 2024, increasing to higher volumes in 2025. We consider the Department of Defense programs a very important part of our innovation portfolio, as they demand performance under extreme conditions and prove the resilience of the high-temperature PEM technology. The portable fuel cell application market is also potential target for growth, where we intend to seek synergies with established market leaders that require a fuel cell product line.

Advent 繼續開發 Honey Badger 50，這是一款由美國國防部資助的面向國防市場的便攜式發電設備。公司預計生產版本將於 2023 年完成，我們的目標是在 2024 年收到生產訂單，並在 2025 年增加到更高的數量。我們認為國防部的計劃是我們創新組合中非常重要的一部分，因為他們需要性能在極端條件下，證明了高溫 PEM 技術的彈性。便攜式燃料電池應用市場也是潛在的增長目標，我們打算在該市場尋求與需要燃料電池產品線的成熟市場領導者的協同效應。

And finally, let me turn into stationary and off-grid market. Advent has make focused efforts to increase the commercial footprint of the Serene, high-temperature PEM fuel cell system produced in Germany and in Denmark. Our stationary product suite has been targeting telecommunications and other critical backup power opportunities.

最後，讓我談談固定和離網市場。 Advent 集中精力增加在德國和丹麥生產的 Serene 高溫 PEM 燃料電池系統的商業足跡。我們的固定產品套件一直瞄準電信和其他重要的備用電源機會。

We're experiencing and changing the landscape in the Philippines which already resulted in order of delays. Prior to acquisitions, Serene was actively selling to both Smart and Globe Telecom in the Philippines. In 2022, these companies in Pacific were selling of most of their tower assets to Towercos. This has resulted in delayed orders and the mandate to reboot our efforts in the sector. We're focusing our resources now on major Towercos, pursuing long-term, large-scale deals that can sustain this product, and marketing at the TowerXchange event. In addition to lower revenue than we had planned in 2022 and other financial leader of the market change and order delays, was the recognition of the impairment charge against our Serene new investment.

我們正在經歷和改變菲律賓的景觀，這已經導致了延誤的順序。在收購之前，Serene 積極向菲律賓的 Smart 和 Globe Telecom 出售產品。 2022 年，太平洋地區的這些公司將大部分鐵塔資產出售給了 Towercos。這導致訂單延遲，並要求我們重新啟動該行業的工作。我們現在將資源集中在主要的 Towercos 上，尋求可以維持該產品的長期、大規模交易，並在 TowerXchange 活動中進行營銷。除了我們 2022 年的計劃收入低於市場變化和訂單延遲的其他財務領導者外，還確認了我們 Serene 新投資的減值費用。

We remain confident, though, that the Advent is selling products that have great promise for both the upgrade and marine markets.

不過，我們仍然有信心，Advent 銷售的產品對升級和海洋市場都有很大的希望。

With that, I would like to hand over to our CFO, Kevin Brackman.

有了這個，我想交給我們的首席財務官 Kevin Brackman。

Thank you, Vasilis, and good morning, everyone.

謝謝 Vasilis，大家早上好。

Turning to our financial results, we delivered revenue of $2 million in the fourth quarter compared to $2.9 million in the prior-year quarter. The year-over-year result is due to a decline in orders for the company's stationary fuel cell systems, driven by a change in telecom tower ownership as Vasilis mentioned.

談到我們的財務業績，我們在第四季度實現了 200 萬美元的收入，而去年同期為 290 萬美元。同比結果是由於 Vasilis 提到的電信塔所有權變化導致該公司固定式燃料電池系統的訂單下降。

R&D expenses were $2.5 million in the fourth quarter, primarily related to internal R&D costs incurred in each of our businesses, as well as our cooperative research and development agreement with the Department of Energy. Administrative and selling expenses were $9.3 million in the fourth quarter. Combined with R&D expenses, total operating expenses were $11.7 million; a year-over-year decrease of $4.6 million, primarily due to a reduction in incentive and stock-based compensation expenses.

第四季度的研發費用為 250 萬美元，主要與我們每項業務產生的內部研發費用以及我們與能源部的合作研發協議有關。第四季度的管理和銷售費用為 930 萬美元。加上研發費用，總運營費用為 1170 萬美元；同比減少 460 萬美元，主要是由於激勵和基於股票的補償費用減少。

Net loss in Q4 was $47.6 million or $0.92 per share. Adjusted net loss was $13.2 million or $0.26 per share. The adjusted net loss excludes a $2.1 million gain from the change in the fair value of outstanding warrants, a $2.4 million gain from an acquisition purchase price adjustment, and a $38.9 million asset impairment charge. The asset impairment charge primarily relates to goodwill from the company's stationary fuel cell systems business in Denmark, Germany, and the Philippines, which was acquired in August 2021.

