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Ultracell LLC
5637 La Ribera Street, Suite A
Livermore CA 94550

February 22, 2021

Advent Technologies Announces Acquisition of UltraCell, a Leader in Lightweight Fuel Cell Technology

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent"), an innovation-driven company in the fuel cell and hydrogen technology space, today announced that it has acquired UltraCell LLC ("UltraCell"), the fuel cell division of Bren-Tronics, Inc. ("Bren-Tronics"). The acquisition closed on February 18, 2021.

UltraCell is a leader in lightweight fuel cells for the portable power market with mature products and cutting-edge technology. The portable battery chargers produced by UltraCell are the only NATO approved fuel cell products Made in the USA (and one of the only two across NATO), with units already deployed in the field by military and security agencies. Three additional NATO allies are currently testing UltraCell systems. UltraCell's fuel cell products have also been recognized and presented in multiple global NATO events.