Advent Technologies is an early-stage advanced materials and fuel cell technology company focused on High Temperature Proton Exchange Membrane (HT-PEM) fuel cells, which generate electricity from hydrogen-based fuels — primarily methanol. Advent's core product is the Membrane Electrode Assembly (MEA), the fundamental electrochemical component inside a fuel cell. Advent manufactures and sells MEAs directly, and is developing a next-generation version called the Ion Pair MEA, which the company claims achieves roughly 2x the power output per square centimeter versus previous HT-PEM MEAs. Advent's target customers are large industrial OEMs, Tier 1 manufacturers, and defense agencies. Key relationships include a ~$13M Joint Development Agreement (JDA) with Airbus for aviation propulsion, a JDA with Hyundai for heavy-duty automotive, and ~$5M in U.S. DoD contracts for a soldier-portable fuel cell system. Advent's current revenue comes from engineering fees under JDAs, MEA sales, and government contracts. The intended long-term model has three layers: JDA engineering fees during development, recurring MEA sales to OEMs building finished fuel cell products, and technology licensing fees once products are validated. Advent wants to be the core MEA and IP supplier while OEMs handle manufacturing and distribution at scale — a low-CapEx, asset-light model. The company has cut headcount to roughly 26 employees, closed multiple subsidiaries, and is targeting costs below $20M. Advent remains pre-profitability and has acknowledged going concern risk.