GH Power Signs Multi-Year Hydrogen Offtake Agreement with Change Energy for Hamilton Facility Output
GH Power secures a multi-year, up-to-1,000 kg/day hydrogen offtake that underpins revenue from its first commercial Hamilton reactor facility.
Rhea-AI Summary
GH Power (MTNB) signed its first commercial hydrogen offtake agreement with Change Energy Engineering/Hone for output from its Hamilton, Ontario facility.
Subject to conditions, GH Power will supply up to 1,000 kilograms of gaseous hydrogen per day for Hone’s distributed low‑carbon energy applications. The multi‑year agreement initially allows for intermittent hydrogen availability, with Hone taking deliveries on a best‑efforts basis after notice from GH Power. The initial term runs for two years after commercial operations begin at the Hamilton facility, with rights to earlier termination.
The contract covers the planned full hydrogen production from Hamilton, creating a contracted revenue stream and, in the company’s view, validating hydrogen from its proprietary aluminum‑water reactor platform, which also co‑produces high‑purity alumina, aluminum hydroxide, and clean thermal energy.
Positive
- First commercial hydrogen offtake establishes a contracted revenue stream for Hamilton output
- Up to 1,000 kg/day of hydrogen supply contracted for multi-year period
- Agreement covers full planned hydrogen production from Hamilton facility
- Deal supports commercialization of GH Power’s aluminum-water reactor technology alongside co-products
Negative
- Initial period allows only intermittent hydrogen availability with best-efforts deliveries
- Agreement term is limited to two years after commercial operations, with potential earlier termination
- Hydrogen supply is subject to conditions and purity specifications still to be finalized
Details
Market reaction after hydrogen offtake agreement: MTNB +4.00%
Following this news, MTNB has gained 4.00%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.6% during the session. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.19. Trading volume is exceptionally heavy at 46.9x the average, suggesting very strong buying interest.
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Key Figures
- Hydrogen supply volume
- Up to 1,000 kilograms per day
- Hamilton facility offtake agreement
- Initial contract term
- Two years
- After commercial operations commence at Hamilton
Historical Context
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Definitive GH Power-Matinas transaction announced with targeted financing and ownership terms.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
offtake financial
form f-4 regulatory
hazop technical
asme bpvc section viii technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Agreement establishes GH Power’s first commercial hydrogen offtake and validates hydrogen production from the Company’s proprietary aluminum-water reactor platform
Toronto, Canada, Sept. 14, 2026 (GLOBE NEWSWIRE) -- GH Power Inc. (“GH Power” or the “Company”) (NYSE American: MTNB), a Canadian clean energy and critical materials technology company, today announced that it has entered into a multi-year hydrogen supply agreement (the “Agreement”) with Change Energy Engineering Inc. on behalf of its subsidiary Hone Inc. (“CEE/Hone”), a Canadian hydrogen distribution and fueling company, for the offtake of gaseous hydrogen produced at GH Power’s Hamilton, Ontario facility.
Under the terms of the Agreement, GH Power has agreed, subject to the Agreement’s conditions, to supply CEE/Hone with up to 1,000 kilograms of hydrogen per day from its Hamilton facility for use in CEE/Hone’s distributed low-carbon energy applications. The Agreement contemplates intermittent hydrogen availability during an initial period, with Hone taking delivery on a best-efforts basis following notice from GH Power. Hydrogen supplied under the Agreement is subject to its stated specifications, with further purity limitations to be agreed. The initial term expires two years after commercial operations commence at the Hamilton facility, subject to earlier termination. In addition, GH Power plans to scale up the Hamilton facility to meet growing demand for its products.
The Agreement represents GH Power’s first executed commercial hydrogen offtake. It provides a contracted revenue stream against the full production of the Company’s planned hydrogen output at Hamilton and, in the Company’s view, validates the specification of the hydrogen produced by its proprietary aluminum-water reactor platform.
“This Agreement is a critical commercial milestone for GH Power,” said Dave White, Chief Executive Officer of GH Power. “Change Energy is a serious counterparty in the North American hydrogen market, and their willingness to contract for multi-year supply from our Hamilton facility reflects the quality and consistency of the hydrogen our reactor platform produces. It also underscores an important point about our technology: we generate commercial hydrogen and high-value materials from the same reactor, with no combustion and no carbon emissions.”
About the Hamilton Facility
The Hamilton facility is GH Power’s first commercial deployment of its aluminum-water reactor platform. The facility uses recycled and industrial aluminum feedstock and water to co-produce commercial hydrogen, high-purity alumina and aluminum hydroxide products, and clean thermal energy. Reactor systems at the Hamilton facility have been engineered, tested, and inspected to CSA B51, ASME BPVC Section VIII, TSSA, the Canadian Electrical Code, the National Building Code of Canada 2020, CAN/BNQ 1784-000/2022 Canadian Hydrogen Installation Code, and NFPA Hydrogen Codes 2023, and were subject to a HAZOP safety study conducted by a senior professional engineering team prior to operation.
About GH Power Inc.
GH Power Inc. is a Canadian clean energy and critical materials technology company developing modular reactor systems that convert recycled aluminum and water into commercial hydrogen, high-purity alumina and aluminum hydroxide products, and clean thermal energy. The Company’s proprietary reactor platform is designed to serve industrial, utility, and distributed energy customers seeking decentralized low-carbon power and onshore critical materials supply. GH Power is party to a previously announced proposed business combination with Matinas BioPharma Holdings, Inc. (NYSE American: MTNB). For more information about GH Power, visit ghpower.com.
