NewHydrogen reports progress in its quest to lower the cost of producing green hydrogen
NewHydrogen, Inc. (OTC: NEWH) has reported significant progress in its green hydrogen technology development, aiming to lower production costs by reducing reliance on precious metals in electrolyzers. Key milestones include partnerships with UCLA, the development of new catalysts, and the prototyping of a hydrogen generator. The company plans to evaluate its catalysts' performance and expand its technology focus to enhance electrolyzer efficiency. CEO Dr. David Lee expressed optimism about market opportunities in the green hydrogen sector, projected to be worth $12 trillion, as the company works towards commercialization.
- Entered into a research agreement with UCLA to develop catalysts for hydrogen production.
- Developed an iridium-free OER catalyst with significant improvements.
- Created HER catalysts that drastically reduce platinum usage.
- Commenced prototyping of a hydrogen generator to showcase their technology.
- Expanded research scope at UCLA for additional component innovations.
- None.
NewHydrogen CEO highlights the company’s milestones, and outlines next steps
SANTA CLARITA, Calif., Dec. 20, 2022 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC: NEWH), a developer of a breakthrough technology to produce low-cost green hydrogen, today provided an update outlining corporate milestones and the next steps to establish longer-term commercial viability.
“NewHydrogen has made significant progress towards its goal of developing technologies that lower the cost of producing green hydrogen, accelerating the timeline for large-scale applications in high growth markets,” said Dr. David Lee, NewHydrogen’s CEO.
The goal of NewHydrogen’s sponsored research at the University of California Los Angeles (UCLA) is to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers. Electrolyzers currently rely on rare materials such as iridium and platinum. These materials often account for a substantial portion of the cost of electrolyzers.
NewHydrogen has achieved several milestones since the commencement of its green hydrogen technology program in December 2020, including, but not limited to, the following:
- Entered into a sponsored research agreement with UCLA to develop efficient and stable earth-abundant material-based catalysts for hydrogen production through electrolysis. The scope of the research was later expanded to include hydrogen evolution reaction (HER) catalysts in addition to oxygen evolution reaction (OER) catalysts.
- Developed an OER catalyst that does not use iridium and with significant improvement for PEM electrolyzers.
- Developed an HER catalyst that uses an order of magnitude less platinum for alkaline electrolyzers and an HER catalyst that does not use any platinum for anion exchange membrane (AEM) electrolyzers.
- Commenced prototyping phase of a hydrogen generator that will showcase its novel low-cost and high-performance catalyst technology. The prototype will also serve as a platform for incorporating additional electrolyzer component innovations to be developed by NewHydrogen going forward.
- Executed an agreement to expand the existing research program at UCLA to include additional component innovations related to gas diffusion layer, ion exchange membrane, and catalyst layer.
Several key objectives that NewHydrogen seeks to achieve moving forward include the following:
- Systematically conduct acidic water splitting in the Company’s prototype electrolyzer platform using the commercial platinum and iridium-based catalysts to evaluate the benchmark performance of current commercial catalysts and set up a standard testing protocol.
- Evaluate the performance of the Company’s catalysts in the prototype electrolyzer, such as the activity transition into electrolytic cell, long term stability, hydrogen production rate, specific energy consumption and estimated overall costs of new catalysts.
- Expand the Company’s technology focus to additional component innovations related to gas diffusion layer, ion exchange membrane, and catalyst layer. The Company’s ultimate goal is to develop a low-cost and high-performance electrolyzer consisting of multiple breakthrough components.
- Continue to foster partnerships and actively participate in green hydrogen industry consortium activities.
“While we work to achieve these milestones, we are highly optimistic about bringing NewHydrogen technologies to market in the coming years,” Dr. Lee said. “As high-growth industries continue to adopt new and improved electrolyzer technologies, the market opportunity for customer adoption and revenue generation is tremendous for a solution like ours.”
About NewHydrogen, Inc.
NewHydrogen is developing a breakthrough technology to produce low-cost green hydrogen using renewable energy. 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. However, electrolyzers are still very expensive. NewHydrogen plans on developing several component innovations to enable the next generation of low cost electrolyzers. The Company’s initial focus is on replacing and reducing expensive rare earth materials, 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.
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, the impact on the national and local economies resulting from terrorist actions, the impact of public health epidemics on the global economy and other factors detailed in reports filed by the Company with the United States 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.
Investor Relations Contact:
NewHydrogen, Inc.
ir@newhydrogen.com
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