In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A. About Next Hydrogen MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (the "Company" or "Next Hydrogen") (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025. "The value proposition offered by our unique water electro ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was reported at $134 million, aligning with guidance [4] - Projected revenue for Q2 2025 is expected to be between $140 million to $180 million [5] - Cash burn in Q1 was down nearly 50% year-over-year, with further reductions anticipated due to the Quantum Leap program [8][9] Business Line Data and Key Metrics Changes - The material handling business saw renewed momentum, with a significant initial order of $10 million from a major customer, linked to over $200 million in future opportunities [5] - The hydrogen generation capacity has increased to 40 tons per day across three plants, enhancing customer economics and availability [6][7] Market Data and Key Metrics Changes - The company is actively engaged in the European market, with a projected electrolyzer opportunity funnel worth over $21 billion across 2025 and 2026 [14] - The EU has set targets for 42% of industrial hydrogen to be renewable by 2030, creating a favorable regulatory environment for hydrogen projects [15] Company Strategy and Development Direction - The company is focusing on cost savings through the Quantum Leap program, targeting over $200 million in annualized run rate reductions [7] - There is a strategic emphasis on expanding operations in Europe, leveraging regulatory frameworks and funding opportunities to enhance market presence [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's path to profitability, highlighting improved margins and reduced cash burn [5][8] - There is caution regarding the impact of U.S. policy changes on clean energy programs, but the company remains engaged with policymakers [13] Other Important Information - The company raised $280 million in equity and secured a $525 million structured financing facility to bolster liquidity [9] - Recent tariff increases on Chinese imports have impacted costs, but the company has a four-pronged mitigation plan in place [11][12] Q&A Session Summary Question: Impact of tax bill on Texas facility and the green hydrogen industry - Management indicated that they are working to start construction this year to qualify for tax credits and emphasized the focus on European markets due to better opportunities [25][27] Question: Update on electrolyzer orders and FID - Management reported a backlog of $200 million for electrolyzers, with expectations for two gigawatts to reach FID by year-end, though some projects may extend into 2026 [31][32] Question: Cost cuts and business rationalization - Management confirmed no plans to sell parts of the business and highlighted significant investments in Europe over the past three years [38][39] Question: Update on hydrogen production facilities - Management reported record production in Georgia and expressed confidence in the operational efficiency of all three hydrogen production sites [50][53] Question: Geographic mix of material handling business - Management noted expansion with both existing and new customers in Europe, including partnerships with major companies [62][63] Question: CapEx and safe harbor rules for Texas project - Management confirmed $250 million spent on the Texas project, with a total CapEx of $800 million, indicating a positive outlook for qualifying under safe harbor rules [71][72] Question: Conversations regarding tariff surcharges - Initial conversations about surcharges have occurred, but current inventory levels are providing some protection against cost increases [74][75]

Statkraft has decided to stop new development of green hydrogen due to increased uncertainty in the market. Parts of the portfolio will be matured before seeking investors to realise the projects. Statkraft has developed expertise and created value in green hydrogen projects in line with our strategy across various European markets, including Norway, Sweden, the UK, Germany, the Netherlands and Italy. The company has decided to halt new development of hydrogen, though parts of the portfolio will be furthe ...

Core Insights - First Atlantic Nickel Corp. is focused on developing its 100%-owned Atlantic Nickel Project in Newfoundland, which is strategically located near existing infrastructure and is gaining attention for its potential in the hydrogen economy [1][2][5] - The province's nickel resources are positioned to contribute to global clean energy transitions, particularly through green hydrogen production [2][3] - Awaruite, a nickel-iron alloy with approximately 75% nickel content, offers an environmentally safe solution for enhancing North America's critical minerals supply chain [6][18] Company Overview - First Atlantic Nickel Corp. trades on multiple exchanges, including TSX Venture Exchange under the symbol "FAN" and OTCQB under "FANCF" [9] - The company aims to meet the growing demand for responsibly sourced nickel that complies with the U.S. Inflation Reduction Act's requirements for electric vehicles [18][19] - The Atlantic Nickel Project's nickel occurs as awaruite, allowing for smelter-free processing, which could reduce dependence on foreign entities for nickel processing [18][19] Industry Context - Nickel plays a crucial role in hydrogen production technology, making Newfoundland and Labrador a significant contributor to global decarbonization goals [3][5] - Awaruite's processing methods are cleaner and safer compared to conventional nickel sources, addressing environmental concerns associated with nickel refining [7][8] - The U.S. Geological Survey highlights the potential of awaruite deposits in Canada to alleviate nickel concentrate shortages, emphasizing its easier concentration compared to traditional nickel sulfides [7][8]

