08:14 AM EST, 12/13/2024 (MT Newswires) -- Next Hydrogen Solutions ( NXHSF ) said Friday that it raised $2.7 million after closing an offering of 10% unsecured convertible debentures.

The company said it will use the proceeds for working capital and for general corporate purposes.

Next Hydrogen said the offering, coupled with $4.8 million in approved government grants, $1.7 million in advanced discussions and up to $5 million in working capital debt financing letter of interest from EDC "provides us with good visibility to meet our capital requirements for 2025."

"In addition, we are in advanced strategic discussions which include technology licensing opportunities in attractive geographies which have the potential to capitalize us for 2026 and beyond," the company said.

Next Hydrogen's share price rose 1.3% on Thursday to $0.41 on the TSXV.