Smoothwater Capital
Suite 4610, First Canadian Place, Toronto, Ontario, M5X 1E5, Canada
Overview
Smoothwater Capital focuses on investing its own capital in small to midcap Canadian public companies where there is an identifiable path to significantly improve the share value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.
- Total investments
- 1
- Lead investments
- 1
- Investments · 12mo
- 1
- Active investors
- 2
Sector focus
- Asset Management
- Financial Services
- Real Estate Investment
Investment portfolio
- Next Hydrogen
Led · Equity · Nov 2025
Founded in 2007, Ontario-based Next Hydrogen develops alkaline and PEM water-electrolysis systems that convert renewable electricity into clean hydrogen. Its patented cell architecture (protected by 36 granted patents) enables high current density, fast dynamic response, and multi-megawatt scalability, lowering the cost of green hydrogen production. The company plans to commercialise a 1–3 MW alkaline electrolyzer line in 2021, followed by larger alkaline units and PEM product lines. Management states that the recently raised capital fully funds product development through 2023, covering new product launches, additional hiring, and R&D. Next Hydrogen’s technology roadmap targets infrastructure-scale hydrogen generation to decarbonise large segments of the economy. The firm also intends to leverage advisory relationships to secure commercial partnerships that deploy its electrolyzers. Current operating metrics such as revenue or installed base were not disclosed in the article.