Core Viewpoint - Octopus Future Generations VCT plc focuses on investing in early-stage companies that address significant societal and environmental challenges, aiming to provide investors with growth opportunities in purpose-driven businesses [1][4]. Financial Performance - The NAV per share as of 31 December 2024 was 88.8p, reflecting a decrease of 5.5p from 30 June 2023 [5][23]. - The company utilized £10.1 million of cash resources during the reporting period, with £8.2 million invested in 16 new and follow-on opportunities [5][29]. - The loss for the period was £2.9 million, attributed to specific performance challenges and difficult funding conditions in the early-stage investment space [5][18]. Investment Strategy - The company aims to maintain a portfolio comprising 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash [6]. - The investment focus is on three key themes: revitalising healthcare (53% of portfolio), empowering people (28%), and building a sustainable planet (19%) [24]. Fundraising Activities - A fundraise of £3.6 million was completed on 31 October 2024, amidst a competitive VCT fundraising market that raised £882 million in total [7]. - An initial offer to raise up to £5 million was launched on 3 February 2025, successfully closing on 1 April 2025 [8]. Portfolio Management - The company completed 16 investments totaling £8.2 million during the 18-month period, with an additional £2.4 million invested after the reporting date [29]. - Significant valuation declines were noted in 11 companies, with a collective decrease of £7.9 million, primarily affecting Tympa Health, Pear Bio, and Elo Health [24][25]. Exits and Returns - The company achieved its first full and partial exits during the reporting period, with returns of 1.5x from the sales of shares in Neat and Cobee [28][19]. - The long-term target is to pay an annual dividend of 5% of the NAV, although significant dividends are unlikely before 2026 [20]. Governance and Management Changes - Emma Davies announced her retirement from the Board effective 31 March 2024, with Ajay Chowdhury appointed as her successor [10]. - Erin Platts was appointed as the new CEO of Octopus Ventures in January 2025, bringing extensive experience from the UK and European tech ecosystem [15]. Market Outlook - The M&A environment is showing signs of recovery, with startups experiencing the highest annual transaction levels since 2019 [19]. - The company is optimistic about stabilizing NAV and potential growth as the portfolio matures, despite the challenges faced during the reporting period [18][72].

Core Insights - Hidrogenii, a joint venture between Plug Power Inc. and Olin Corporation, has commissioned a 15 metric-ton-per-day hydrogen liquefaction plant in St. Gabriel, Louisiana, enhancing the regional hydrogen supply chain and supporting the U.S. transition to low-carbon energy [1][3][10] - The new facility will liquefy hydrogen produced by Olin for trailer shipments across the U.S., increasing Plug's total hydrogen production capacity to 40 TPD [2][5] - The establishment of this plant is part of Plug's strategy to scale a national green hydrogen network, complementing existing production sites in Georgia and Tennessee [3][5] Company Overview - Plug Power is focused on building a global hydrogen economy with an integrated ecosystem that includes production, storage, delivery, and power generation [4] - The company has deployed over 72,000 fuel cell systems and 275 fueling stations, making it the largest user of liquid hydrogen [5] - Olin Corporation is a leading manufacturer and distributor of chemical products, including hydrogen, and is involved in the ammunition manufacturing sector [7] Joint Venture Details - Hidrogenii was established in 2022 to operate the liquid hydrogen facility in St. Gabriel, combining Plug's hydrogen technology with Olin's industrial expertise [3][9] - The joint venture aims to produce and deliver reliable, domestically sourced hydrogen to meet growing demand across various markets [10]