NewHydrogen plans to develop green hydrogen electrolyzer technology – splitting water into hydrogen and oxygen – using inexpensive materials.
“Unfortunately, high efficiency electrolyzers are expensive and rely on rare earth materials such as platinum and iridium – literally stardust found only in asteroids,” BioSolar said in its statement. “These materials account for nearly 50 percent of the cost of electrolyzers.”
“NewHydrogen will focus on developing a breakthrough electrolyzer technology to replace rare earth materials with inexpensive earth abundant materials,” David Lee, chief executive of BioSolar, said in the statement.
While BioSolar launches its new venture, the company will continue to develop its lithium-ion battery technology.
Shares of BioSolar (BSRC) closed Tuesday up a fraction of a cent to 2 cents on the over-the-counter market.