White House Executive Actions Bode Well for the Environment and BioSolar
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.”