The new agreement has 10 times the previous budget, “significantly expanding” research involving green hydrogen energy.
Green hydrogen is the power source for fuel cell electric vehicles, the Santa Clarita company said, using hydrogen produced via renewable means, as opposed to hydrogen-carbon-based energy in natural gas and other fossil fuels.
Electrolyzer technology used to produce such power – splitting water into hydrogen and oxygen – currently requires expensive, rare earth metals such as platinum and iridium.
Initial research explored replacing iridium.
“Expanded research focus takes some of the lessons learned and developed approaches thus far, and applies them to other raw materials including platinum, which we believe will maintain its increasing price trajectory,” Dr. David Lee, chief executive of BioSolar, said in a statement.
BioSolar is NewHydrogen’s parent company; the business awaits regulatory approvals to officially change its name to NewHydrogen to better reflect its current focus, the company said in a previous report.
Platinum is so rare that only 200 tons are mined every year, the company added in its statement. Hydrogen fuel companies have to compete with other industries that use the material for batteries, fiber optics, LCD displays and cancer treatment.
Shares of BioSolar (BSRC) closed Tuesday up a fraction of a cent to 8 cents on the over-the-counter market.