Next Hydrogen Solutions Inc. CEO Raveel Afzaal Discusses the Company’s Corporate Strategy, Recent Events, and Business Outlook

  • Next Hydrogen Solutions Inc. designs and manufactures alkaline electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. When the electricity used in this process is produced from renewable sources – such as solar, wind or hydro – the resulting hydrogen is “green”. In fact, this is the only way to produce green hydrogen.
  • Many countries have established net zero carbon ambitions and many also have announced hydrogen strategies as part of their carbon reduction plans. It is estimated that the production of hydrogen to meet the CO2 containment objectives of the Paris Climate Accord will require 270 GW’s of electrolyzers by 2030, the cost of which have come down 40% in just the past 5 years alone.
  • Next Hydrogen is the only publicly listed pure play electrolysis company in North America and has a differentiated technology platform. The company’s 38 patents effectively combine the best features of alkaline electrolyzers with beneficial performance characteristics of proton exchange membrane (PEM) technology. This enables a number of important and unique advantages: (i) 2.5x traditional current density, so that greater hydrogen production is made possible from the same quantity of materials, (ii) superior dynamic response, capturing fluctuations in energy at 5% per second, and (iii) scalable design, permitting a 300% increase in power to achieve economies-of-scale and reduced cost.
  • Next Hydrogen products have been validated in demonstrations with AECL and Canadian Tire. The company intends to deliver commercial products in the next 2 years and to scale the business as it attracts a share of the $80bn TAM opportunity that is expected by 2030, from both industrial and transportation applications.

Next Hydrogen Solutions Inc. designs and manufactures alkaline electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture, supported by 38 patents, enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into “green” hydrogen on an infrastructure scale. Next Hydrogen’s redesign of the electrolyzer system architecture offers the potential to meaningfully decrease green hydrogen production cost. Next Hydrogen has worked with Atomic Energy Canada Limited (AECL) and has undertaken an onsite hydrogen production pilot with major retailer Canadian Tire, which resulted in two follow-on orders. The company also recently announced a partnership with Hyundai Motor Company and Kia Corporation, adding support for its innovative electrolyzer design. Following the successful pilots, Next Hydrogen is focused on scaling up its technology to deliver commercial solutions for decarbonization of the transportation and industrial sectors.


Shawn Severson: Hello and thank you, everyone for joining us today. My name is Shawn Severson, Co-Founder and President of Water Tower Research and Head of WTR Sustainable Investing and ClimateTech Research here at WTR.

Glad to have everybody back again as part of our Sustainable Investing Fireside Chat Series. And as a reminder, this event will be archived and available on demand. You can ask questions in the bottom left hand corner. There is a box called the chat box, which is easy to find. And you can ask questions there. We will get to hopefully a few of those.

I will run through a number of questions that we have. And then, hopefully leave some time for a couple of questions from participants, as well. And today, we’re glad to have Next Hydrogen Solutions with us. And, Raveel, I think we’ll get into a little bit about your background here as well. The ticker by the way is NXT.V in Canada and NXHSF in the U.S.

And with that, I’ll turn ...

Large thumb output onlinejpgtools  21
Raveel Afzaal

President & CEO

Next Hydrogen Solutions Inc.

Mr. Afzaal brings deep capital markets expertise through a distinguished career in equity research over the past decade, with a focus on Sustainability and Industrial Technologies. Prior to joining Next Hydrogen, he was an equity research analyst covering the Canadian Sustainability and Special Situations verticals for Canaccord Genuity. During his equity research career, Raveel was ranked in Brendan Wood surveys based on Buy Side nominations as well as by Thomson Reuters for estimates accuracy. Prior to joining equity research, Raveel worked in venture capital with XPV Capital. He graduated with a Bachelor of Mathematics and a Bachelor of Arts (Economics) from the University of Waterloo. He is also a CFA charter holder.


Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.

WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information p...