ADN - Advent Technologies: Early-Stage Hydrogen Company With Significant Upside Potential

• Advent's HT-PEM fuel cell offerings and MEAs have a significant competitive advantage to peers and its next generation MEA could see much more significant improvement from current MEAs.
• Advent has executed synergistic acquisitions which helps to improve its capabilities and expand its technical team, thereby driving long term growth of the company.
• Advent is seeing growing traction in interests, agreements with potential customers, distributors and enter partnerships with the US Department of Energy to develop next generation MEA with huge step-up benefits.
• My base case target price for Advent of $17 implies a 5x upside potential at current levels while the optimistic upside scenario of $34 implies 10x upside potential from current levels.

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