第四季度淨虧損為 4760 萬美元或每股 0.92 美元。調整後的淨虧損為 1320 萬美元或每股 0.26 美元。調整後的淨虧損不包括未到期認股權證公允價值變動產生的 210 萬美元收益、收購價格調整產生的 240 萬美元收益以及 3890 萬美元的資產減值費用。資產減值費用主要與公司在丹麥、德國和菲律賓的固定式燃料電池系統業務的商譽有關，該業務於 2021 年 8 月被收購。

Unrestricted cash reserves were $32.9 million as of December 31, 2022, which is a decrease of $9.5 million from September 30. In the fourth quarter of 2022, we received $0.4 million in tenant improvement allowances for the Hood Park R&D and manufacturing facility, which is net of additional spending for the buildout of the facility. Our existing cash balances and projected cash flows are not expected to be sufficient to support planned operations for the next 12 months. However, as Vasilis discussed earlier, we have been working with the Greek State to implement a funding mechanism for the Green HiPo project as soon as possible.

截至 2022 年 12 月 31 日，不受限制的現金儲備為 3290 萬美元，比 9 月 30 日減少了 950 萬美元。在 2022 年第四季度，我們收到了 40 萬美元的 Hood Park 研發和製造設施的租戶改善津貼，這是扣除設施擴建的額外支出。我們現有的現金餘額和預計現金流量預計不足以支持未來 12 個月的計劃運營。但是，正如 Vasilis 之前討論的那樣，我們一直在與希臘政府合作，盡快為 Green HiPo 項目實施資助機制。

Additionally, we are exploring opportunities to raise additional capital and expect to provide an update on this very soon. In the meantime, we will continue to manage our costs closely and capitalize on opportunities to reduce costs where possible.

此外，我們正在探索籌集額外資金的機會，並希望盡快提供最新信息。與此同時，我們將繼續密切管理我們的成本，並抓住機會盡可能降低成本。

I will now turn to our outlook. Advent entered 2023 with a strong pipeline of opportunities. As we all know, however, not every opportunity in the pipeline will transpire due to factors that are beyond Advent's control. Opportunities may not materialize or could be delayed. This is a long-term contract nature of our business model. The timing of our revenue can also be difficult to predict. As we mentioned, we have experienced delays in the Philippines for stationary fuel cell systems and their installation. Due to the level of uncertainty caused by these factors, we are not providing a revenue outlook for 2023 at this time.

我現在將談談我們的前景。 Advent 帶著大量機會進入 2023 年。然而，眾所周知，由於 Advent 無法控制的因素，並非管道中的每一個機會都會發生。機會可能不會實現或可能會延遲。這是我們商業模式的長期合同性質。我們收入的時間也很難預測。正如我們所提到的，我們在菲律賓經歷了固定燃料電池系統及其安裝的延誤。由於這些因素造成的不確定性程度，我們目前不提供 2023 年的收入展望。

With that, I will hand back to Vasilis for closing remarks.

說到這裡，我將把結束語交還給 Vasilis。

Thank you, Kevin.

謝謝你，凱文。

Advent has a significant portfolio of technology and commercial strength allowing to compete and be successful at the global level. Green HiPo will be transformational for Advent and Green HiPo is for the long run. We're moving along the process with the Greek State to unlock state aid, and we'll keep you informed on developments. Advent is pursuing a visible and defined path towards the keen significant sectors. Advent's a clear-energy technology company, and we will leverage from this strength to generate commercial products in addition to providing attractive technology solutions through partnerships with OEMs.

Advent 擁有強大的技術組合和商業實力，可以在全球範圍內競爭並取得成功。 Green HiPo 將為 Advent 帶來變革，而 Green HiPo 則是長遠的。我們正在與希臘政府一起推進解鎖國家援助的進程，我們會隨時向您通報進展情況。 Advent 正在尋求一條通往敏銳的重要領域的可見和明確的道路。 Advent 是一家清潔能源技術公司，除了通過與 OEM 合作提供有吸引力的技術解決方案之外，我們還將利用這一優勢來生產商業產品。

In closing, we believe Advent is well positioned to be the provider of clean energy solution across a variety of end markets.

