Next Hydrogen secures $7.7M agreement for a project involving a specialized nuclear application

MISSISSAUGA, Ontario, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (“Next Hydrogen”) (TSXV:NXH, OTC:NXHSF) is pleased to announce it has entered into a $7.7M agreement for a project involving a specialized nuclear application (the “Project”). Under the agreement, Next Hydrogen will conduct design engineering (Phase 1) and subsequently provide the electrolyser needed (Phase 2) for the Project. A $5M purchase order has been received for Phase 1 with a follow-on order of $2.7M planned for Phase 2 with electrolyser delivery expected to occur in 2025.

Raveel Afzaal, President and CEO of Next Hydrogen stated “We are very grateful to be awarded this project with blue-chip industry partners. Our unique, advanced electrolyser design is well suited to this important application and was successfully tested for the application in the past. This project will provide us with the resources to deliver and demonstrate a strong solution for an application with high growth potential, for example, in nuclear fusion demonstrations, while accelerating our product roadmap for large scale green hydrogen production. Operating our electrolyser in such a stringent application will provide an excellent reference point for our next generation high performance electrolysers.”

About Next Hydrogen Solutions

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. For further information: www.nexthydrogen.com