Changing the corporate name to NewHydrogen, Inc. (OTC:NEWH) better reflects the company’s focus on reducing the cost of green hydrogen production
SANTA CLARITA, Calif. (April 30, 2021) – BioSolar, Inc. (OTC:BSRC), a developer of clean energy technologies, today announced that it changed its corporate name to NewHydrogen, Inc., and now has a new stock ticker symbol: NEWH. The company was informed by FINRA that the name change and stock ticker symbol became effective on April 30, 2021.
“With our increased focus on green hydrogen, we believe that NewHydrogen is a more appropriate name for our public company,” said Dr. David Lee, CEO of NewHydrogen. “Therefore, we chose the name of our recently launched green hydrogen venture as our parent company name. Doing so represents our commitment to help meet the growing demand for renewable energy, fight climate change and sustain our planet.”
NewHydrogen is developing a breakthrough electrolyzer technology to lower the cost of green hydrogen production. A mature technology that has existed for over 200 years, electrolyzers are systems typically installed behind a solar farm or wind farm to use renewable electricity to split water into hydrogen and oxygen, thereby producing green hydrogen. The main challenge and reason that the world does not utilize green hydrogen everywhere today is due to the high cost. The catalysts that enable the critical water-splitting reactions are currently made from platinum and iridium, two very expensive precious metals that account for nearly 50% of the cost of the electrolyzer.
The company’s sponsored research program at UCLA is focused on replacing iridium, a precious metal found only in asteroids, with earth abundant materials that meet or exceed the performance characteristics of iridium. The research also focuses on significantly reducing or replacing the hydrogen catalyst, platinum. Additionally, a complete and fully optimized electrolyzer device will be developed that incorporates all the innovations from this research program. This fully functional hydrogen-producing electrolyzer will serve as a reference prototype to help electrolyzer manufacturers worldwide to assess NewHydrogen’s breakthrough technology to produce low-cost green hydrogen.
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.
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, the impact on the national and local economies resulting from terrorist actions, the impact of public health epidemics on the global economy and other factors detailed in reports filed by the Company with the United States Securities and Exchange Commission.
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