最後，我們相信 Advent 有能力成為各種終端市場的清潔能源解決方案供應商。

I would like to thank you all for joining us today, and we're now ready to answer the questions. Thank you very much.

我要感謝大家今天加入我們，我們現在準備好回答問題了。非常感謝。

(Operator Instructions) Lacie Midgley, Panmure Gordon.

（操作員說明）Lacie Midgley，Panmure Gordon。

Hi, guys. Thank you very much for the presentation, Vasilis. So congratulations on the recent appointment as Chair of IPCEI Hy2Tech facilitation group. And my first question actually is around the Green HiPo project. And obviously, this is a key project for Advent over the next few years, certainly. And you mentioned that next steps towards implementation of the project have been discussed. Can you give us some more color on what the steps and next milestones are and sort of timing of those, please?

嗨，大家好。 Vasilis，非常感謝您的介紹。因此，祝賀您最近被任命為 IPCEI Hy2Tech 促進小組主席。我的第一個問題實際上是關於 Green HiPo 項目的。顯然，這肯定是未來幾年 Advent 的一個關鍵項目。你提到已經討論了實施該項目的後續步驟。你能給我們更多關於步驟和下一個里程碑的顏色以及它們的時間安排嗎？

Yes, absolutely. I know this is a very good question, and this is something that's very, very important to us so we call it every day. Here, the situation being the IPCEI has been ratified at the EUR5.4 billion across the continent. Not all countries are the same level. And as a very newly elect Chairman, my first thing is to for all of us to find out where we are and to go in the next couple of months when we ship our first report to see where everybody is.

是的，一點沒錯。我知道這是一個很好的問題，這對我們來說非常非常重要，所以我們每天都這麼說。在這裡，IPCEI 已在整個非洲大陸獲得 54 億歐元的批准。並非所有國家都處於同一水平。作為新當選的主席，我的第一件事是讓我們所有人了解我們的位置，並在接下來的幾個月內發布第一份報告時去看看每個人的位置。

So idea is that -- the Greek State is very positive about it. We received a letter in March that, first of all, congratulated with us on this amazing success, if you will. And second is that they go as fast as possible to go to the next level, meaning give us a call. And in the call, we all going to see the exact dates of what's going to happen there.

所以想法是——希臘政府對此非常積極。我們在 3 月份收到一封信，信中首先祝賀我們取得瞭如此驚人的成功，如果您願意的話。其次是他們盡可能快地進入下一個級別，這意味著給我們打電話。在電話中，我們都將看到那裡將要發生的事情的確切日期。

In general, when I came back from the first meeting two days ago in Berlin is that hydrogen is here and is going to be big in Europe. And I think the collective effort there represents a true world of opportunity. So I think that's how much I can say. I think in the next a few months, we will know things. But right now, I don't think we can say something more about it. I mean we are definitely there, and it definitely happened. But we cannot say unfortunately -- but we definitely would like to share it by now. Don't get me wrong because we gather ratification in July 2022, and we know it's going to be some months. But unfortunately, we don't have it here today.

總的來說，當我兩天前在柏林舉行的第一次會議回來時，氫氣就在這裡並且將在歐洲大行其道。我認為那裡的集體努力代表了一個真正充滿機遇的世界。所以我想這就是我能說的。我想在接下來的幾個月裡，我們會知道一些事情。但現在，我認為我們不能再多說些什麼了。我的意思是我們肯定在那裡，而且它確實發生了。但我們不能說不幸——但我們現在絕對願意分享它。不要誤會我的意思，因為我們在 2022 年 7 月獲得批准，我們知道這將需要幾個月的時間。但不幸的是，我們今天沒有它。

Okay. And I understand that. Thank you. That's helpful. And I guess sort of switching -- sort of unpack here a little bit. But on the Hyundai, the JDA deal -- which to me is quite significant and step forward this year and most recently. But is there any more color you can give us, again, on sort of expected timeline on the development milestones? And I know it's early days, of course, but any initial sort of expected timings on a commercial product of being ready with time there?

