Next Hydrogen appoints Jocelyne Moyer as CEO amid fusion contract push

The TSXV-listed electrolyser maker named a new chief executive and reported rising revenue, underpinned by a $3.75m nuclear fusion contract.

By Rowen Brooks Thu, 3 September 2026 AI level 2 of 5

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Next Hydrogen Solutions has named Jocelyne Moyer as President and Chief Executive Officer, effective 1 September 2026, as the Mississauga-based alkaline electrolyser developer tries to convert early technical wins into a sustainable commercial business. Moyer replaces Raveel Afzaal, who will leave the board at the end of August.

The appointment comes as Next Hydrogen reports second-quarter revenue of roughly $879,000, up from $248,000 in the same period a year earlier. For the first half of 2026 the company recorded $1.18 million in revenue against $607,000 in the prior-year comparative. Management attributed the increase to revenue recognition on development contracts rather than product sales at scale. Net losses held roughly flat year-on-year at $2.93 million for Q2, and the company's cash balance fell to $12.2 million at 30 June from $18.5 million at the end of 2025, reflecting operating outflows and capital expenditure.

The new chief executive

Moyer brings an operations and strategy background rather than a hydrogen-industry pedigree. She holds an engineering degree from McMaster University and an MBA from Harvard Business School, and spent six years at Bain and Company advising large industrial clients before moving into cleantech. Most recently she served as Senior Vice President of Strategy and Operations at Zeitview, a solar-inspection analytics company that had acquired Heliolytics, where she was General Manager. Executive Chair Stephen Griggs, CEO of Smoothwater Capital Corporation, which became Next Hydrogen's largest shareholder at roughly 48% following a December 2025 private placement, framed the hire as focused on commercialisation and operational discipline.

"Jocelyne will be working closely with me as Executive Chair and Paul Currie, Vice Chair, as we focus the business on the commercialisation of our core system and explore and execute on strategic initiatives in the coming months," Griggs said.

Market context

Next Hydrogen's $3.75 million contract with Fusion Fuel Cycles, awarded in March 2026 and extended through a collaboration agreement in June, is the company's most visible commercial milestone. The work involves engineering a specialised electrolyser to extract tritium, the hydrogen isotope used as fusion fuel, from heavy water. Revenue from the contracts is expected to be largely recognised through 2026 and fully earned by the first quarter of 2027.

The contract is notable because it positions Next Hydrogen in the emerging fusion-infrastructure supply chain rather than the more crowded green-hydrogen-for-energy market. Most alkaline electrolyser manufacturers are competing to supply utility-scale hydrogen production at gigawatt scale, a market dominated by larger players including Nel, ITM Power and Thyssenkrupp Nucera. Carving out a niche in specialised, high-performance applications such as nuclear fusion support could provide pricing power and lower direct competition, though the addressable market remains narrow and the fusion industry itself is pre-commercial.

The wider green-hydrogen sector has faced a difficult capital environment in 2025 and 2026. Several developers have scaled back capacity expansion plans as electrolyser costs have proved harder to reduce than anticipated and offtake demand from industrial buyers has been slower to materialise than early projections suggested. Against this backdrop, Next Hydrogen's pivot toward specialised applications and the backing of a concentrated shareholder in Smoothwater give the company a degree of insulation from the broader market correction, though the declining cash balance will focus investor attention on the path to additional funding.

What to watch

With cash at $12.2 million and continuing net losses of around $5.7 million in the first half of 2026, the company's runway is finite. Moyer's stated priorities, deepening industrial partnerships and sharpening commercial focus, are the right signals, but investors will want to see contract pipeline growth, further named offtake agreements, and clarity on the next capital raise before the cash position becomes constraining. The fusion collaboration with Fusion Fuel Cycles, and any extension beyond the current contracts, will be the clearest near-term proof point.