Next Hydrogen Reports Q1 2024 Financial Results

May 10, 2024

MISSISSAUGA, May 9, 2024 (GLOBENEWSWIRE) – Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the first quarter ended March 31, 2024.

“In 2024, we intend to: (1) demonstrate our system at a customer site, (2) further improve our energy efficiency to exceed US DOE 2026 targets to world class efficiency levels, (3) complete pilot scale testing of our large-scale product line (up to 8MW per module) targeting large scale 100MW+ solutions, and (4) double our growing backlog,” said Raveel Afzaal, President & CEO. “We are progressing well on all of these goals with a fully financed business plan for 2024 and looking forward to a transformative year. We were honored by a visit by our Deputy Prime Minister, Chrystia Freeland in April which underscores our government’s commitment to the hydrogen sector and the potential it holds for Canada’s future.”

Q1 2024 Financial Highlights


  • Cash balance was $9.6M as of March 31, 2024, compared to $10.9M as of December 31, 2023.
  • Revenue for the three-month period ended March 31, 2024 was $0.6M compared to $0.04M in the same period of the prior year.
  • Net loss and comprehensive loss for the three-month period ended March 31, 2024 was $3.4M compared to $3.4M in the same period of the prior year.

Management is proud to highlight several recent milestones that demonstrate significant recent progress:

  • In April 2024, Next Hydrogen welcomed Deputy Prime Minister Chrystia Freeland, Minister Kamal Khera and MP Peter Fonseca to our manufacturing facility to announce new investment tax credits which will further support the Canadian clean technology sector. Minister Freeland also stated publicly “Next Hydrogen in Mississauga is changing the game in renewable energy and clean hydrogen production!”
  • Next Hydrogen is currently in advanced discussions for new government grant opportunities pertaining to commercialization activities of the business.
  • Next Hydrogen has met its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its electrolyzer technology exceeding the recently reported US Department of Energy (“DOE”) technical targets status for energy efficiency. Our efficiency performance achievement has positioned the Company as an industry leader in electrolysis cell performance. Next Hydrogen has a progressive goal to achieve 1.70 V/cell at 1.2 A/cm2 during 2024 that will exceed US DOE’s 2026 targets and firmly plant us as a global best-in-class water electrolysis company.
  • Next Hydrogen and General Electric Vernova (“GE Vernova”) have signed a memorandum of understanding to integrate Next Hydrogen’s electrolysis technology with GE Vernova’s power systems offerings to produce green hydrogen. This collaborative effort will encompass installation, rigorous testing, and the seamless integration of a Next Hydrogen water electrolyzer with a power supply meticulously designed and fabricated by GE Vernova. This collaboration will further support Next Hydrogen’s commitment to pioneering innovative green hydrogen technologies, addressing climate change, and promoting global energy sustainability.
  • The Company has received a repeat project for a project involving a specialized nuclear application worth $7.7M. Under the agreement, Next Hydrogen will conduct design engineering (Phase 1) and subsequently provide the electrolyzer needed (Phase 2) for the project. A $5M purchase order has been received for Phase 1, with a follow-on order of $2.7M planned for Phase 2 with electrolyzer delivery expected to occur in 2025.
  • Next Hydrogen and Casale SA (“Casale”) signed a memorandum of understanding and subsequently Next Hydrogen received a purchase order for the integration of Next Hydrogen’s electrolysis technology and products within Casale’s green ammonia and methanol production systems. The companies will bring together their collective experience and capabilities to accelerate and scale-up green ammonia and methanol plants connected to renewable energy sources. This collaboration provides a compelling pathway to producing clean, zero-emission ammonia and methanol from green renewable energy power sources. Green ammonia and methanol projects are regarded as first mover applications requiring scaled green hydrogen production.
  • Next Hydrogen has appointed Mr. Rob Campbell as Chief Commercial Officer (CCO), who brings a distinguished career in senior leadership roles in the global clean technology sector with a focus on hydrogen, fuel cells and solar industries. Mr. Campbell will help Next Hydrogen execute the Company’s go-to-market strategy introducing our products into strategic market applications.
  • The Company was awarded $5.1M from Sustainable Development Technology Canada (“SDTC”) towards the development and demonstration of the Company’s next generation electrolysis technology. Further, Next Hydrogen is working with blue-chip industry partners representing end-users, suppliers and channel partners to ensure strong product-market fit needed for follow-on revenue generation. This project will run to early 2025, resulting in the launch of our initial product line (~2MW) with cost and performance improvements and a larger-scale product line (~8MW per module). Next Hydrogen will be well positioned to support the needs of its customers with the launch of these products for near-term market demonstrations and longer-term large-scale green hydrogen systems.
  • Next Hydrogen received $0.8M in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (“NRCC IRAP”) toward the development and demonstration of the Company’s next generation products. This will further help the Company accelerate its product roadmap and its mission of driving large scale adoption of green hydrogen solutions to decarbonize the global economy.

For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at or on SEDAR+ at

In addition, to better understand our achievements from 2023 and the outlook for 2024, please refer to the CEO letter included in the 2023 year-end MD&A.

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize industrial and transportation sectors.

Contact Information

Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.

Cautionary Statements

This news release contains “forward-looking information” and “forward-looking statements”. 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. 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: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. 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, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.