Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
TORONTO, Jan. 25, 2021 (GLOBE NEWSWIRE) — Next Hydrogen Corporation (“Next Hydrogen” or the “Company”) is pleased to announce that it has closed its previously announced private placement equity financing. The financing was oversubscribed and will allow the Company to execute on its business strategy in 2021 and support its plans to become a listed issuer on the TSX-V.
“We have spent the last 12 years fundamentally revolutionizing the cell design architecture of alkaline electrolysers, which has not changed in decades,” said Mr. Walter Howard, Executive Chairman. “Our patented design allows for higher current densities with the same proven materials used by our leading competitors. This provides us with good visibility on significantly reducing the cost of green hydrogen production at scale and providing a sustained cost advantage for our customers. This financing better positions us to drive wide-scale adoption of our green hydrogen solutions to decarbonize the very large transportation and industrial sectors.”
Mr. Raveel Afzaal, President & CEO added, “Next Hydrogen’s large intellectual property portfolio is developed by world class pioneers in the hydrogen sector. We are pleased to see that the green hydrogen market that we designed our products for is finally here almost a decade later. We appreciate the significant institutional interest in this private placement round, which built on our previous over-subscribed equity offering completed in September. Upon our anticipated TSX V listing, we believe we will be the only public and pure play green hydrogen generation company in Canada, and likely North America.”
“We see a bright future for Next Hydrogen, given our unique water electrolysis product offering, strong macro tailwinds, large addressable market, and increasing capital availability. We are looking forward to playing our part in helping drive a more sustainable future for our planet.”
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 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”, an 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, among other things, to: the terms and conditions of the Transaction, the business and operations of Next Hydrogen and the Resulting Issuer; the completion and terms of the Private Placement, the constitution of the Resulting Issuer’s board and management terms, and the trading and listing of the Resulting Issuer shares as the case may be. 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: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder, court or regulatory 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, Next Hydrogen and BioHep assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Next Hydrogen Corporation
Raveel Afzaal, CFA
President & CEO