A Mississauga renewable energy firm is receiving a significant boost from the Canadian government.
Next Hydrogen Corporation, a clean tech company based in Mississauga, has been awarded a $2-million loan from the federal government. The announcement was made on Tuesday by Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
“Investments in clean technology enhance Canada’s leadership in green manufacturing and contribute to a cleaner future while creating sustainable jobs,” Tassi stated.
Founded in 2007, Next Hydrogen Corporation specializes in designing and manufacturing innovative water electrolyzers. These patented cells connect directly with renewable energy sources to produce large-scale, cost-effective green hydrogen, according to a press release from the Federal Economic Development Agency.
The loan will support the company’s new manufacturing processes aimed at ramping up production of its electrolyzer modules to meet growing demand from clients in the transportation and industrial sectors.
Next Hydrogen’s clientele and partners include Atomic Energy of Canada Limited, Canadian Tire, Hyundai, Kia, and GE Vernova, among others.
“We are thrilled with FedDev Ontario’s support for our efforts to accelerate manufacturing readiness and business development,” said Raveel Afzaal, President and CEO of Next Hydrogen Corporation. “This funding will help us reach key milestones, including ISO 9001 certification, and advance our process, quality, and supply chain development to establish ourselves as a leader in the water electrolysis industry.”
In addition to this loan, Next Hydrogen received a $5 million grant from Sustainable Development Technology Canada last year.
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