GE Vernova’s Power Conversion business and Next Hydrogen Solutions Inc (TSX-V:NXH) have signed a memorandum of understanding (MoU) to integrate Next Hydrogen’s electrolysis technology with GE Vernova’s power systems to produce green hydrogen, the two companies announced on Tuesday.
They said that the integration of GE Vernova’s power conversion technology will provide Next Hydrogen's water electrolyzers, used to separate water molecules into hydrogen and oxygen through electrolysis, with direct current power from renewable sources.
In the inaugural phase, the companies plan to leverage the forthcoming generation of Next Hydrogens electrolyzers scheduled to launch in 2024 which will be integrated with a power supply designed and fabricated by GE Vernova.
This will be followed up by market demonstrations and deployments, which the companies said should lead to expanded large-scale commercial green hydrogen initiatives.
"We are poised to drive the hydrogen revolution and contribute to decarbonization in diverse market segments, such as industrial gas, power, marine, and O&G industries by delivering turnkey systems that seamlessly incorporate Next Hydrogen electrolyzers,” Rodrigo Elias, general manager North America for GE Vernova’s Power Conversion business, said in a statement.
Next Hydrogen CEO Raveel Afzaal added: “Next Hydrogen is pleased to partner with GE Vernova given its established market channels, broad ability to reach a large number of customers, and its solid track record on project delivery and execution.”
Next Hydrogen shares rose on the news, up 12.1% at C$0.74 mid-morning on Tuesday.
Shares of General Electric (NYSE:GE), which GE Vernova remains a part of until its planned spin-off into an independent business in early 2024, traded 0.3% lower at US$119.68.
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