SANTA CLARITA, Calif., Dec. 03, 2019 (GLOBE NEWSWIRE) — BioSolar, Inc. (OTCQB:BSRC)(“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today provided an update from Chief Executive Officer Dr. David Lee, outlining corporate milestones of 2019, as well as next steps to establish longer term commercial viability.
“BioSolar has made significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries, the objectives for the majority of consumer and commercial energy storage applications in high growth markets,” said Dr. Lee. “Our success will be measured 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, and are excited for what we expect to be an eventful 2020.”
BioSolar achieved a number of milestones thus far in 2019, including but not limited to:
- Selecting the 21700 cylindrical cell format for its commercial grade prototype cells, a decision made to clearly demonstrate the product’s commercial viability and achieve increased exposure for potential customers considering the Company’s additive technology. While lithium-ion battery packs based upon 18650 formatted cells have historically been popular, many end-users in high-growth industries believe the 21700 format cells will serve as the foundation for the battery of the future.
- Producing the first batch of domestically-produced materials that incorporate the Company’s proprietary performance-boosting silicon additive technology, before shipping to its international material manufacturing partner, a strategic procurement decision that the Company believes will ultimately drive down cost and improve quality control of the resulting product.
- Completing building and testing of its first batch of commercial grade prototype lithium-ion batteries. The initial results for the power and energy capabilities of the first batch of 21700 cells were much closer to meeting end-goal metrics than expected.
- Initiating preparation of the next batch of the commercial prototype development that incorporates additional 21700 cell design work to narrow the cell-to-cell capacity variation after cell formation. Narrower cell capacity distribution will allow consistent cell quality during manufacturing.
There are a number of key objectives that BioSolar seeks to achieve moving forward in its quest to reach commercialization. They include:
- Complete the next batch of the commercial prototype development that incorporates additional 21700 cell design work to successfully narrow the cell-to-cell capacity variation after cell formation. Once completed, the commercial grade prototype batteries will be sent to potential manufacturing and development partners for their own qualification testing and analysis.
- 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.
- Commence a new technology development program targeting another specific industry vertical, a strategy designed to diversify application and establish the BioSolar’s longer term commercial viability in battery technology.
Dr. Lee concluded, “While we have certain milestones to achieve and challenges to overcome, we are very optimistic about bringing BioSolar technologies to market in coming years. As high-growth industries continue to adopt new and improved lithium-ion battery technologies, the market opportunity is tremendous for a solution like ours, hopefully resulting in customer adoption and revenue generation.”
About BioSolar, Inc.
BioSolar is developing a breakthrough technology to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries. A battery contains two major parts, a cathode and an anode, that function together as the positive and negative sides. BioSolar is currently investigating high capacity anode materials recognizing the fact that the overall battery capacity is determined by combination of both cathode and anode. By integrating BioSolar’s high capacity anode, battery manufacturers will be able to create a super lithium-ion battery that can double the range of a Tesla, power an iPhone for two days straight, or store daytime solar energy for nighttime use. Founded with the vision of developing breakthrough energy technologies, BioSolar’s previous successes include the world’s first UL approved bio-based back sheet for use in solar panels.
To learn more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company with the United Stated Securities and Exchange Commission.
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