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Saturday, Mar 2, 2024

BioSolar Changes Into NewHydrogen

Nearly a month after launching its green hydrogen technology subsidiary, BioSolar Inc. decided to change its corporate name – and primary focus – to more closely align with its latest venture.Soon to be known as NewHydrogen Inc., the Santa Clarita company plans to build on green hydrogen electrolyzer technology, or splitting water into hydrogen and oxygen, for use as a power source in fuel cell electric vehicles.The name change request has been filed and management is waiting on approval, along with a ticker symbol change. BioSolar shares on the over-the-counter market trade under the BSRC symbol.Chief Executive David Lee feels the change better represents the company’s focus on reducing green hydrogen production costs while continuing its overall mission of meeting growing demand for renewable energy, fighting climate change and sustaining the planet.“Given our existing research and an ever-changing market landscape, we decided to pursue green hydrogen development technology in the longer term, and the first step was to start a sponsored research program with (the University of California Los Angeles),” added Lee in an email to the Business Journal. “The next step is to expand the size and scope of the sponsored research with UCLA.”Lee referred to a 12-month program that started last month, under the supervision of Yu Huang, vice chair for graduate studies in the Department of Material Science at UCLA.The key to the research is the use of “inexpensive, earth abundant materials” to split the two elements, Lee said in a previous statement.

Other green hydrogen developers use rare earth materials to perform the split.“Unfortunately, high efficiency electrolyzers are expensive and rely on rare earth materials such as platinum and iridium – literally stardust found only in asteroids,” Lee said. “These materials account for nearly 50 percent of the cost of electrolyzers.”Management changes have followed the name change, most recently with Spencer Hall brought on Feb. 8 as chief operating officer for BioSolar. He comes from PacifiCorp., a Berkshire Hathaway Energy subsidiary which serves as an electric utility company for six western states.“Spencer’s vantage point, coming from a utility that is actively pursuing and investing in a renewable energy future, is one we believe will provide valuable insights as BioSolar progresses to meet its corporate objectives,” Lee said in a statement.This isn’t the first time BioSolar has jumped from one technology to another, at least within the field of clean energy.

Originally, BioSolar was founded on breakthrough solar technology, leading to the development of a bio-based backing used in solar panels.Then it turned to developing lithium-ion battery technology. Its developments have helped increase storage capacity, lower cost and extend the life of lithium-ion batteries in electric vehicles, the company said.

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