The Company to commit more R&D resources to help drive down the cost of producing green hydrogen
SANTA CLARITA, Calif., Jan. 19, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of a breakthrough green hydrogen generator that uses renewable energy to produce low-cost green hydrogen, today announced that it has expanded its green hydrogen development plan. The company also will commit more research and development resources to help drive down the cost of producing green hydrogen.
“An electrolyzer — the primary component of a hydrogen generator — is still very expensive,” said David Lee, CEO of NewHydrogen. “We have made great progress with our existing technology developments to replace and reduce the expensive rare earth materials, which represent a significant cost factor. Now, we will widen our focus to include other breakthrough technologies to enable the next generation of low-cost electrolyzers.”
Dr. Lee continued, “Reducing the cost of producing green hydrogen using electrolyzers is a delicate balance. Bringing down the initial cost of the unit (CAPEX) and the ongoing operating expense (OPEX) are critical factors in driving down the cost. Also, efficiency and durability are very important factors. Improving the performance of the electrolyzer in one dimension usually results in reduced performance in other dimensions. Balancing these tradeoffs is one of the challenges for our development team. However, we will methodically expand our focus to other parts of the electrolyzer that are inherently expensive.”
Dr. Lee concluded, “Our team is very excited to be part of this growing worldwide effort to establish hydrogen as a key source of energy. Clearly, not all types of hydrogen are compatible with the goals of conserving natural resources and developing alternate sources of power while reducing pollution and harm to the environment. Only green hydrogen, which is produced with electricity from renewable sources, meets these goals. We believe that green hydrogen will play a critical role as the world shifts away from fossil fuels.”
NewHydrogen is developing ThermoLoop™ – a breakthrough technology that uses water and heat rather than electricity to produce the world’s lowest cost green hydrogen. Hydrogen is the cleanest and most abundant element in the universe, and we can’t live without it. Hydrogen is the key ingredient in making fertilizers needed to grow food for the world. It is also used for transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and limited resources. Water, on the other hand, is an infinite and renewable worldwide resource.
Currently, the most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green electricity is and always will be very expensive. It currently accounts for 73% of the cost of green hydrogen. By using heat directly, we can skip the expensive process of making electricity, and fundamentally lower the cost of green hydrogen. Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for use in our novel low-cost thermochemical water splitting process. Working with a world class research team at UC Santa Barbara, our goal is to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion.
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