Company continues to achieve important technical milestones
SANTA BARBARA, Calif. -- HyperSolar, Inc. (OTCQB:HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and any source of water, today announced it has extended its sponsored research agreement with the University of Iowa, the site of Company's most recent breakthroughs and video documentation demonstrating the technological advancement and capabilities of its renewable hydrogen producing technology.
The extended agreement with the University of Iowa will maintain the relationship through May 31, 2018. Led by HyperSolar CTO Dr. Joun Lee and University of Iowa Professor Syed Mubeen, the scientific team continues to achieve important technical milestones advancing its quest to produce low-cost, renewable hydrogen using the power of the sun.
HyperSolar and its scientific collaborators at the University of Iowa, and University of California Santa Barbara, continue its mission of producing completely "renewable" hydrogen during a period of high growth for the hydrogen industry. Earlier this year, General Motors and Honda Motor Companyannounced a joint plan to invest $85 million to build hydrogen fuel cell systems by 2020, while Toyota entered the Chinese market, and unveiled a prototype for a hydrogen-powered 18 wheeler semi-trailer. In the industrial space, Plug Power entered into an agreement with Amazon to use its fuel cells and hydrogen technology in its fulfillment network, which also includes plans for technology collaboration. The deal could be worth as much as $600 million upon completion.
"The efforts of our scientific partners, particularly the team at the University of Iowa, have clearly demonstrated the potential for our renewable hydrogen generation technology," said Tim Young, CEO of HyperSolar. "This agreement strengthens our team at University of Iowa, as we continue to scale the technology by creating a larger working prototype - one we can present to strategic partners and further evaluate commercial viability."
HyperSolar's research is focused on developing a completely renewable, low-cost and submersible hydrogen production particle that can split water molecules using the power of the sun, emulating the core functions of photosynthesis. Each particle is a complete hydrogen generator that contains a novel high voltage solar cell bonded to chemical catalysts by a proprietary encapsulation coating.