Next Hydrogen Solutions has garnered $5 million, the Mississauga company announced this week.
Next Hydrogen received a $5M working capital debt facility from Export Development Canada, a statement from the firm reveals.
“We are grateful for this very meaningful support from EDC to help support our growth opportunities,” stated chief executive officer Raveel Afzaal.
Founded in 2007, Next Hydrogen is a designer and manufacturer of innovative water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or industrial feedstock.
“We have a world class electrolyser design with a revolutionary cell architecture which enables highly efficient, large scale and low-cost green hydrogen production,” said Afzaal.
Next Hydrogen’s unique cell design architecture is supported by 40 patents.
“With 75% of the world 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,” Afzaal said.
Following successful pilots, Next Hydrogen is scaling up its technology, according to the CEO.
Tushar Handiekar, who serves as vice president of Structured and Project Finance at EDC, says Next Hydrogen’s tech deployment “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.”
“EDC is thrilled to support Next Hydrogen’s ambitions for large scale adoption of green hydrogen solutions,” stated Handiekar.
In October, Next Hydrogen successfully completed an extended durability test of its GEN2 electrolysis cells, marking a significant step toward commercial deployment of its green hydrogen technology.