Next Hydrogen

What Next Hydrogen does

Next Hydrogen Solutions Inc. is a Canadian designer and manufacturer of alkaline water electrolyzers for green hydrogen production, headquartered in Mississauga, Ontario. Founded in 2007 and publicly listed on the TSX Venture Exchange (NXH) since June 2021, the company has developed a patented cell design architecture (supported by 40 patents) that enables high current density operations and superior dynamic response to intermittent renewable electricity. Its product portfolio spans the NH-150 commercial electrolyzer, the GEN2 modular line (available in 0.75MW, 1.5MW, and 2.25MW configurations), and the GEN3 electrolyzer (up to 8MW per module) currently in pilot testing for large-scale applications such as green ammonia and sustainable aviation fuel.

The company generates revenue primarily through hardware sales of electrolyzer systems and professional services for system integration and design engineering, with quote-based custom pricing on multi-year contracts. Its customer base is concentrated among enterprise accounts in industrial chemicals (Casale for green ammonia/methanol), transportation (Canadian Tire for material handling fueling, Hyundai/Kia for alkaline system co-development), aviation (Pratt & Whitney Canada under the INSAT program), nuclear energy, and power systems (GE Vernova). Distribution is executed via direct enterprise sales, complemented by strategic channel partners including GE Vernova, Casale, Black & Veatch, and an Asian electrolyzer manufacturer providing gigawatt-scale manufacturing access.

FY2025 revenue was $3.4 million, up from $1.4M in FY2024 and $1.0M in FY2023. The company maintains ISO 9001-2015 and ISO 45001-2018 certifications and operates a US subsidiary (Next Hydrogen USA, Inc.). Strategic capital partners include Sustainable Development Technology Canada, Export Development Canada, FedDev Ontario, and NRC IRAP. In December 2025, Smoothwater Capital Corporation led a CAD$20.7 million private placement, becoming the largest shareholder at approximately 47.9% of issued shares and installing its CEO as Executive Chair of Next Hydrogen.

Name

Next Hydrogen

Legal name

Next Hydrogen Solutions Inc.

Website

https://nexthydrogen.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Next Hydrogen is a Canadian designer and manufacturer of alkaline water electrolyzers, offering patented cell architecture (40 patents) for producing green hydrogen from renewable electricity. It serves industrial, transportation, aviation, and nuclear sectors with modular products ranging from 0.75MW to 8MW.

Ownership category

akta.pro rank

Product category

Green Hydrogen Electrolyzers

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

Keywords

• Alkaline water electrolyzers
• Green hydrogen production
• Electrolysis cell design
• Renewable hydrogen systems
• Hydrogen generation equipment

Headquarters

HQ city

Mississauga

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Electrolyzer System Sales: Sale of water electrolyzer systems and modules for green hydrogen production. Revenue generated from commercial electrolyzer deliveries, with product line spanning 0.75MW to 8MW modules.
2. Professional Services and Integration: Design engineering, system integration, and demonstration services associated with electrolyzer deployments, including Phase 1 design engineering and Phase 2 electrolyzer delivery for specialized projects.
3. Strategic Partnership Development: Revenue from development work and purchase orders under strategic partnerships, including integration work with Casale for green ammonia and methanol systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Next Hydrogen designs and manufactures alkaline water electrolyzers that convert intermittent renewable electricity into green hydrogen at infrastructure scale. Its product portfolio includes the NH-150 and NH-500 commercial systems, the modular GEN2 line (0.75MW–2.25MW), and the GEN3 platform (up to 8MW per module). The company supports customers with design engineering, system integration, demonstration services, installation, and ongoing maintenance for electrolyzer deployments.

Product overview

Next Hydrogen is a designer and manufacturer of water electrolyzers for green hydrogen production. The company offers a product portfolio consisting of the NH-150 and NH-500 commercial electrolyzer systems, the GEN2 modular product line (available in 0.75MW, 1.5MW, and 2.25MW sizes), and the third-generation GEN3 electrolyzer (up to 8MW per module) currently in development. The company provides alkaline water electrolysis technology with unique cell design architecture that enables high current density operations and superior dynamic response for converting intermittent renewable electricity into green hydrogen. Supporting services include installation, testing, integration, and maintenance.

Differentiator

Problem solved

Functional benefit

Products and services

• NH-150 Electrolyzer
• NH-500 System
• GEN2 Modular Electrolyzer
• GEN3 Electrolyzer
• Hydrogen Services

