Advent Technologies : Investor Presentation

Fuel Cell Technology for the Hydrogen Economy

Investor Presentation, May 2024

DISCLAIMER

The information, opinions, estimates, projections, forecasts, targets, or prospects contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

This presentation contains financial information prepared in accordance with U.S. generally accepting accounting principles ("GAAP") that have been extracted without material adjustment from audited GAAP financial statements and/or extracted or derived from unaudited accounting records that have been used to prepare GAAP financial statements. This presentation also contains certain non-GAAP financial measures which have not been and will not be audited. These non-GAAP financial measures are not recognized measures of financial performance or liquidity under GAAP, but are measures used by the management of Advent Technology Holdings, Inc. ("Advent") to monitor the underlying performance of Advent's business and operations. These non-GAAP measures may not be indicative of Advent's

The information containedDISCLAIMER

in this presentation is the property of Advent. This presentation may not be copied, published, reproduced or distributed in whole or in part

historical operating results nor are such measures meant to be predicative of future results. These measures and ratios may not be comparable to those used by other companies under the same or similar names. As such, undue reliance should not be placed on these non-GAAP financial measures. Advent is not able to provide a reconciliation of the Company's non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation.

Certain financial information contained herein is unaudited and is based on internal records and/or estimates. This presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of financial information or metrics in this presentation should not be construed as a commitment by Advent to provide guidance on such information in the future.

at any time without the prior written consent of Advent. The trademarks and trademark symbols used herein are the properties of their respective owners. • This presentation contains financial forecasts with respect to Advent's estimated future performance. Advent's independent auditors have not audited, reviewed,

compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections should not be relied upon as being necessarily indicative of future results. In this presentation certain of the above-mentioned projected financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Advent or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Investor Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The financial forecasts reflect assumptions that are subject to change, and there can be no assurance that Advent's financial condition or results of operations will be consistent with those set forth in such analyses and forecasts.

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DISCLAIMER (continued)

This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements with respect to Advent's strategies, future opportunities and growth prospects, Advent's financial statements, as well as other information and statements that are not historical fact. These forward-looking statements regarding future events and the future results of Advent are based on current expectations, estimates, forecasts, and projections about the industry in which Advent operates, as well as the beliefs and assumptions of Advent's management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond Advent's control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, Advent's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Advent therefore cautions against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to: economic conditions globally; the impact of competition; political and economic developments in the countries in which Advent operates; regulatory developments in Greece, Europe and internationally; the COVID-19 pandemic; the ability to maintain NASDAQ's listing standards; Advent's ability to manage growth; Advent's ability to execute its business plans and the timing and costs of these plans; Advent's estimates of the size of the markets it serves; the rate and degree of market acceptance of Advent's products; rising costs or pricing pressures adversely affecting Advent's profitability, including sales and marketing expenses; expectations regarding capacity constraints; potential litigation involving Advent; the validity or enforceability of Advent's intellectual property and Advent's compliance with the intellectual property rights of third parties; and other risks and uncertainties indicated from time to time in Advent's filings with the U.S. Securities and Exchange Commission ("SEC"), including those set forth under "Risk Factors" in its Form 10-K filed with the SEC on March 31, 2023, and other documents to be filed with the SEC. Any forward-looking statements made by or on behalf of Advent speak only as of the date they are made. Advent undertakes no obligation to update any forward-looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, attendees and recipients should not place undue reliance on forward-looking statements due to their inherent uncertainty.

In this presentation, Advent relies on and refers to information and statistics regarding industry data. Advent obtained this information and statistics from third-party sources, including reports by financial data firms and other firms. Advent has supplemented this information where necessary with information from discussions with its own internal estimates, taking into account publicly available information about other industry participants and Advent's management's best view as to information that is not publicly available. Such information has not been subject to any independent audit or review. To the extent available, the industry, market and competitive position data contained herein has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Advent reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, neither Advent nor any of their respective directors, officers, employees, agents, affiliates, advisors or agents, have independently verified the data contained therein. In addition, certain industry, market and competitive position data contained herein come from Advent's internal research and estimates based on the knowledge and experience of Advent's management in the markets in which Advent operates. While Advent reasonably believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in such information and no representation or warranty (express or implied) is given that such data is correct or complete.

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Introduction

Company Highlights

ADVENT IS THE WORLD LEADER IN HT- PEM FUEL CELL TECHNOLOGY

• Our products deliver electrification powered by green energy for the Stationary, Portable, Off-Grid, Heavy-Duty Automotive, Marine, and Aerospace sectors.
• Core-IPsecured by 150+ patents
• Multiyear collaboration and licensing from US DoE (LANL, Sandia Labs, Brookhaven Labs)
• Factories and state-of-the-art equipment in place for R&D and production scale-up

GLOBAL MANDATE TO DECARBONIZE

• US Inflation Reduction Act: $369 billion allocated
• REPowerEU: Up to €300 billion allocated
• EU Hydrogen Accelerator: Goal of 20MT green H2 by 2030.

