Now Publicly Available
- Stock Symbol: NEWH
Changing the corporate name to NewHydrogen, Inc. (OTC:NEWH) better reflects the company’s focus on reducing the cost of green hydrogen production
SANTA CLARITA, Calif. (April 30, 2021) – BioSolar, Inc. (OTC:BSRC), a developer of clean energy technologies, today announced that it changed its corporate name to NewHydrogen, Inc., and now has a new stock ticker symbol: NEWH. The company was informed by FINRA that the name change and stock ticker symbol became effective on April 30, 2021.
“With our increased focus on green hydrogen, we believe that NewHydrogen is a more appropriate name for our public company,” said Dr. David Lee, CEO of NewHydrogen. “Therefore, we chose the name of our recently launched green hydrogen venture as our parent company name. Doing so represents our commitment to help meet the growing demand for renewable energy, fight climate change and sustain our planet.”
NewHydrogen is developing a breakthrough electrolyzer technology to lower the cost of green hydrogen production. A mature technology that has existed for over 200 years, electrolyzers 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 reason that the world does not utilize green hydrogen everywhere today is due to the high cost. The catalysts that enable the critical water-splitting 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’s sponsored research program at UCLA is focused on replacing iridium, a precious metal found only in asteroids, with earth abundant materials that meet or exceed the performance characteristics of iridium. The research also focuses on significantly reducing or replacing the hydrogen catalyst, platinum. 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 to assess NewHydrogen’s breakthrough technology to produce low-cost green hydrogen.
NewHydrogen is developing ThermoLoop™ – a breakthrough technology that uses water
and heat rather than electricity to produce the world’s lowest cost green hydrogen. Hydrogen is the
cleanest and most abundant element in the universe, and we can’t live without it. Hydrogen is the
key ingredient in making fertilizers needed to grow food for the world. It is also used for
transportation, refining oil and making steel, glass, pharmaceuticals and more. Nearly all the
hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and
limited resources. Water, on the other hand, is an infinite and renewable worldwide resource.
Currently, the most common method of making green hydrogen is to split water into oxygen and
hydrogen with an electrolyzer using green electricity produced from solar or wind. However, green
electricity is and always will be very expensive. It currently accounts for 73% of the cost of green
hydrogen. By using heat directly, we can skip the expensive process of making electricity, and
fundamentally lower the cost of green hydrogen. Inexpensive heat can be obtained from concentrated
solar, geothermal, nuclear reactors and industrial waste heat for use in our novel low-cost
thermochemical water splitting process. Working with a world class research team at UC Santa
Barbara, our goal is to help usher in the green hydrogen economy that Goldman Sachs estimated to
have a future market value of $12 trillion.
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.