Next Hydrogen receives $5M from EDC

MISSISSAUGA — Next Hydrogen Solutions receives a $5M 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 an electrolyser design with a cell architecture which enables highly efficient, large-scale and low-cost green hydrogen production,” said Raveel Afzaal, president and CEO of Next Hydrogen. “With 75 per cent of the world’s GDP 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 VP, Structured and Project Finance at EDC. “The deployment of its innovative electrolyser, 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.”