BioSolar Launches Green Hydrogen Subsidiary

Battery technology company BioSolar Inc. on Monday announced it has launched a wholly owned subsidiary focused on producing green hydrogen at a lower cost.Dubbed NewHydrogen Inc., the subsidiary will build on green hydrogen technology. Green hydrogen is the power source for fuel cell electric vehicles, the Santa Clarita company said, with hydrogen produced via renewable means, as opposed to hydrogen-carbon-based energy in natural gas and other fossil fuels.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.