Quantifiable outcome

• Cell performance of 1.90 V/cell at 1 A/cm2 and 70°C exceeds US DOE technical targets for energy efficiency
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Nuclear Application PartnerscoreStrategic or Co-development Partner · 11 March 2026Two contracts totaling approximately $3.75 million to demonstrate electrolyzer technology in specialized nuclear applications. Next Hydrogen delivering customized electrolyzer system designed for high-performance and reliability in nuclear environments.
• Asian Electrolyzer ManufacturercoreStrategic or Co-development Partner · 25 March 2025Wide-ranging strategic cooperation with an Asian electrolyzer manufacturer to accelerate commercialization and scale-up of Next Hydrogen's innovative water electrolysis technology. Partnership provides access to gigawatt-scale manufacturing capacity while Next Hydrogen maintains control over intellectual property and electrolyzer design.
• Pratt & Whitney CanadacoreStrategic or Co-development Partner · 7 November 2024INSAT-supported collaboration to demonstrate hydrogen in aircraft engines (HyADES project). Next Hydrogen developing high-efficiency low-cost electrolyzers for hydrogen production infrastructure for aviation. Pratt & Whitney Canada demonstrating hydrogen combustion on PW127XT turboprop engine. Project partially funded by Canada's Initiative for Sustainable Aviation Technology.
• University of Minnesota (WCROC)minorStrategic or Co-development Partner · 19 August 2024Contract awarded for Next Hydrogen's third-generation alkaline water electrolyzers to be installed at UMN West Central Research and Outreach Center. Project supported by US DOE ARPA-E with partners including Casale, GE, Nutrien, Shell, and others to demonstrate ammonia production from renewable energy. System scheduled for 2025 operation.
• GE VernovacoreStrategic or Co-development Partner · 20 November 2023MoU signed to integrate Next Hydrogen's electrolysis technology with GE Vernova's power systems for green hydrogen production. GE Vernova provides power conversion and supply; Next Hydrogen provides water electrolyzer. Collaboration includes installation, testing, and integration of systems. GE serves as both channel and execution partner for US market entry.
• Casale SAcoreStrategic or Co-development Partner · 11 September 2023Non-exclusive MoU to develop green ammonia and methanol systems integrating Next Hydrogen's electrolysis technology with Casale's plant systems. Casale is among top global providers of fertilizer and chemical plant technologies. Follow-on purchase orders received for testing operational profiles and optimization for integration. Contemplates bundling electrolysers with Casale ammonia skids for turnkey solutions.
• Black & VeatchminorImplementation/ SI/ Consulting Partner · 5 April 2022MoU signed to develop large-scale integrated green hydrogen solutions for industrial customers. Next Hydrogen selected for Black & Veatch's IgniteX Climate Tech Accelerator program. Collaboration to offer complete integrated solutions for producing large-scale green hydrogen.
• New York State Energy Research and Development Authority (NYSERDA)minorStrategic or Co-development Partner · 25 March 2022MoU signed as part of initial group of 40 hydrogen ecosystem partners to develop proposal for US Northeast Hydrogen Hub under the US DOE regional clean hydrogen hub program.
• Hyundai Motor CompanycoreStrategic or Co-development Partner · 8 July 2021Signed MOU to jointly develop an advanced alkaline water electrolysis system for economically producing green hydrogen. Hyundai contributing electrode, bipolar plate and current collector component technology; Next Hydrogen providing stack design technology. Pilot test planned and potential commercial arrangements to follow. Part of Hyundai's HTWO hydrogen fuel cell brand strategy.
• Kia CorporationcoreStrategic or Co-development Partner · 8 July 2021Jointly with Hyundai Motor, signed MOU to develop advanced alkaline water electrolysis system for green hydrogen production. Exploring technological applications and commercial arrangements for hydrogen society advancement.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Nel ASA: Norwegian electrolyzer manufacturer producing both alkaline and PEM electrolyzers for green hydrogen production. Directly comparable as a publicly listed pure-play electrolyzer vendor with a similar end-market focus on industrial and mobility applications.
• ITM Power: UK-based PEM electrolyzer manufacturer with a similar profile as a small-cap public pure-play in green hydrogen production equipment. Comparable as a publicly listed electrolyzer specialist competing for the same industrial and mobility customers.
• Thyssenkrupp Nucera: German electrolyzer specialist (spun out of Thyssenkrupp) with leading alkaline water electrolysis technology. Direct peer in large-scale alkaline electrolyzers targeting green ammonia, refining, and industrial hydrogen applications.
• McPhy Energy: French electrolyzer manufacturer specializing in alkaline and PEM water electrolysis for green hydrogen production. Comparable small-cap European electrolyzer pure-play competing for industrial and mobility hydrogen projects.
• John Cockerill: Belgian industrial group with a hydrogen business producing large-scale alkaline and PEM electrolyzers. Directly comparable as a multi-MW electrolyzer vendor targeting green hydrogen for industrial applications.

Broad incumbents

• Plug Power: US-based broad hydrogen incumbent building a hydrogen ecosystem spanning PEM electrolyzers, fuel cells, and refueling infrastructure. Comparable as an electrolyzer competitor targeting similar industrial and mobility customers but with far greater scale and vertical integration.
• Ballard Power Systems: Canadian-based hydrogen fuel cell and electrolyzer company with overlapping hydrogen economy exposure. Comparable as a publicly traded Canadian hydrogen company with adjacent technology and similar investor base, though focused on fuel cells more than electrolyzers.
• Cummins (Accelera): Diversified US power and hydrogen incumbent whose Accelera segment manufactures PEM electrolyzers. Comparable in offering electrolyzers to industrial customers but with the backing of a much larger industrial conglomerate and broader product portfolio.
• Siemens Energy: Global energy technology incumbent with a hydrogen/PEM electrolyzer business and partnerships across the hydrogen value chain. Comparable as a large strategic player providing electrolyzers and power conversion, but operating with vastly greater scale and a broader portfolio.

Emerging players

• Ohmium International: US-headquartered PEM electrolyzer manufacturer with strong focus on modular products for industrial and mobility customers. Comparable as an emerging electrolyzer specialist with similar modular product strategy and target end markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nexthydrogen

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds7 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Next Hydrogen