10:15 AM EDT, 09/12/2024 (MT Newswires) -- Next Hydrogen Solutions ( NXHSF ) was unchanged near 52 week lows Thursday after saying that it had completed an extended factory acceptance test of its second generation electrolyzer module. The company said that the product line will be commissioned at a customer site in the coming months.

According to Next Hydrogen, the second-generation product line is a "design simplification" of its first-generation product line, resulting in a 40% cost improvement through part count reduction. The development of the second-generation product line was partially funded by Sustainable Development Technology Canada (SDTC).

The product is available in sizes of 0.75 megawatts (MW), 1.5 MW and 2.25 MW and offers features including a turn down ratio of 10% for direct connection to renewables.

"This represents a significant milestone for us following over 20,000 hours of bench and pilot scale testing in addition to sub-component testing programs," President and CEO Raveel Afzaal said in Thursday's statement. "We continue to innovate and are now well advanced with our product development of large scale and cost-effective designs for high volume green hydrogen production."

The company was trading near its 52-week lows at last look at $0.415 per share.