Dear stake holder:

Our company is at an inflection point and as such, we wanted to share our recent updates with you. We are looking forward to a strong end to 2024 and remain grateful for your support on our journey to decarbonize our beautiful planet.

We continue to achieve high visibility as underscored by the Deputy Prime Minister’s visit in April. This highlights that our activities are well aligned with the national strategy. The link to recent and positive updates to Hydrogen policy further below.

20,000 hours plus on our test infrastructure which has accelerated and de-risked our product development activities. Our early investment in test infrastructure is paying dividends.

Announced partnerships with GE and expecting to deliver a system in the near-term to them in New York which will be directly connected to a solar farm. GE will provide the power converters. We will use this as a light house project and will leverage GE as both a channel and execution partner to make further in roads in the US.

Next Hydrogen Reports Q2 2024 Financial Results

If you would like to book an update call via Zoom or phone, please reach out to investor.relations@nexthydrogen.com

Major policy and regulatory updates (Government of Canada initiatives)

Next Hydrogen provides alkaline electrolysis tech for ammonia research

H2 View, August 20, 2024 – Next Hydrogen has provided its latest generation alkaline electrolysis technology to the University of Minnesota (UMN) to demonstrate the production of ammonia from renewable energy.

Industrial sector to lead global hydrogen demand by 2040, report finds

H2 View, August 26, 2024 – The industrial sector is expected to dominate hydrogen demand in the approaching decades and not transportation, according to a new report from the International Chamber of Shipping.

Dutch Government to hold $1bn hydrogen auction in October

H2 View, August 20, 2024 – The Dutch Government is set to hold its €998m ($1.01bn) green hydrogen subsidy auction from October 15 through to the end of the month.

Indonesia targets $25.2bn green hydrogen investment by 2060

H2 View, August 19, 2024 – H2 View understands that the Indonesian Government is aiming to invest up to $25.2bn into the green hydrogen sector by 2060.

Could Canada become a world hydrogen production leader?

Hydrogen Fuel News, August 22, 2024 – Paul Scherrer Institute PSI researchers recently conducted an analysis of the regions around the world that would be suited for hydrogen production and pointed to regions of Canada as some of the most promising.

BNP, CIBC to lead financing of major German hydrogen project

Bloomberg News, August 21, 2024 – BNP Paribas SA and Canadian Imperial Bank of Commerce are among banks that have committed to backing one of Germany’s largest hydrogen projects.

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 transportation and industrial sectors.

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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; 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.