In November 2024, Next Hydrogen and Pratt & Whitney announced a collaboration to demonstrate the use of hydrogen in aircraft engines as an enabler for reducing CO2 emissions. This project is partially funded by Canada’s Initiative for Sustainable Aviation Technology (“INSAT”) and will accelerate the Company’s efforts towards high efficiency, low-cost electrolyzers which are needed for establishing hydrogen production infrastructure for aviation fuel. In October 2024, the Company successfully completed a durability test of its second-generation water electrolyzer technology (“GEN2”) electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will be deployed in Next Hydrogen electrolyzers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved its energy efficiency targets cell performance of 1.90 V/cell at 1 A/cm2 and 70°C for its GEN2 water electrolyzer technology which exceeded the reported US Department of Energy (“DOE”) technical targets status for energy efficiency. The GEN2 performance achievement has positioned the Company to being the industry leader in electrolysis cell performance. In October 2024, Next Hydrogen welcomed Premier Doug Ford, Associate Minister Sam Oosterhoff, Minister Stephen Lecce, MPP Deepak Anand and MPP Rudy Cuzzetto to their manufacturing facility. This along with the visit from our Deputy Prime Minister (see below) demonstrates the strong alignment between the Company’s work and the national strategy for Canada to be a leader in green hydrogen production. In September 2024, the Company successfully completed an extended Factory Acceptance Test for its GEN2 electrolysis cells. The Company plans to commission the system at an external reference site for market demonstration in 2025. In August 2024, the Company was awarded a contract by the University of Minnesota (“UMN”) for its latest generation electrolysis technology to be installed at the UMN West Central Research and Outreach Center (“WCROC”). The WCROC project is supported by the U.S. Department of Energy’s Advanced Research Project Agency (“ARPA-E”) as well as other partners including RTI International (“RTI”) and will include technologies from Casale SA, RTI, UMN, Nutrien and Shell to demonstrate the production of ammonia from renewable energy targeting emerging energy markets and existing agricultural markets. Next Hydrogen will be supplying its latest third-generation Alkaline Water Electrolyzers featuring further advancements in energy efficiency, current density and operating pressure. In May 2024, the Company was granted a repayable contribution of $2M from Federal Economic Development Agency for Southern Ontario. This non-interest-bearing contribution is intended to support the Company’s growth initiatives aimed at commercialization and business development advancements. The Company continues to be in advanced discussions with FedDev Ontario to help support its activities for 2025 and beyond. In April 2024, Next Hydrogen welcomed former Deputy Prime Minister Chrystia Freeland, MP Kamal Khera and MP Peter Fonseca to their manufacturing facility to announce new investment tax credits which further supported the Canadian clean technology sector. Minister Freeland also stated publicly “Next Hydrogen in Mississauga is changing the game in renewable energy and clean hydrogen production!”