Highlights
- Partners Will Develop Proposal for United States Federal Infrastructure Investment and Jobs Act Funding and Designation as One of the Nation's Regional Hydrogen Hubs
- Advances New York State's Leadership on Clean Hydrogen Research and Development and Supports Climate Leadership and Community Protection Act Goal to Reduce Greenhouse Gas Emissions 85 Percent by 2050
Next Hydrogen Solutions Inc. (the "Company" or "Next Hydrogen") (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of hydrogen electrolyzers, is pleased to announce that its fully owned subsidiary, Next Hydrogen Corporation, has signed a memorandum of understanding (MOU) with the New York State Energy Research and Development Authority ("NYSERDA") along with an initial total of 40 hydrogen ecosystem partners to develop a proposal to become one of at least four regional clean hydrogen hubs designated through the US federal Clean Hydrogen Hubs program included in the federal 2021 bipartisan Infrastructure Investment and Jobs Act.
The coalition of 40 partners agree to work together to advance a vision that enables a long-term sustainable clean hydrogen industry in the Northeast region and cooperate to develop a proposal in response to the United States Department of Energy (DOE) Funding Opportunity Announcement, anticipated to launch in May 2022 with $8 billion in funding available.
"Next Hydrogen is excited to offer its unique technology and solutions expertise to this monumental group of partners who will work together to advance a clean hydrogen hub in the US Northeast," said Raveel Afzaal, President and CEO of Next Hydrogen. "We are joining an impressive group of industry leaders to evaluate and develop this hydrogen hub proposal with the shared goal of facilitating the development of resilient clean energy infrastructure in the United States."
Today's announcement advances New York State's leadership role in clean hydrogen infrastructure deployment and research and development, key priorities laid out in Governor Hochul's 2022 State of the State, and supports the Climate Leadership and Community Protection Act goal to reduce greenhouse gas emissions 85 percent by 2050.
NYSERDA, which will coordinate the proposal development, will work in consultation with coalition partners, to determine the eligibility of hydrogen projects to participate in the hub proposal, consistent with the core principles of greenhouse gas reduction, economic development, and environmental justice.
By forming a coalition, New York presents a coordinated multi-site approach to a hydrogen hub that connects the entire value chain of hydrogen producers, users, technology and equipment manufacturers, and the research and development community including national labs and universities.
In addition to Connecticut, Massachusetts, and New Jersey, the partners include:
- Alliance Energy Group LLC
- Alternate Aviation Fuels LLC
- BAE Systems
- Bloom Energy Corporation
- CALSTART
- Climate Jobs NY
- Columbia University
- Consolidated Edison Company of New York, Inc.
- Cornell University
- Cummins, Inc.
- Daroga Power
- Doosan Fuel Cell America, Inc.
- Ecolectro, Inc.
- Empire State Development (ESD)
- Fuel Cell Energy
- Invenergy Hydrogen LLC
- Liberty Utilities (St. Lawrence Gas) Corp.
- Long Island Power Authority (LIPA)
- National Grid
- National Offshore Wind Research and Development Consortium
- New York Battery and Energy Storage Technology (NY-BEST)
- New York State Power Authority (NYPA)
- New York University
- Next Hydrogen Corporation
- Nucor Steel Auburn, Inc.
- Ohmium International
- Orange and Rockland Utilities, Inc.
- Partnership Fund for New York City
- Plug Power Inc.
- Rochester Institute of Technology (RIT)
- Standard Hydrogen Corporation
- Stony Brook University / Advanced Energy Center (AERTC)
- The City College of New York (CUNY)
- The Port Authority of New York and New Jersey
- University at Buffalo, The State University of New York
- Vermont Gas Systems (VGS)
- WATT Fuel Cell Corporation
With the execution of these agreements, the partners will work together to:
- Define the vision and plans for the regional hydrogen hub that can advance clean hydrogen energy innovation and investment to address climate change, while improving the health, resiliency, and prosperity of Northeastern United States residents.
- Perform research and analysis necessary to support the hub proposal.
- Support environmentally responsible opportunities to develop hydrogen, in accordance with the state's Climate Act.
The Draft Scoping Plan of New York's Climate Action Council, released in December 2021, identifies low-carbon fuels such as hydrogen as an important component of a strategy to achieve the goals of the Climate Act in sectors that are challenging to electrify such as transportation and heavy industry.
In addition, in recognition of hydrogen's importance to New York State's comprehensive decarbonization strategy, Governor Hochul announced in her 2022 State of the State address that the state will undertake several direct actions to support development of green hydrogen and invest in communities including:
- The Department of Public Service, New York State Department of Environmental Conservation, and NYSERDA will develop a green hydrogen regulatory framework to measure emissions reduction and health benefits and will evaluate and develop codes and standards to ensure the safe operation of green hydrogen.
- NYSERDA will develop a program to support locally-owned green hydrogen-powered microgrid solutions, which can help underserved communities replace polluting backup generators.
- NYSERDA will release $27 million in NYSERDA Hydrogen Innovation funding to support product development, pilots, and demonstrations through competitive solicitations.
- NYSERDA will propose a green hydrogen demonstration (study and/or engineering assessments) for district heating and cooling.
- NYSERDA will expand on existing investments and bring together key stakeholders and current hydrogen users, including chip fabrication, methanol production, and warehouse material handling.
- NYSERDA will launch a Green Hydrogen Prize Program to support green hydrogen firms seeking to expand in New York State.
For more information on hydrogen activities in New York State, please visit NYSERDA's website.
In addition, Next Hydrogen is pleased to announce that it has entered into a consulting agreement with North Equities Corp. ("North Equities") whereby North Equities will provide marketing and consulting services to the Corporation for a three-month term. North Equities is a Toronto based marketing firm specializing in various social media platforms and will facilitate greater awareness and widespread dissemination of the Corporation's news.
Subject to the approval of the TSX Venture Exchange (the "TSXV"), the terms of the consulting agreement provide that the Corporation will pay North Equities a fee of $50,000. The Corporation and North Equities act at arm's length and North Equities has no present interest, directly or indirectly, in the Corporation or its securities. The fees paid by the Corporation to North Equities are for its services only.
Pursuant to the policies of the TSXV, certain services that North Equities will be providing may be considered to be investor relations and promotional activities on behalf of Next Hydrogen which require disclosure in this press release.
About Next Hydrogen
Founded in 2007, Next Hydrogen is a designer and manufacturer of 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. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.
Contact Information
Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: rafzaal@nexthydrogen.com
Phone: 647-961-6620
www.nexthydrogen.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as re
