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. — 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.