GOVERNMENT FUNDING

• Government funding of 22 programs, totaling $42,000,000

($16,000,000 contracted and $26,000,000 pending), in the EU and USA to support R&D in 2024 and beyond.

STRATEGIC PARTNERSHIPS

• Automotive: Hyundai Motors, and four of the top-10 global automotive/truck manufacturers in Technology Assessment
• Aerospace: Airbus in Joint Development Agreement, Safran in Joint R&D, three more in Technology Assessment
• Marine: Siemens Energy first ship contract, joint R&D and Joint Development Agreement
• Defense: US Army renewed development contract with potential to manufacturing in next phase

FINANCIALS*

• 2024: The target for revenue is set at $13 million ($11 million in revenue and $2 million in grants). IPCEI should bring another $3 million to $5 million that are not included in the previous sentence. Cost reduction through Operations and Facilities consolidation aims for a total of $24 million in 2024, a decrease of almost 50% from the previous year.
• 2025: Goal to break even by end of 2025.

• Stationary Power: 4th gen product in market with more than 1,200 units sold and delivered worldwide.

*See "Disclaimer" regarding forward-looking statements, projections and targets. The Company does not undertake to update or affirm these projections and targets in the future. Projections are

inherently uncertain and subject to assumptions and future events.

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Management & Board

Our People

Vasilis Gregoriou*

Chairman & CEO

Nora Gourdoupi *

SVP, Corporate Business Development

Lawrence Epstein

Non-Executive Board Member

Emory De Castro*

CTO

Morten Hougaard Sørensen

SVP, Advent Technologies A/S

Anggelos Skutaris

Non-Executive Board Member

*Indicates member of Board of Directors following the Business Combination.

Chris Kaskavelis	Jim Coffey
CSO	General Counsel

Mogens Berg Andersen,	Vasilis Kopelas
Financial Director, Advent
VP, Business Development (Green Mobility)
Technologies A/S

Wayne Threatt	Von McConnell
Non-Executive Board Member	Non-Executive Board Member

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Organization

USA

Advent Technologies	Advent Technologies LLC
Holdings Inc.	Silicon Valley
Boston, MA USA	USA
•	Corporate Headquarters	•	Product Development
•	R&D	•	Manufacturing

Facilities

	110	40+		700+	150+
	Employees &	Successful	Combined Technical	Patents Issued,
	consultants	R&D Programs		Years of Experience	Licensed, or Pending
Greece			Denmark
	Advent Technologies SA		Advent Technologies A/S
•	R&D	• Management Offices	•	Product Development
•	Product Development			•	R&D

• Manufacturing

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Market Opportunity & Mission

Emissions

35 Gt of CO₂ global/year

Hydrogen

Gt of CO₂ abated

Advent Market

Buildings

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Stationary & Off-Grid Power

Immediate Opportunity in $35bn growing diesel generator market

Core Beliefs

•	Hydrogen can address 1/3 of the
	world's emissions problem.
•	Batteries, green liquid fuels (eFuels),
	and green H2 are not competing

Power	15
Generation

Industry

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Mobility

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Long-Term Storage

Steel

Fertilizers

Refineries

Trucks

Marine

Aerospace

MISSION

to replace fossil-fuel

engines with lower-cost,green-power fuel cells

Advent's Fuel Cell

Multibillion electrification opportunity to replace combustion engines

technologies: all will be needed to

address heavy-duty applications.

• Green focus is not enough. We must

beat fossil fuel engines on Total

Cost of Ownership in the fastest-

growing, most cost-sensitive

markets.

• Advent must enable the world's

leading manufacturers to get there

faster

• Liquid eFuels like eMethanol can be

a game-changer for off-grid,

portable and marine markets

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Advent's HT-PEM Fuel Cell Technology

	Stationary,
	Portable
HYDROGEN	Off-Grid
Power
Where infrastructure for refueling	Heavy-Duty
& local production is available.	Automotive
ELECTRIFICATION
eFuels/METHANOL	Marine
eMethanol: Liquid 100% green H2 carrier
Methanol/Biomethanol: Interim, low-cost	Aerospace

option for off-grid & marine.

Advent's Fuel Cell System

HT-PEM Technology Advantages

Liquid Fuel	Efficiency
Methanol/eFuel
Superior Heat Management= High-Efficiency
Simple logistics, Immediate market
For: trucks, aerospace
For marine, stationary, off-grid,
backup power, data centers	9

Replacing

the Diesel

Generator

With

Advent

Fuel Cells

*41% electrical efficiency, 85% incl. thermal efficiency

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