MISSISSAUGA, Ontario, July 08, 2026 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (TSXV: NXH) ("Next Hydrogen" or the "Company"), a designer and manufacturer of advanced alkaline electrolyzers, announces that Raveel Afzaal, President and Chief Executive Officer, will transition out of the CEO role in Fall 2026. The Board of Directors has retained Massey Henry to lead the search for his successor, which will consider candidates with commercialization experience scaling clean technology manufacturing businesses. Mr. Afzaal will continue to lead the Company through the search, ensuring continuity of strategy and operations throughout the process. Following the transition, he will join his family abroad.

The transition comes as Next Hydrogen enters its commercial growth phase from a position of strength. The Company has a commercially deployed flagship system and a deepening base of industrial partners. The Board intends to appoint a leader with deep commercialization experience to build on this foundation and scale the business in the years ahead.

"Under Raveel's leadership, Next Hydrogen has transformed from an early-stage technology venture into a commercial enterprise," said Stephen Griggs, Executive Chair of the Board. "Over the past five years, the Company raised close to $90 million in capital, grew its team from a handful of people to nearly fifty, and advanced its patented high current density electrolyzer technology from early prototype to a full commercial-scale system. Our flagship NH-150 has been operating at a customer site in the Greater Toronto Area since August 2025, Ontario's largest on-site hydrogen fueling station. The Company has strengthened its IP portfolio, established relationships with leading industrial partners including Casale SA, Hyundai, and Pratt & Whitney, and secured repeat orders in the nuclear fusion sector. Raveel leaves Next Hydrogen capitalized, commercially validated, and ready for growth. On behalf of the Board, I thank him for his leadership."

"Raveel steered Next Hydrogen through one of the most challenging periods the clean energy sector has faced, maintaining disciplined capital allocation throughout and never losing sight of the Company's long-term value," said Allan Mackenzie, former Chair of the Board. "He did so while living apart from his young family for the past two years and has more than earned this next chapter with his family. He leaves with the deep gratitude of everyone who has worked alongside him."

"My two goals when I took on this role were to bring our technology to commercial reality and to have adequate capital. Both are now done, and that makes this an exciting moment for Next Hydrogen," said Mr. Afzaal. "Today we have a working product, an operational flagship customer reference site, blue chip partners, and sufficient cash on the balance sheet. I am deeply grateful to our purpose driven and talented team who show up every day and solve hard problems, and to our board that has backed this team through every milestone. I leave with complete confidence in the Company's future, and I am excited to hand Next Hydrogen to a new CEO who will take it to new heights. I am fully committed to a seamless transition, so the Company carries its momentum into the next chapter."

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity to generate clean hydrogen for use as a clean energy source. Next Hydrogen’s unique cell design architecture supported by over 40 patents enables superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on a commercial infrastructure scale.

Contact Information

Stephen J. Griggs, Executive Chair
Email: sgriggs@nexthydrogen.com
Phone: 416-986-2207

Raveel Afzaal, President and Chief Executive Officer
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; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to grow its sales backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether 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 required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.