Next Hydrogen Corp, a Toronto-based provider of water electrolysis technology, has completed an equity private placement. The undisclosed financing was led by Pathfinder Asset Management. Next Hydrogen’s technology converts intermittent renewable electric power sources into clean hydrogen.
TORONTO, Sep 30, 2020 /CNW/ – Next Hydrogen Corporation (“Corporation”) is pleased to announce that it has successfully completed a non-brokered equity private placement (the “Offering”). The Offering was over-subscribed and upsized given strong investor interest.
Mr. Walter Howard, Executive Chairman stated, “Next Hydrogen has fundamentally revolutionized the design architecture of electrolysers which has not changed in decades. The patented design changes allow for more operational flexibility, scalability and dynamic response to help further accelerate the downward cost curve of converting intermittent renewable power into green hydrogen. This financing, which was led by Pathfinder Asset Management Limited, better positions us to drive wide-scale adoption of our green hydrogen generation solutions.”
In a separate development, the Corporation is pleased to announce Mr. Raveel Afzaal has joined Next Hydrogen as President. Mr. Afzaal brings deep capital markets expertise through a distinguished career in Equity Research over the past decade. He most recently served as an Equity Research Analyst, Sustainability & Special Situations at Canaccord Genuity. He graduated with a Bachelors of Mathematics and a Bachelors of Arts (Economics) from the University of Waterloo. He is also a CFA charter holder.
Mr. Afzaal stated, “Next Hydrogen’s unique and large patent portfolio has been developed by world class and proven experts in the hydrogen industry. The large addressable market within transportation and renewable energy battery storage sectors coupled with global blue-chip partnership opportunities paint a very bright future for Next Hydrogen. I feel privileged to be joining a very exciting growth story with significant macro tailwinds, and value creation milestones on the horizon.”
The Corporation intends to use the net proceeds from the Offering for technology development, to pursue strategic growth initiatives and for general corporate purposes.
Thunderstone Capital acted as the financial advisor to the company on the Offering.
About NEXT Hydrogen
Founded in 2007, Next Hydrogen’s innovative water electrolysis technology, with patented cell architecture, is designed to efficiently convert intermittent renewable electric power sources into clean hydrogen on an infrastructure scale.