The change reflects the company’s recent focus on reducing green hydrogen production costs. Management in mid-December announced the launch of its subsidiary of the same name, which is dedicated to developing green hydrogen electrolyzer technology, or splitting water into hydrogen and oxygen.
“We plan to use the name of our recently launched green hydrogen venture as our parent company name,” Dr. David Lee, chief executive of BioSolar, said in a statement. “Doing so represents our commitment to help meet the growing demand for renewable energy, fight climate change and sustain our planet.”
Prior to the launch of its subsidiary, the Santa Clarita company focused solely on lithium-ion battery technology for electric vehicles.
Shares of NewHydrogen (BSRC) closed Thursday up 5 cents, or 51 percent, to 16 cents on the over-the-counter market.