NEXT HYDROGEN SOLUTIONS - NXHSF STOCK NEWS

Next Hydrogen Solutions, a designer and manufacturer of electrolyzers, has received a Letter of Interest from Export Development Canada (EDC) for potential working capital debt financing of up to $5M. The financing is subject to EDC's satisfactory completion of technical, environmental, social and governance (ESG), financial and commercial due diligence. The company emphasizes significant export potential for their innovative electrolyzers, noting that 75% of the world GDP has policies supporting hydrogen economy growth for decarbonization of hard-to-abate sectors.

Next Hydrogen Solutions (TSXV:NXH, OTC:NXHSF) announces a private placement of unsecured convertible debentures worth up to $3,000,000. The debentures will mature in 24 months, bearing a 10% annual interest rate paid semi-annually. Holders can convert the principal and accrued interest into common shares at $1.00 per share. The offering is expected to close on November 29, 2024. Proceeds will support scale-up efforts and general corporate purposes. The debentures will be subordinated obligations ranking equally with other unsecured debt. The offering is subject to regulatory approvals, including TSXV approval.

Next Hydrogen Solutions is developing high-efficiency, low-cost electrolyzers for the aviation industry's hydrogen production infrastructure. The company is collaborating with Pratt & Whitney Canada under the Hydrogen Advanced Design Engine Study (HyADES) project, supported by Canada's Initiative for Sustainable Aviation Technology (INSAT). The project will demonstrate hydrogen combustion technology on a PW127XT regional turboprop engine, which offers 3% better fuel efficiency, 40% improved time on wing, and 20% reduced maintenance costs. The first phase includes fuel nozzle and combustor rig testing, with future phases targeting full engine ground testing.

Next Hydrogen Solutions Inc. (TSXV:NXH, OTC:NXHSF) has successfully completed an extended durability test of its GEN2 electrolysis cells for efficient green hydrogen production. The GEN2 cells, which previously achieved leading efficiency in October 2023, will now be deployed in commercial operations at customer sites.

Key highlights:

• GEN2 cell performance: lower than 1.9 V per cell at 1 amp/cm2 and 70°C
• Exceeds US Department of Energy (DOE) technical targets for energy efficiency
• Maintains a 2 times higher peak operating point
• Demonstrates best-in-class performance with a 10% turn-down
• Successfully surpassed 3,000 hours of cyclic testing

The GEN2 cells will be applied to Next Hydrogen's modular product line in sizes of 0.75MW, 1.5MW, and 2.25MW. The company plans to demonstrate an even larger and more efficient GEN3 product version in 2025.

Next Hydrogen Solutions Inc. (TSXV:NXH, OTC:NXHSF) has successfully completed an extended factory acceptance test of its second-generation electrolyzer module. This new product line, set for customer site commissioning in the coming months, offers a 40% cost improvement through design simplification and part count reduction. The development was partially funded by Sustainable Development Technology Canada (SDTC).

The modular product line is available in sizes of 0.75MW, 1.5MW, and 2.25MW, featuring a turn-down ratio of 10% for direct connection to renewables. This milestone follows over 20,000 hours of bench and pilot scale testing. Next Hydrogen continues to innovate, focusing on large-scale and cost-effective designs for high-volume green hydrogen production.

Next Hydrogen Solutions Inc. (TSXV:NXH, OTC:NXHSF) has been awarded a contract by the University of Minnesota (UMN) to supply its latest generation electrolysis technology for a renewable energy ammonia production research project. The project, supported by the U.S. Department of Energy's ARPA-E and other partners, will be installed at UMN's West Central Research and Outreach Center (WCROC).

Next Hydrogen will provide its third-generation Alkaline Water Electrolyzers, featuring improvements in energy efficiency, current density, and operating pressure. These electrolyzers offer complete and responsive renewable energy load following capability, essential for producing hydrogen from intermittent energy sources like wind and solar. The system is scheduled to be operational in 2025.

Next Hydrogen Solutions Inc. (NXH) has received a purchase order from Casale for the development of its next-generation products for use in Casale's green ammonia and methanol systems. This partnership aims to integrate Next Hydrogen's unique electrolysers into Casale's plants, marking a significant step forward in their collaboration.

Next Hydrogen Solutions Inc. (NXH) appoints Rob Campbell as Chief Commercial Officer, bringing extensive experience in the clean technology sector with a focus on hydrogen, fuel cells, and solar industries. Mr. Campbell's responsibilities include executing the company's go-to market strategy, growing commercial partnerships, and overseeing business and product development teams.

GE Vernova (GEV) and Next Hydrogen Solutions Inc. (NH2O) have signed a memorandum of understanding to integrate Next Hydrogen’s electrolysis technology with GE Vernova’s power systems offerings to produce green hydrogen. This collaboration aims to drive the hydrogen revolution and contribute to decarbonization in various market segments, such as industrial gas, power, marine, and O&G industries. The integration of GE Vernova’s power conversion technology provides Next Hydrogen water electrolyzers with direct current (DC) power sourced from renewable energy, including solar, wind, and hydro. Next Hydrogen's commitment to pioneering innovative green hydrogen technologies, addressing climate change, and promoting global energy sustainability is supported by this partnership with GE Vernova.