A Mississauga-based renewable energy company, Next Hydrogen Corporation, is set to receive a significant financial boost from the federal government. On Tuesday, Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario, announced a $2-million loan to support the company’s ongoing expansion efforts.
Next Hydrogen, established in 2007, specializes in the design and manufacturing of innovative water electrolyzers. These patented cells are crucial for producing green hydrogen on a large scale by directly connecting with renewable energy sources. The federal funding will enable the company to enhance its manufacturing processes, increasing the production capacity of its electrolyzer modules to meet the growing demand from sectors such as transportation and industry.
“Investments in clean technology bolster Canada’s position as a global leader in green manufacturing and support a cleaner future for all while creating sustainable jobs,” said Tassi during the announcement.
Next Hydrogen’s clientele includes notable partners like Atomic Energy of Canada Limited, Canadian Tire, Hyundai, and GE Vernova. The company’s CEO, Raveel Afzaal, expressed gratitude for the support, emphasizing that the funds will help achieve critical milestones, including ISO 9001 certification and advancements in process, quality, and supply chain development.
This recent loan follows a $5 million grant the company received last year from Sustainable Development Technology Canada, further underscoring the government’s commitment to supporting clean technology innovations in Canada.