Mr. Raveel Afzaal reports

NEXT HYDROGEN RECEIVES $5M WORKING CAPITAL DEBT FINANCING

Next Hydrogen Solutions Inc. has received a $5-million working capital debt facility from Export Development Canada (EDC).

"We are grateful for this very meaningful support from EDC to help support our growth opportunities. We have a world-class electrolyzer design with a revolutionary cell architecture, which enables highly efficient, large-scale and low-cost green hydrogen production," said Raveel Afzaal, president and chief executive officer of Next Hydrogen. "With 75 per cent of the world GDP [gross domestic product] having policies to grow the hydrogen economy, EDC is providing us with the opportunity to make a global impact to decarbonize hard-to-abate sectors."

"EDC is thrilled to support Next Hydrogen's ambitions for large-scale adoption of green hydrogen solutions," said Tushar Handiekar, group head and vice-president, structured and project finance, at EDC. "The deployment of its innovative electrolyzer, combined with Next Hydrogen's technical expertise and global partnerships can position the company as leader of Canadian innovation on the global stage, and EDC views this as the beginning of an important strategic relationship."

About Next Hydrogen Solutions Inc.

Founded in 2007, Next Hydrogen Solutions is a designer and manufacturer of innovative water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or a green industrial feedstock. 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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