SANTA CLARITA, Calif., April 30, 2021 (GLOBE NEWSWIRE) – BioSolar, Inc. (OTC: BSRC), a developer of clean energy technologies, today announced that it has changed its corporate name to NewHydrogen, Inc. , and now has a new ticker symbol: NEWH. The company has been informed by FINRA that the name change and ticker symbol came into effect on April 30, 2021.
“With our increased focus on green hydrogen, we believe NewHydrogen is a more appropriate name for our open company,” said Dr. David Lee, CEO of NewHydrogen. “Therefore, we have chosen the name of our recently launched green hydrogen business as our parent company name. This represents our commitment to help meet the growing demand for renewable energy, fight climate change and support our planet. ”
NewHydrogen is developing revolutionary electrolysis technology to reduce the cost of producing green hydrogen. A mature technology that has been around for over 200 years, electrolysers are systems typically installed behind a solar farm or wind farm to use renewable electricity to split water into hydrogen and oxygen, thereby producing green hydrogen. . The main challenge and the reason why the world does not use green hydrogen everywhere today is due to the high cost. Catalysts that enable critical water separation reactions are currently made from platinum and iridium, two very expensive precious metals that account for nearly 50% of the cost of the electrolyzer.
The company-sponsored research program at UCLA focuses on replacing iridium, a precious metal found only in asteroids, with earth-rich materials that meet or exceed performance characteristics iridium. Research is also focusing on significantly reducing or replacing the hydrogen catalyst, platinum. In addition, a complete and fully optimized electrolyser device will be developed, integrating all the innovations of this research program. This fully functional hydrogen-producing electrolyzer will serve as a benchmark prototype to help electrolyzer manufacturers around the world evaluate NewHydrogen’s breakthrough technology to produce green hydrogen at low cost.
About NewHydrogen, Inc.
NewHydrogen is a developer of clean energy technologies, including green hydrogen and lithium-ion battery components. Currently, the company is focused on developing revolutionary electrolyzer technology to reduce the cost of green hydrogen production. Hydrogen is the cleanest and most abundant fuel in the universe. It is emission free and only produces water vapor when in use. However, hydrogen does not exist in its pure form on Earth, so it must be extracted. For centuries, scientists have known how to use electricity to split water into hydrogen and oxygen using a device called an electrolyser. Electrolysers installed behind a solar farm or wind farm can use renewable electricity to split the water, thus producing green hydrogen. Unfortunately, electrolysers are expensive and rely on rare earths such as platinum and iridium. These very expensive materials represent nearly 50% of the cost of electrolysers. The company’s technology aims to significantly reduce or replace rare earths in electrolysers with inexpensive, earth-abundant materials to help usher in a green hydrogen economy that Goldman Sachs says will be worth $ 12 trillion. dollars by 2050. To learn more about the company, please visit https://www.NewHydrogen.com.
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