BioSolar Releases Company Update
SANTA CLARITA, Calif., Sept. 18, 2018 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTCQB: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 (NASDAQ: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.”
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.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.