Closes Over-Subscribed Equity Offering and Appoints New President
TORONTO, Sept 28, 2020 – Next Hydrogen Corporation (“Corporation”) is pleased to announce that it has successfully completed a non-brokered equity private placement (the “Offering”). The Offering was over-subscribed and upsized given strong investor interest.
Mr. Walter Howard, Executive Chairman stated “Next Hydrogen has fundamentally revolutionized the design architecture of electrolyzers which has not changed in decades. The patented design changes allow for more operational flexibility, scalability and dynamic response to help further accelerate the downward cost curve of converting intermittent renewable power into green hydrogen. This financing, which was led by Pathfinder Asset Management Limited, better positions us to drive wide-scale adoption of our green hydrogen generation solutions.”
In a separate development, the Corporation is pleased to announce Mr. Raveel Afzaal has joined Next Hydrogen as President. Mr. Afzaal brings deep capital markets expertise through a distinguished career in Equity Research over the past decade. He most recently served as an Equity Research Analyst, Sustainability & Special Situations at Canaccord Genuity. He graduated with a Bachelors of Mathematics and a Bachelors of Economics (Finance) from the University of Waterloo. He is also a CFA charter holder.
Mr. Afzaal stated “Next Hydrogen’s unique and large patent portfolio has been developed by world class and proven experts in the hydrogen industry. The large addressable market within transportation and renewable energy battery storage sectors coupled with global blue-chip partnership opportunities paint a very bright future for Next Hydrogen. I feel privileged to be joining a very exciting growth story with significant macro tailwinds, and value creation milestones on the horizon.”
The Corporation intends to use the net proceeds from the Offering for technology development, to pursue strategic growth initiatives and for general corporate purposes.
Thunderstone Capital acted as the financial advisor to the company on the Offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
For more information, please contact:
Raveel Afzaal, President
John Pantazopoulos, Interim CEO and CFO
About Next Hydrogen
Founded in 2007, Next Hydrogen’s innovative water electrolysis technology, with patented cell architecture, is designed to efficiently convert intermittent renewable electric power sources into clean hydrogen on an infrastructure scale.
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements concerning the growth of the Corporation; and the use of proceeds from the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to the inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the economic impacts relating to the COVID-19 pandemic; and the delay or failure to receive board, regulatory or other approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Corporation assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.