The Company’s technology development efforts can play a central role in the new administration’s quest for clean and renewable energy
SANTA CLARITA, Calif., Jan. 21, 2021 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC:BSRC) (“BioSolar” or the “Company”), a developer of clean energy technologies, today commented that its wholly owned subsidiary NewHydrogen, Inc. is likely to benefit from executive actions signed by President Biden during his first day in office.
Mr. Biden signed executive actions Wednesday afternoon to rejoin the Paris Climate Accord, direct federal agencies to consider revising vehicle fuel economy and emissions standards and cancel permits for the construction of the Keystone XL pipeline — all reversals of policies put in place by President Trump.
“We believe that Green Hydrogen – hydrogen produced by splitting water molecules – can play a central role in the new administration’s quest for clean and renewable energy,” said Dr. David Lee, the Company’s CEO. “Our research program at UCLA is aimed squarely at developing more efficient electrolyzers.”
Electrolyzers are essentially systems installed behind a solar farm or wind farm that use renewable electricity to split water into hydrogen and oxygen, thereby producing Green Hydrogen. Electrolyzers are mature technologies that have been around for over 200 years. The main problem, and the main reason, why we don’t have Green Hydrogen everywhere today is because electrolyzers cost too much. The chemical catalysts that enables the critical water-splitting reactions are currently made from platinum and iridium – both are very expensive precious metals. These catalysts account for nearly 50% of the cost of the electrolyzer.
The Company’s current UCLA research program is focused on replacing iridium with earth abundant materials that meet or exceed the performance characteristics of iridium, a precious metal found only in asteroids.
Dr. Lee continued, “We intend to aggressively expand our research programs to reduce the cost of these major material components to significantly reduce the cost of green hydrogen production. Whether doing more at UCLA, or building out our in-house team, partnering with other top research institutions, we are fully committed to a future powered by Green Hydrogen. Goldman Sachs calls Green Hydrogen a ‘once in a lifetime’ $12 trillion market opportunity. We are excited to be a part of this revolution to establish a more sustainable future.”
BioSolar is developing breakthrough technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries for electric vehicles. The need for such breakthroughs is critical to meet the expected demand of the rapidly growing global electric vehicle battery market, which is forecast to exceed $90 billion by 2025. A lithium-ion battery contains two major parts, a lithium-filled cathode and a lithium-receiving anode, that function together as the positive and negative sides of the battery. BioSolar is developing innovative technologies that will enable the use of inexpensive silicon as the anode material to create next generation high energy and high-power lithium-ion batteries for electric vehicles. Founded with the vision of developing breakthrough energy technologies, BioSolar's previous successes include the world's first bio-based backsheet for use in solar panels.
To learn more about BioSolar, please visit our website at https://www.biosolar.com.
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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