Management call takeaways: Positive outlook for Ceres SOFC technology adoption and Weichai's manufacturing capacity ramp-up On Nov 20, we hosted Weichai Power's management team, including the company's SOFC business unit lead and the investor relations team, for an investor call to provide more color on Weichai's strategy in the SOFC business as well as its partnership with Ceres Power. Our key takeaways include: Michele Della Vigna, CFA 21 November 2025 | 1:21AM HKT Equity Research WEICHAI POWER (2338.HK/0 ...

Core Insights - Advent Technologies Holdings, Inc. will present at the International Energy Agency (IEA) conference in Paris on November 6, 2025, focusing on their innovative Ion Pair™ membrane electrode assembly (MEA) technology for high temperature proton exchange membrane (HT-PEM) fuel cells [1][2][3] Company Overview - Advent Technologies is an innovation-driven technology company specializing in fuel cell and hydrogen technology, with a vision to accelerate electrification through advanced materials and next-generation fuel cell technology [6] - The company holds over 70 patents related to fuel cell technology and has exclusive licensing for the Ion Pair™ technology from Los Alamos National Laboratory [3][6] Industry Context - The maritime sector is undergoing significant technological transformation due to increasing global transport demands and stricter emission regulations, with the International Maritime Organization (IMO) aiming to reduce CO2 emissions by at least 40% by 2030 compared to 2008 levels [3][4] - Fuel cells are positioned to play a crucial role in achieving these emission reduction targets, and the IEA Advanced Fuel Cells Technology Collaboration Program will gather key stakeholders from the maritime industry [4] Strategic Partnerships - Advent has established collaborations with Siemens Energy and Sanlorenzo Yachts to enhance clean power solutions for ships, indicating a strategic approach to re-engage with partners in the maritime sector [5]

Group 1 - Uber Technologies is partnering with Flightrex to launch autonomous drone deliveries for Uber Eats in the US by year end, integrating Flightrex's FAA certified drones and 200,000 delivery track record with Uber's global logistics platform [1] - The deal aims to cut delivery times, costs, and emissions while expanding its multimodal network beyond cars, bikes, and sidewalk robots [2] - Lyft and Whimo will launch a fully autonomous ride-hailing service in Nashville in 2026, with rides available first through the Whimo app and later integrated into Lyft's network [3] Group 2 - Lyft's Flex Drive unit will handle end-to-end fleet management, including a new AV facility to maximize vehicle uptime and provide a seamless experience for riders on both platforms [3] - Ballard Power Systems will debut its SC Move SC fuel cell module in October, offering 30% more end-of-life power, higher power density, and improved durability for city buses [3] - The 75 kW system simplifies vehicle integration, cuts life cycle costs, and is designed for a 25,000-hour service life to rival diesel performance [4]

Group 1 - The core viewpoint of the report is to provide a comprehensive analysis of the fuel cell vehicle industry, covering its development, competitive landscape, and investment opportunities in both global and Chinese markets [2][3][4]. Group 2 - The report outlines the definition, classification, advantages, and disadvantages of fuel cell vehicles, as well as their unique characteristics [2]. - It analyzes the policy, economic, social, and technological environments affecting the fuel cell vehicle industry [2]. - The global development history, current status, and competitive landscape of the fuel cell vehicle industry are discussed [3]. - The report details the development conditions and supply-demand dynamics of the fuel cell vehicle industry in China [3][4]. - It provides insights into the market analysis of fuel cell buses and trucks in China [3]. - The report identifies pain points within the Chinese fuel cell vehicle industry [3]. - It examines the investment, mergers, and restructuring activities within the Chinese fuel cell vehicle sector [4]. - The competitive state of the industry is analyzed, including existing competitors, potential entrants, and the bargaining power of suppliers and buyers [4]. - The cost structure of the fuel cell vehicle industry is analyzed, including regional and enterprise competition [4]. - The report discusses the structure of the fuel cell vehicle industry chain and the market for key raw materials and core components [4]. - It evaluates the development of hydrogen production and transportation in China, as well as the construction of hydrogen refueling stations [4][5]. - The application of fuel cell vehicles in logistics and urban public transport is analyzed, including current status and future trends [5]. - The report provides an overview of key regions in China and their respective fuel cell vehicle industry development [5]. - It includes a detailed analysis of major Chinese fuel cell vehicle companies and their operational performance [5]. - The future prospects of the fuel cell vehicle industry in China are predicted, including market size and development trends [5].

Core Insights - Advent Technologies Holdings, Inc. has appointed Joseph Hosni as the Director of Commercial Sales, based in Athens, Greece, to enhance its global sales strategy and commercialization efforts [1][2]. Company Overview - Advent Technologies is a U.S. corporation focused on developing, manufacturing, and assembling complete fuel cell systems, as well as supplying critical components for fuel cells in the renewable energy sector [3]. - The company is headquartered in Livermore, California, with additional offices in Athens and Patras, Greece [3]. - Advent holds approximately 150 patents related to fuel cell technology, particularly in next-generation HT-PEM that operates efficiently under high temperatures and extreme conditions [3]. Leadership and Strategy - Joseph Hosni brings over 25 years of experience in technology and infrastructure sales, previously serving as the Commercial Director of VEN Engineering [2]. - The management team, including Konstantinos Ferderigos and CEO Gary Herman, expresses confidence in Hosni's ability to drive the company's vision and expand its global sales strategy [2]. - The company aims to leverage its advanced technology to provide clean energy solutions across various industries, including military, aviation, heavy automotive, and marine [2].

Core Insights - Advent Technologies Holdings, Inc. has appointed Bryan Holasek as the Chief Strategy Officer, bringing over 42 years of experience in technology advancement and product development [1][2] - Holasek's background includes founding several tech companies and holding significant roles in advanced engineering projects, which aligns with Advent's focus on fuel cell technology [2][3] - The leadership team at Advent expresses enthusiasm about Holasek's contributions towards enhancing the commercialization of their innovative fuel cell technology [3] Company Overview - Advent Technologies is a U.S. corporation specializing in the development, manufacturing, and assembly of complete fuel cell systems, as well as supplying critical components for the renewable energy sector [4] - The company is headquartered in Livermore, California, with additional offices in Athens and Patras, Greece, and holds approximately 150 patents related to fuel cell technology [4] - Advent's next-generation HT-PEM technology is designed to operate at high temperatures and under extreme conditions, making it suitable for various sectors including automotive, aviation, defense, and power generation [4]