Raveel Afzaal, B.Math, B.Econ, CFA

President, CEO and Director

Mr. Afzaal brings deep capital markets expertise through a distinguished career in equity research over the past decade with a focus on Sustainability and Industrial Technologies. Prior to joining Next Hydrogen, he was an equity research analyst covering the Canadian Sustainability and Special Situations verticals for Canaccord Genuity. During his equity research career, Raveel was ranked in Brendan Wood surveys based on Buy Side nominations as well as by Thomson Reuters for estimates accuracy. Prior to joining equity research, Raveel worked in venture capital with XPV Capital. He graduated with a Bachelor of Mathematics and a Bachelor of Arts (Economics) from the University of Waterloo. He is also a CFA charter holder.

Kasia Malz, CPA, CA, CPA(IL), MAcc


Ms. Malz brings over 10 years of diverse financial leadership experience working in start-up and high-growth environments. Previously CFO of Titanium Transportation Group Inc., Kasia took the company public and grew the business from $40 million to $200 million in annual revenues. Kasia has her CPA, Chartered Accountant designation and is a licensed Certified Public Accountant in the state of Illinois. She holds a Masters of Accounting and an Honours Bachelor of Mathematics from the University of Waterloo.

Jim Hinatsu, Ph.D


Mr. Hinatsu has more than 20 years of experience designing and developing electrochemical and hydrogen systems. Jim was the VP of Advanced Engineering for Stuart Energy Systems, where he led both R&D and IP development. Jim has also worked in the areas of fuel cells, electrochemical synthesis and corrosion protection. He holds a Ph.D, an M.A.Sc, and a B.A.Sc in Chemical Engineering from the University of Toronto.

Michael Stemp, Ph.D


Mr. Stemp has more than 20 years of experience designing and developing hydrogen systems, including as Director of Advanced Engineering for Stuart Energy Systems. Mike holds a Ph.D in Materials Science from the Swiss Federal Institute of Technology in Lausanne, Switzerland, and an M.A.Sc and B.A.Sc in Materials Science and Engineering from the University of Toronto.

Allan MacKenzie, BSc, BA, MBA

Chair of the Board

Mr. MacKenzie is the owner and principal of Disruptive Ventures, a technology private equity fund. Previously, Mr. MacKenzie was a partner of Octane Venture Partners, an oil and gas technology venture capital fund. With over 15 years of total investing experience, Mr. MacKenzie has also served as Chairman of two software technology companies, Tynt and Optessa. Mr. MacKenzie was the CFO of Quack.com, which was acquired at a significant premium by AOL. Mr. MacKenzie holds a BSc in Engineering and a BA in Economics from Stanford University. He also holds an MBA from the University of Western Ontario.

Matthew Fairlie, M.Sc, DBA

Vice Chairman and Director

Mr. Fairlie is the former CTO and Executive VP of Stuart Energy Systems where he pioneered new concepts in water electrolyzer systems. He is also a former Vice Chair of the National Hydrogen Association in Washington, the former Chairman of the Hydrogen Business Council of Canada and is a Director of the California Hydrogen Business Council. Matthew holds an MSc in Physics from the University of Toronto and a DBA from Queens Business School in Kingston, Ontario.

Walter Howard, M.Eng, MBA


Mr. Howard brings extensive experience in operations, business development, finance, and M&A in the utility industry. He has held CEO, EVP and SVP positions with innovators in related syngas, wind energy, and cogeneration firms including Westinghouse Plasma Corp, Zegen, Noble Environmental Power (developer/owner of 486 wind turbines), General Electric Capital, and US Generating, as well as the water industry. Mr. Howard’s career spans more than 35 years of successfully executed technology development and implementation, project development and execution, and project finance. His projects have won multiple industry awards. He holds a Master’s degree in Engineering from Cornell University and an MBA from Harvard University.

Michael Pyle


Mr. Pyle is the Chief Executive Officer of Exchange Income Corporation, a diversified, acquisition-oriented corporation focused on opportunities in aerospace, aviation services and equipment, and manufacturing. Mr. Pyle holds a Bachelor of Arts degree (Economics) and an MBA (Finance) from the University of Manitoba and served in positions of increasing seniority culminating as President of The Arctic Glacier Income Fund (and its predecessor, The Arctic Group Inc.) from 1998 to 2002. Mr. Pyle is currently a director of CentrePort Canada Inc. and a director of the Winnipeg Blue Bombers Football Club. Mr. Pyle has been a member of the ICD since 2017.

Jens Peter (JP) Clausen, B.Sc, M.Sc


Mr. Clausen has held executive roles in manufacturing, engineering, and operations at LEGO Group, Tesla, and Zymergen. Currently he is VP of Engineering – Data Center Advanced Technology Innovation at Google where he leads global technology, product, and process innovation for Google Data Centers. Over the span of his career, he has led large operations teams in in Hungary, Mexico, and the US. His career highlights include co-creating the manufacturing network strategy at LEGO, building manufacturing capabilities at Tesla’s Gigafactory 1 from the ground up, leading powertrain manufacturing at Tesla, and creating advanced materials based on genetically engineered microbiology at Zymergen. Mr. Clausen holds a bachelor’s degree in industrial engineering with a diploma in leadership from Aarhus University and a master’s degree in MMT innovation and technology from Aalborg University.

Susan Uthayakumar


Ms. Uthayakumar is a business executive with almost 25 years of experience in finance and executive management. She has been with Schneider Electric, an energy technology company, for the past 15 years and has served as President of Schneider Electric Canada since January 2018, with overall responsibility for Canadian operations. She began her career as a CA with Deloitte, where she held positions of increasing responsibilities before joining McCain, where she executed global growth strategies and acquisitions across North America, Europe and Asia. Ms. Uthayakumar is a CA and CPA and has an Executive MBA from the Kellogg School of Management as well as a Bachelor of Arts and a Master of Accounting from the University of Waterloo.

Anthony Guglielmin


Mr. Guglielmin is a seasoned executive, having recently retired as SVP and Chief Financial Officer of Ballard Power Systems, a global leader in clean energy fuel cell products and solutions, having originally joined Ballard in June 2010. Mr. Guglielmin holds a BA in Economics and Political Science and an MBA from McGill University. He also holds the Chartered Financial Analyst designation and is a member of the Financial Executives Institute. He serves on the Board of Westport Fuel Systems, Information Services Corporation, as well as a number of private and not-for-profit organizations. He was awarded the Business in Vancouver 2017 CFO of the year in the Transformation Agent category.