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Next Hydrogen Reveals Its Achievements Over the Past Year

Next Hydrogen Solutions Inc., a designer and manufacturer of electrolyzers, reported its financial results for the fourth quarter and full year ended December 31, 2024.

“Next Hydrogen demonstrated best commercially available cell performance with best-in-class operating range, delivered its second-generation system to a customer site after an extended Factory Acceptance Test, secured a strategically important Green Ammonia project in partnership with GE and Casale, entered the aviation fuels vertical in partnership with Pratt & Whitney and secured funding support from Export Development Canada and existing investors,” said Raveel Afzaal, President & CEO. “With proven technology advantage and globally competitive gigawatt scale manufacturing capacity available through partnering with a leading hydrogen production system manufacturer, our objective is to drive a significant growth in our sales backlog in strategic verticals in 2025.”  

2024 Financial Highlights

  • Cash balance was $3.5M as of December 31, 2024, compared to $10.9M as of December 31, 2023.
  • Revenue for the year ended December 31, 2024 was $1.4M compared to $1.0M in the same period of the prior year.
  • Net loss and comprehensive loss for the year ended December 31, 2024 was $14.6M compared to $12.0M in the same period of the prior year.

Management is proud to highlight several recent milestones that demonstrate significant recent progress:

  • In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds where necessary to improve on its technology and for general corporate purposes.
  • Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.
  • In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competitively positions it to bid on large-scale projects globally starting in 2026. Next Hydrogen will continue to maintain control over intellectual property and electrolyzer design. The Company also aims to further expand its Canadian operations to ensure flexible supply chain and production that aligns with evolving clean energy policies, driving global green hydrogen adoption.

Image of Next Hydrogen

Describe more in press release https://tinyurl.com/3a2c8y39

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