Canadian Manufacturing

Next Hydrogen reports Q1 results; advances cleantech sector

by CM Staff   

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The company reported a cash balance of $9.6M as compared to $10.9M at the same time last year.

MISSISSAUGA — Next Hydrogen Solutions Inc. announced its financial results for the first quarter ended March 31, 2024.

In Q1 2024, the company reported a cash balance of $9.6M as of March 31, 2024, compared to $10.9M as of December 31, 2023. Revenue for the three months ended March 31, 2024, was $0.6M, compared to $0.04M in the same period of the prior year. The net loss and comprehensive loss for the three months ended March 31, 2024, was $3.4M, consistent with the same period of the prior year.

“In 2024, we intend to demonstrate our system at a customer site, further improve our energy efficiency to exceed US DOE 2026 targets to world-class efficiency levels, complete pilot scale testing of our large-scale product line (up to 8MW per module) targeting large scale 100MW+ solutions, and double our growing backlog,” said Raveel Afzaal, President and 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.”


The company’s recent milestones include a visit from Deputy Prime Minister Chrystia Freeland, Minister Kamal Khera, and MP Peter Fonseca in April 2024. This visit marked the announcement of new investment tax credits supporting the Canadian clean technology sector. Discussions are underway for new government grant opportunities related to commercialization activities.

The company has secured a repeat project for a specialized nuclear application worth $7.7M and signed a memorandum of understanding with Casale SA for the integration of Next Hydrogen’s electrolysis technology within Casale’s green ammonia and methanol production systems.

To support its market expansion, Next Hydrogen has appointed Mr. Rob Campbell as Chief Commercial Officer. The company has also received significant funding, including $5.1M from Sustainable Development Technology Canada and $0.8M in research and development funding from the National Research Council of Canada Industrial Research Assistance Program.


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