ATHENS – Without providing details, Greece has withdrawn a €64 million ($71.25 million) investment plan by Boston-based Advent Technologies to develop hydrogen fuel cell and electrolyte systems in the northern town of Kozani.

The project, which would have created 650 jobs through the company’s Greek office, was scrapped due to undisclosed issues and removed from the Plan for Just Development Transition (EYDAM), officials stated.

EYDAM Governor Pelopidas Kalliris explained that Advent’s proposal “was evaluated by EYDAM, and the entire plan was found inadequate. We requested additional data several times, reviewed it, and based on the criteria for state subsidies and the administration and control plan, it was deemed problematic, and the project could not be included.”

He noted that the company has lodged an appeal, “which will be reviewed.” The sudden decision came months after the company announced it had been invited by the Finance Ministry to submit documentation for its Green HiPo Important Project of Common European Interest (IPCEI).

The project was linked to a €24 million ($26.72 million) state aid package, and the company had planned to seek an additional €60 million ($67.15 million) authorized under the IPCEI’s project budget.

The initiative aimed to design and manufacture cutting-edge HT-PEM fuel cells and electrolyzers for power and green hydrogen production, considered pivotal in Greece’s shift toward sustainable energy.

Advent’s Chairman and CEO, Vasilis Gregoriou, had previously called the invitation “a significant opportunity for the region to transition from a coal-dependent economy to a more environmentally friendly economic model. We are excited to continue working with our partners across Europe toward energy security and independence, with hydrogen technologies playing a crucial role.”