BioSolar Releases Company Update
SANTA CLARITA, Calif., Sept. 18, 2018 (GLOBE NEWSWIRE) -- BioSolar, Inc. (BSRC) (“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today provided a mid-year corporate update from its Chief Executive Officer.
“Our team is making significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries,” said Dr. David Lee, Chief Executive Officer of BioSolar. “Our goal for success will be enabled by two key initiatives: one on the technology development side, and the second being our ability to form meaningful, mutually beneficial relationships with the right partners. We believe both objectives are each on their respective track for success.”
BioSolar has achieved a number of milestones thus far in 2018, including:
* Concluded the initial phase of the commercial prototype development that consists of material design and evaluation. These efforts are in preparation for the building of a limited number of commercial grade prototype batteries at Top Battery, the Company’s technology partner. This is a critical step towards commercialization for BioSolar, as the initial run of product will be sent to potential manufacturing and development partners for analysis.
* Signed a Joint Development Agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe PLC (GSM), the global leader in the supply of silicon metal, for collaborative efforts to assess, develop, and/or market silicon anode materials for high power, high energy lithium ion batteries by integrating BioSolar technology and Ferroglobe silicon materials.
There are a number of key objectives that BioSolar seeks to achieve moving forward in its quest to reach commercialization and become a revenue-producing company. They include:
* Continue working with existing technology development partners to build and demonstrate success for commercial grade Li-ion batteries incorporating the Company’s Si anode material and additive technologies.
* Establish additional development partnerships to ensure successful preparation and demonstration of the Company’s commercial grade proof of concept Li-ion full cell batteries.
* Build a limited number of commercial grade prototype batteries at Top Battery. Once these prototypes are developed and can demonstrate capability, the Company intends to work with its partners on larger scale production runs.
* Form long-term relationships with end users of Li-ion batteries, such as power tools, consumer electronics, and electric vehicle manufacturers, many of which may wish to incorporate BioSolar’s Si anode additive technologies into their products.
Dr. Lee concluded, “While we still have certain milestones to achieve and challenges to overcome, we are very optimistic about bringing our technologies to market in coming years. As high-growth industries continue to adopt lithium ion battery technology, the market opportunity is tremendous for a solution that increases storage capacity, lowers cost, and extends the life of lithium-ion batteries.”
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