MISSISSAUGA, Ontario, Nov. 17, 2023 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the third quarter ended September 30, 2023.
“The focus for 2023 is to (1) achieve significant improvement in our product line, (2) demonstrate our second-generation product line, and (3) generate significant market traction,” said Raveel Afzaal, President and CEO of Next Hydrogen. “We are well capitalized to achieve these objectives which will put us in a very competitive position for growth in 2024. The recently announced improvement in cell performance, new blue-chip industry partners such as Casale, GE and a $7.7M agreement for a nuclear application are helping us advance strongly towards our 2023 objectives.”
Q3 2023 Financial Highlights
Cash balance was $11.9 million as of September 30, 2023, compared to $15.9 million as of June 30, 2023
Revenu was $53,399 and $143,095 for the three-month period and nine-month period, compared to $74,457 and $160,078, respectively, in the previous year.
Net loss and comprehensive loss was $2.33 million and $8.67 million for the three-month period and nine-month period, respectively, compared to a loss of $3.90 million and $10.98 million, respectively, in the previous year
Management is proud to highlight several recent milestones that demonstrate significant recent progress:
Next Hydrogen has met its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its new second generation “GEN2” water electrolyzer technology which exceeded the recently reported US Department of Energy (DOE) technical targets status for energy efficiency. The GEN2 performance achievement is the beginning of the company’s quest to achieve industry leading performance and is targeting further improvement in 2024.
The Company has entered into a $7.7M agreement for a project involving a specalized nuclear application. Under the agreement, Next Hydrogen will conduct design engineering (Phase 1) and subsequently provide the electrolyzer needed (Phase 2) for the Project. A $5M purchase order has been received for Phase 1, which is expected to take place during 2024, with a follow-on order of $2.7M planned for Phase 2 with electrolyzer delivery expected to occur in 2025. This project will position the company to secure further contracts from the nuclear fusion industry and is very well aligned with its product roadmap for large scale green hydrogen production.
Next Hydrogen and Casale SA (“Casale”), have signed a memorandum of understanding to develop green ammonia and methanol systems that integrate Next Hydrogen’s electrolysis technology to offer a bundled package to customers. Under this agreement, the companies will bring together their collective experience and capabilities to accelerate and scale-up green ammonia and methanol plants connected to renewable energy source. This collaboration provides a compelling pathway to producing clean, zero-emission ammonia and methanol from green renewable energy power sources.
Next Hydrogen will be receiving advisory services and up to $750,000 in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) toward the development and demonstration of the Company’s next generation products. This will further help the Company accelerate its product roadmap and its mission of driving large scale adoption of green hydrogen solutions to decarbonize the global economy.
The Company has been awarded $5.1 million from Sustainable Development Technology Canada (SDTC) towards the development and demonstration of the Company’s next generation electrolysis technology. The SDTC project, with a budget of over $12 million will run to early 2025, resulting in the launch of a second-generation product line with cost and performance improvements and a third-genertion larger scale product line with further cost and performance improvements. With the launch of these products, Next Hydrogen will be well positioned to support the needs of its customers for both near term market demonstrations and commercial large scale green hydrogen systems.
