NewHydrogen expands green hydrogen technology research program at UCLA

Rhea-AI Summary

NewHydrogen, Inc., a subsidiary of BioSolar (OTC:BSRC), announced an expanded agreement with UCLA to enhance research on reducing green hydrogen production costs. The new deal, ten times the previous budget, shifts focus from the oxygen catalyst iridium to also include the hydrogen catalyst platinum. The goal is to develop a fully optimized electrolyzer device utilizing inexpensive materials, aiming to lower production costs significantly while contributing to a sustainable green hydrogen economy projected to reach $12 trillion by 2050. The research will be led by Dr. Yu Huang.

Positive

• Expanded research agreement with UCLA increases budget tenfold, indicating strong investment in green technology.
• Focus on reducing reliance on platinum could lower production costs of green hydrogen, enhancing market competitiveness.
• Development of a fully optimized electrolyzer may attract global manufacturers, further promoting green hydrogen initiatives.

Negative

• Continued dependence on rare materials like platinum and iridium poses long-term sustainability concerns.
• High costs associated with electrolyzers may limit widespread adoption despite research advancements.

Expanded research will include a complete electrolyzer device and a replacement for platinum to lower the cost of green hydrogen

SANTA CLARITA, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- NewHydrogen, Inc., a BioSolar company (OTC:BSRC), today announced that it has executed an agreement to expand the existing sponsored research agreement with the University of California at Los Angeles (UCLA) to develop technology to reduce the cost of green hydrogen production. The new agreement is 10 times the previous budget and significantly expands the scope of the research program.

The initial sponsored research program at UCLA was focused on replacing the oxygen catalyst, iridium, a precious metal found only in asteroids, with low cost materials that meet or exceed the performance characteristics of iridium. The expanded research will focus on significantly reducing or replacing the hydrogen catalyst, platinum. Platinum is so rare that only 200 tons are mined every year and yet its demand is ever increasing in applications such as batteries, fuel cells, fiber optics, LCD displays, cancer treatment and many others.

Additionally, a complete and fully optimized electrolyzer device will be developed that incorporates all the innovations from this research program. This fully functional hydrogen-producing electrolyzer will serve as a reference prototype to help electrolyzer manufacturers worldwide use our breakthrough technology to produce low cost green hydrogen.

The research will continue to be under the direction of Dr. Yu Huang, Vice Chair for Graduate Studies, Department of Materials Science and Engineering. Dr. Huang and her team are creating methodologies to apply the latest developments in nanoscale materials and nanotechnology to impact a wide range of technologies including materials synthesis, catalysis, fuel cells, biomedical and devices applications.

“We are very pleased to broaden our clean energy research program at UCLA with Dr. Huang and her team, a group whose collaboration we have a high level of confidence in,” said Dr. David Lee, CEO of BioSolar. “The 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. We appreciate the great work already accomplished and share the university’s goal of a greener world.”

About NewHydrogen, Inc.

NewHydrogen, Inc. is a wholly owned subsidiary of BioSolar, Inc. a publicly traded company (Symbol: BSRC). The company is focused on developing a breakthrough electrolyzer technology to lower the cost of green hydrogen production. Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. 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 electrolyzer. Electrolyzers installed behind a solar farm or wind farm can use renewable electricity to split water, thereby producing green hydrogen. Unfortunately, electrolyzers are expensive and rely on rare earth materials such as platinum and iridium. These very expensive materials account for nearly 50% of the cost of electrolyzers. The company’s technology is aimed at significantly reducing or replacing rare earth materials in electrolyzers with inexpensive earth-abundant materials to help usher in a green hydrogen economy that Goldman Sachs estimates will be worth $12 trillion by 2050. 

To learn more about the company, please visit https://www.NewHydrogen.com.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company with the United Stated Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CONTACT INFORMATION

Investor Relations Contact:
Tom Becker
BioSolar, Inc.
ir@biosolar.com
(877) 904-3733

FAQ

What recent agreement did NewHydrogen (BSRC) make with UCLA?

NewHydrogen expanded its research agreement with UCLA to develop technology aimed at reducing green hydrogen production costs.

What is the focus of the new research program for BSRC?

The new research program will concentrate on replacing or reducing the hydrogen catalyst platinum and optimizing electrolyzer technology.

How significant is the budget increase for the UCLA research agreement by NewHydrogen?

The new agreement's budget is ten times larger than the previous one, signifying a strong commitment to research.

What is the projected market value of green hydrogen by 2050 according to Goldman Sachs?

Goldman Sachs estimates the green hydrogen market could be worth $12 trillion by 2050.