Next Hydrogen, a Canadian Company, Expands Further into the Fusion Market Through Strategic Collaboration with Fusion Fuel Cycles Inc.

Next Hydrogen Solutions Inc. (“Next Hydrogen” or the “Company”) (TSXV:NXH) is pleased to announce a collaboration agreement with Fusion Fuel Cycles Inc. (“FFC”) to demonstrate purpose-built electrolysers for the fusion industry.

This partnership builds on two contracts totaling approximately $3.75 million awarded by FFC to Next Hydrogen in March 2026. Under these contracts, Next Hydrogen will engineer and deliver an electrolyser for the extraction of tritium, the fuel of fusion, from heavy water. The electrolyser will be integrated into FFC’s overall fusion fueling system.

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The collaboration supports FFC’s vision to create a holistic fusion fuel cycle — a standardized balance of plant that allows fusion developers to source proven, integrated systems to enable their demonstration and commercial deployments.

FFC and Next Hydrogen Signing Ceremony at Team Canada Trade Mission to Japan

Signing ceremony between Yuhei Nozoe (Co-CEO, FFC) and Raveel Afzaal (CEO, Next Hydrogen) in the presence of the Honourable Maninder Sidhu (Minister of International Trade), Ambassador to Japan Ian G. McKay, Christian Howes (Senior Economic Officer, Ontario Trade & Investment) and Guillermo Freire (SVP, Mid-Market Group, EDC).

The fusion industry is widely seen as a massive long-term market now entering its prototyping and demonstration phase. Fusion promises a near-limitless, clean, and inherently safe source of baseload power, and once fully commercialized could rival or exceed today’s global electricity market to become one of the world’s largest industrial sectors.

“Next Hydrogen has a unique electrolyzer design that is very well suited to the demands of fusion power,” said Yuhei Nozoe, Co-Chief Executive Officer of FFC. “Its alkaline cell delivers the durability these applications require, while high current density operation keeps the system compact and minimizes potential leak points. Just as importantly, its novel cell design architecture with internal gas-liquid separation reduces contamination risk — exactly the characteristics we need to build reliable fuel cycle systems for our customers.”

“We strongly believe in FFC’s value proposition and team. One of the major strengths of FFC is its ability to leverage the historical strengths of the Japanese fusion industry and the Canadian nuclear industry,” said Raveel Afzaal, President and Chief Executive Officer of Next Hydrogen. “By delivering a standardized balance of plant, FFC allows fusion companies to concentrate on their core intellectual property while FFC handles the supporting systems around it. That focus translates directly into lower costs and faster timelines for an industry where speed to demonstration matters enormously. FFC also brings a very strong pedigree as a joint venture between Canadian Nuclear Laboratories and Kyoto Fusioneering, and we are proud and grateful to support its mission to help bring fusion energy to commercial reality.”

About FFC

A joint venture between Kyoto Fusioneering (KF) and Canadian Nuclear Laboratories (CNL), Fusion Fuel Cycles Inc. supplies a full suite of fusion fuel cycle products and services, ranging from individual components and sub-systems to fully integrated fuel cycle systems. FFC combines CNL’s decades of tritium-handling expertise from the global CANDU reactor fleet with KF’s fusion engineering capability. Its flagship project, UNITY-2 at Chalk River Laboratories in Ontario, is the world’s first fully integrated tritium fuel cycle test facility.

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of water electrolysers 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.