BioSolar Launches Green Hydrogen Technology Venture

NewHydrogen, Inc., a new wholly owned subsidiary of BioSolar, will focus on reducing the cost of producing green hydrogen

SANTA CLARITA, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC:BSRC) (“BioSolar” or the “Company”), a developer of energy storage technology and materials, today announced that it has formed a wholly owned subsidiary, NewHydrogen, Inc., to develop an electrolyzer technology to lower the cost of green hydrogen. This program will run parallel and complementary to the Company’s existing lithium-ion technology development targeting the high-growth battery electric vehicle (“BEV”) sector. (See www.NewHydrogen.com)

Some believe that fuel cell electric vehicles (“FCEV”), powered by green hydrogen, or hydrogen produced via renewable means vs. natural gas or other fossil fuels, will represent a major market opportunity in the future of electric mobility. In a 2020 research report, Goldman Sachs estimates that green hydrogen will be a “once in a lifetime” market opportunity worth more than $12 trillion.

Pound for pound, hydrogen contains 3 times as much energy as natural gas or gasoline, and 200 times as much energy as lithium-ion batteries. It is the most abundant and prevalent clean energy in the universe, but as hydrogen does not exist in its pure form, it must be extracted. As of 2020, nearly 95% of hydrogen in the world is made by steam reforming of natural gas (“grey hydrogen”) or coal gasification (“brown hydrogen”). Both sources of hydrogen are basically different forms of dirty, carbon heavy, and non-renewable fossil fuels.

This does nothing to help fight climate change or lead to renewable energy and a sustainable planet. A better and more viable option for the planet is to make green hydrogen from renewable resources such as solar, wind and water. Today, electrolyzer technology is the only commercially available solution for doing so.

Electrolysis, the process of using electricity to split water into hydrogen and oxygen in an electrolyzer, has been scientifically proven for more than 200 years. It is a promising and scalable option to produce “green hydrogen” using renewable electricity generated from wind and solar. Unfortunately, high efficiency electrolyzers are expensive and rely on rare earth materials such as platinum and iridium – literally stardust found only in asteroids. These materials account for nearly 50% of the cost of electrolyzers.