好的。我明白這一點。謝謝。這很有幫助。我想有點轉換——有點解壓這裡。但在現代汽車方面，與 JDA 的交易——對我來說意義重大，並且在今年和最近向前邁進了一步。但是，對於開發里程碑的預期時間表，您是否可以給我們更多的顏色？當然，我知道現在還為時過早，但是商業產品是否有任何初步預期的時間安排？

Listen, we had a joint press release, as you know -- and I don't think I can say much more from there. I thought it was inclusive. The good thing here is A, the long-term nature of this because we passed the first test, the technology assessment. In my opinion, it was the most difficult thing there. We agreed to work together. There's tremendous expertise from Hyundai and catalysts, but we'll use it in the final MEA. And also, we have demonstrated to Hyundai that our hardware capabilities, especially the superior cooling and the multi-fuel capacity that we said before, are very important to a global player like them. So I would say we're focused on the longer term. And it's a really important milestone for us.

聽著，正如你所知，我們有一個聯合新聞稿——我認為我不能從那裡說更多。我以為它是包容性的。這裡的好處是 A，這是長期性的，因為我們通過了第一個測試，即技術評估。在我看來，這是那裡最困難的事情。我們同意一起工作。現代和催化劑擁有豐富的專業知識，但我們將在最終的 MEA 中使用它。而且，我們已經向現代汽車展示了我們的硬件能力，尤其是我們之前所說的卓越的冷卻能力和多燃料能力，對於像他們這樣的全球參與者來說非常重要。所以我想說我們專注於長期。這對我們來說是一個非常重要的里程碑。

Absolutely. I think it's -- yeah, I agree. And as a follow up -- just I think I know the answer to this, but this isn't an exclusive agreement. You're free to work with other partners and players in the auto market.

絕對地。我認為是——是的，我同意。作為後續——我想我知道這個問題的答案，但這不是排他性協議。您可以自由地與汽車市場中的其他合作夥伴和參與者合作。

No. We shared with them a particular agreement. As I said, we provide our expertise, they provide their expertise. But because -- as you know, these are rather complex systems. I mean not everybody knows everything. So we got to two different collaborations with different models. But we're very happy so far with Hyundai and we congratulate them also to be a pioneer of this sector.

不，我們與他們共享了一個特定的協議。正如我所說，我們提供我們的專業知識，他們提供他們的專業知識。但是因為——如您所知，這些是相當複雜的系統。我的意思是不是每個人都知道一切。因此，我們與不同的模型進行了兩次不同的合作。但到目前為止，我們對現代汽車非常滿意，我們也祝賀他們成為該領域的先驅。

Okay. One last one for me. Just finishing up sort of thoughts on the auto market more generally. Is there -- is this wider interest that you're getting sort of -- I know you probably won't get to say too much on this again. But from sort of auto players -- I'm assuming so, given this is deal and within that -- I mean, obviously, you mentioned in the statement with Hyundai some sort of heavy-duty applications. Is there more interest around that given your technology and your strengths when you're on the light-duty side? Any color you can give there would be helpful.

好的。最後一張給我。只是更廣泛地總結了對汽車市場的一些想法。有沒有——你得到的這種更廣泛的興趣——我知道你可能不會再對此說太多了。但是從某種汽車玩家的角度來看——我假設是這樣，因為這是交易，而且在其中——我的意思是，很明顯，你在與現代的聲明中提到了某種重型應用程序。考慮到您在輕型車方面的技術和優勢，是否對此有更多興趣？你可以給那裡的任何顏色都會有所幫助。

Yeah, you said it. We are very competitive, and we have tremendous advantage for heavy duty -- maybe a little in light duty. We're not that competitive somewhere else. So we try to considerate where our strength is. So I think let's just go where we share our strength rather than to try to engage in everything that, at the end of the day, technology -- technology is what makes the thing either work or doesn't work. So heavy duty and some light trucks as well, I would say.

是的，你說了。我們非常有競爭力，我們在重載方面有巨大的優勢——也許在輕載方面有一點優勢。我們在其他地方沒有那麼有競爭力。所以我們試著考慮我們的優勢在哪裡。所以我認為讓我們去分享我們的力量的地方，而不是試圖參與一切，歸根結底，技術 - 技術是使事情成功或失敗的原因。我會說，重型卡車和一些輕型卡車也是如此。

Okay. Thanks very much. That's all for me. Thanks, guys.

好的。非常感謝。這就是我的全部。多謝你們。

Thank you.

謝謝。

There are no further questions at this time. Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。