Advent Technologies, a Boston company developing fuel cell technologies, got good news from the European Union on Monday, pushing up its long beleaguered stock price.
The 10-year-old company has been working on a major project in Greece, dubbed Green HiPo, to use its renewable energy technology to create hydrogen, generate power, and reduce greenhouse gas emissions. The European Commission included the project in an approval for funding 41 green hydrogen projects across Europe. Greece will receive 800 million euro ($813 million) for Advent’s project and one smaller project.
Advent’s stock had plunged since it went public last year by merging with a special purpose acquisition company. The deal raised $158 million to fuel Advent’s research, but the company’s stock had dropped from $16.27 to $2.63 on Friday, an 84 percent loss since February 2021. In morning trading on Monday, the stock jumped 29 percent to $3.40.
“Advent applauds the Commission in ratifying the funding for this visionary project, and we hope that it will be the first of many projects around the world which will produce low carbon energy on a truly unprecedented scale,” chief executive Vasilis Gregoriou said in a statement.