BioSolar Releases Company Update

BioSolar CEO highlights the Company’s technological and corporate milestones, and outlines next steps

SANTA CLARITA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTCQB:BSRC)(“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today provided an update from Chief Executive Officer Dr. David Lee, outlining corporate milestones of 2019, as well as next steps to establish longer term commercial viability.

“BioSolar has made significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries, the objectives for the majority of consumer and commercial energy storage applications in high growth markets,” said Dr. Lee. “Our success will be measured by two key initiatives: one on the technology development side, and the second being our ability to form meaningful, mutually beneficial relationships with the right partners. We believe both objectives are each on their respective track for success, and are excited for what we expect to be an eventful 2020.”

BioSolar achieved a number of milestones thus far in 2019, including but not limited to:

• Selecting the 21700 cylindrical cell format for its commercial grade prototype cells, a decision made to clearly demonstrate the product’s commercial viability and achieve increased exposure for potential customers considering the Company’s additive technology. While lithium-ion battery packs based upon 18650 formatted cells have historically been popular, many end-users in high-growth industries believe the 21700 format cells will serve as the foundation for the battery of the future.
• Producing the first batch of domestically-produced materials that incorporate the Company’s proprietary performance-boosting silicon additive technology, before shipping to its international material manufacturing partner, a strategic procurement decision that the Company believes will ultimately drive down cost and improve quality control of the resulting product.
• Completing building and testing of its first batch of commercial grade prototype lithium-ion batteries. The initial results for the power and energy capabilities of the first batch of 21700 cells were much closer to meeting end-goal metrics than expected.
• Initiating preparation of the next batch of the commercial prototype development that incorporates additional 21700 cell design work to narrow the cell-to-cell capacity variation after cell formation. Narrower cell capacity distribution will allow consistent cell quality during manufacturing.

There are a number of key objectives that BioSolar seeks to achieve moving forward in its quest to reach commercialization. They include: