BioSolar Outlines Its Development Strategy for Breakthrough EV Batteries
The Company’s Silicon Oxide Composite Technology Program Targets Electric Vehicle Manufacturers
SANTA CLARITA, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC:BSRC)(“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today outlined the development strategy for its Silicon Oxide Composite technology program. Amid the global auto industry pursuit for better batteries, the Company is focused on meeting the industry need for increased storage capacity, extended life, and lower cost.
The Company’s technology program is designed to meet the global automotive need for better batteries, as Volkswagen, General Motors and Nissan have all announced plans for new plug-in models. Silicon Oxide Composite Anode has generated significant interest of late because of its superior cycle and calendar life performance. BioSolar intends to develop a new processing technology to produce a type of Silicon Oxide Composite anode material that will also significantly lower the cost of lithium-ion batteries for EVs.
BioSolar’s technology program consists of three critical development stages, including:
The material design and selection phase that is currently under way.
The optimization and improvement of the process to produce Silicon Oxide Composite anode material.
The final key stage of achieving product validation with customers, ideally automotive original equipment manufacturers (OEMs).
The Company has faced obstacles and delays, including those experienced by partners and potential customers in evaluating the commercial grade battery prototypes, resulting from the global COVID-19 pandemic. “While BioSolar has been challenged by this economic business environment, our commitment to our battery technology development remains focused,” said Dr. David Lee, CEO of BioSolar. We are making meaningful progress in our R&D efforts that target the extremely high-growth EV sector. We remain confident and appreciate the contributions of our partners and advisory teams as we to continue to advance our technology.”
About BioSolar, Inc.
BioSolar is developing breakthrough technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries for electric vehicles. The need for such breakthroughs is critical to meet the expected demand of the rapidly growing global electric vehicle battery market, which is forecast to exceed $90 billion by 2025.
A lithium-ion battery contains two major parts, a lithium-filled cathode and a lithium-receiving anode, that function together as the positive and negative sides of the battery. BioSolar is developing innovative technologies that will enable the use of inexpensive silicon as the anode material to create next generation high energy and high-power lithium-ion batteries for electric vehicles.
Founded with the vision of developing breakthrough energy technologies, BioSolar's previous successes include the world's first bio-based backsheet 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.
CONTACT INFORMATION
Investor Relations Contact:
Tom Becker
BioSolar, Inc.
ir@biosolar.com
(877) 904-3733