About Change Energy Engineering Inc. and Hone Inc.
Change Energy Engineering (CEE) is an experienced strategic engineering firm specializing in alternative fuels system solutions. For over 30 years, CEE has been helping its clients transition to the low carbon economy. Including the development of more than 175 gaseous vehicle refuelling stations and a dozen virtual pipelines.
Hone Inc., a member of the Change Energy group of companies, is a Canadian clean hydrogen energy company delivering mobile, zero-emission prime power as a direct replacement for diesel generators. Purpose-built for industries like film and television production, live events, fleet and depot charging, and remote off-grid communities that depend on portable power, Hone's hydrogen-powered generator systems provide reliable, high-output energy without the emissions or air quality impacts of traditional diesel power. For more information, visit honeinc.ca.
Investor Relations
Arx Investor Relations
North American Equities Desk
Email: ghpower@arxhq.com
Important information
This communication is being made in connection with the proposed business combination involving GH Power, Matinas, and the newly formed Ontario parent company expected to be named GH Power International, as well as related shareholder and stockholder approvals. In connection with the proposed business combination and related approvals, Matinas, GH Power, and GHP International expect to file a registration statement on Form F-4 with the U.S. Securities and Exchange Commission. The registration statement will contain a preliminary proxy statement for Matinas stockholders that will also constitute a preliminary prospectus of GHP International. As of the date of this communication, the Form F-4 has not been filed, and no definitive proxy statement/prospectus is available. After the registration statement is declared effective, Matinas will mail a definitive proxy statement/prospectus to its stockholders.
Investors, stockholders, shareholders, and other interested persons are urged to read the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the "SEC") when they become available because they will contain important information about the proposed business combination and related matters. Matinas stockholders will be able to obtain free copies of the proxy statement/prospectus, when available, and other documents filed with the SEC by Matinas or GHP International by directing a request to jjabbour@MatinasBioPharma.com. These documents will also be available, without charge, on the SEC's website at www.sec.gov.
Participants in the solicitation
Matinas, GH Power, GHP International, and their respective directors, executive officers, and other members of management and employees may, under SEC rules, be deemed participants in the solicitation of proxies from Matinas stockholders in connection with the proposed business combination and related matters. Investors and security holders may obtain more detailed information regarding the names, affiliations, and interests of Matinas’s directors and executive officers in the sections titled “Directors and Executive Officers” and “Executive Compensation” in Matinas’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026, which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1582554/000149315226014132/form10-k.htm. Information regarding the persons who may be deemed participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus and other relevant materials when they become available. These documents, once available, may be obtained free of charge from the SEC’s website at www.sec.gov or by directing a request to jjabbour@MatinasBioPharma.com.
No offer or solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval with respect to the proposed business combination or any other transaction described herein. No securities may be offered or sold in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction. No offering of securities in connection with the proposed transaction will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, pursuant to an exemption from, or in a transaction not subject to, registration requirements, or pursuant to applicable prospectus exemptions under Canadian securities laws.
Forward-looking statements
This communication contains forward-looking statements within the meaning of the U.S. federal securities laws regarding the proposed business combination involving Matinas, GH Power, and GHP International. These statements include, among others, statements regarding the anticipated benefits and timing of the proposed business combination; GH Power's assets, technology, development plans, and commercial opportunities; the PIPE financing; the expected ownership, capitalization, and listing of GHP International; satisfaction of closing conditions; access to public capital markets; commercialization and project deployment; strategic partnerships and market opportunities; financing and use of proceeds; and future financial condition, performance, and strategy. Forward-looking statements generally may be identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will continue," "will likely result," and similar expressions.
Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to: the risk that the proposed business combination may not be completed in a timely manner or at all; failure to satisfy closing conditions, including Matinas stockholder approval, GH Power securityholder approval, Ontario court approvals, effectiveness of the Form F-4 registration statement, completion of GH Power financing resulting in gross proceeds of at least
FAQ
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What is the role of GH Power’s Hamilton facility in this agreement?
The Hamilton, Ontario facility is GH Power’s first commercial deployment of its aluminum‑water reactor platform. It uses recycled and industrial aluminum feedstock and water to co‑produce commercial hydrogen, high‑purity alumina, aluminum hydroxide products, and clean thermal energy. The hydrogen offtake agreement dedicates the facility’s planned hydrogen output to Change Energy/Hone.
How will Hone use the hydrogen supplied under the agreement?
Hone, a subsidiary of Change Energy, intends to use the gaseous hydrogen in its distributed low‑carbon energy applications. Hone delivers mobile, zero‑emission prime power as a direct replacement for diesel generators for uses such as film and television production, live events, fleet and depot charging, and remote off‑grid communities.
What safety and engineering standards does the Hamilton reactor system meet?
Reactor systems at the Hamilton facility have been engineered, tested, and inspected to CSA B51, ASME BPVC Section VIII, TSSA, the Canadian Electrical Code, the National Building Code of Canada 2020, CAN/BNQ 1784-000/2022 Canadian Hydrogen Installation Code, and NFPA Hydrogen Codes 2023, and were subject to a HAZOP safety study by a senior professional engineering team prior to operation.
How does this agreement relate to GH Power’s proposed business combination with Matinas BioPharma?
GH Power is party to a previously announced proposed business combination with Matinas BioPharma Holdings and a newly formed Ontario parent company expected to be named GH Power International. Matinas, GH Power, and GHP International expect to file a Form F‑4 registration statement with the SEC, which will include a proxy statement/prospectus for Matinas stockholders related to approvals for the proposed combination.