NewHydrogen expands green hydrogen development plan
NewHydrogen, Inc. (OTC:NEWH) has announced an expansion of its green hydrogen development plan, committing additional R&D resources to reduce the cost of producing green hydrogen.
CEO David Lee highlighted efforts to replace expensive rare earth materials in electrolyzers, a key component of hydrogen generators. The company aims to improve production efficiency while balancing costs and performance. NewHydrogen believes that green hydrogen is crucial for transitioning away from fossil fuels, with Goldman Sachs projecting a $12 trillion market value for the green hydrogen economy.
- Expansion of green hydrogen development plan.
- Increased R&D resources focusing on cost reduction of green hydrogen production.
- Progress in replacing expensive rare earth materials in electrolyzers.
- Commitment to improving efficiency and durability of electrolyzers.
- Electrolyzers remain expensive, posing a challenge for cost-effective hydrogen production.
The Company to commit more R&D resources to help drive down the cost of producing green hydrogen
SANTA CLARITA, Calif., Jan. 19, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of a breakthrough green hydrogen generator that uses renewable energy to produce low-cost green hydrogen, today announced that it has expanded its green hydrogen development plan. The company also will commit more research and development resources to help drive down the cost of producing green hydrogen.
“An electrolyzer — the primary component of a hydrogen generator — is still very expensive,” said David Lee, CEO of NewHydrogen. “We have made great progress with our existing technology developments to replace and reduce the expensive rare earth materials, which represent a significant cost factor. Now, we will widen our focus to include other breakthrough technologies to enable the next generation of low-cost electrolyzers.”
Dr. Lee continued, “Reducing the cost of producing green hydrogen using electrolyzers is a delicate balance. Bringing down the initial cost of the unit (CAPEX) and the ongoing operating expense (OPEX) are critical factors in driving down the cost. Also, efficiency and durability are very important factors. Improving the performance of the electrolyzer in one dimension usually results in reduced performance in other dimensions. Balancing these tradeoffs is one of the challenges for our development team. However, we will methodically expand our focus to other parts of the electrolyzer that are inherently expensive.”
Dr. Lee concluded, “Our team is very excited to be part of this growing worldwide effort to establish hydrogen as a key source of energy. Clearly, not all types of hydrogen are compatible with the goals of conserving natural resources and developing alternate sources of power while reducing pollution and harm to the environment. Only green hydrogen, which is produced with electricity from renewable sources, meets these goals. We believe that green hydrogen will play a critical role as the world shifts away from fossil fuels.”
About NewHydrogen, Inc.
NewHydrogen is developing a breakthrough green hydrogen generator that uses renewable energy to produce low-cost green hydrogen. Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. Unfortunately, hydrogen does not exist in its pure form on Earth so it must be extracted from a source that contains hydrogen. For centuries, scientists have known how to split water into hydrogen and oxygen using a simple and elegant device called an electrolyzer. Unfortunately, an electrolyzer – the primary component of a hydrogen generator – is still very expensive. NewHydrogen is committed to the development of breakthrough technologies to enable the next generation of low cost electrolyzers. Our initial focus has been on replacing and reducing the expensive rare earth materials, which represent a significant cost factor. We have widened our focus to develop other breakthrough electrolyzer technologies to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of
To learn more about the Company, please visit www.newhydrogen.com
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Investor Relations Contact:
Tom Becker
NewHydrogen, Inc.
ir@newhydrogen.com
(877) 904-3733
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