SANTA CLARITA, Calif., March 11, 2020 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTCQB:BSRC)(“BioSolar” or the “Company”), today announced that its technology partner has completed production and initial testing of the second batch of commercial-grade prototype 21700 lithium-ion cells incorporating additional cell design work. The prototypes will soon be available to potential development partners for their in-house qualification and analysis which will provide critical feedback for the Company as it pursues its battery technology development for electric vehicles.
BioSolar’s core focus is developing applications for its performance-boosting additive technology within the high-growth category of silicon anode lithium-ion battery cells. In this phase of prototype development, BioSolar prepared two different types of commercial grade 21700 cells intended for power tool application. The first was based on the use of silicon alloy anode material comprised of Si micro-particles (Si-MP), and the second on the use of pure silicon anode material comprised of Si nano-particles (Si-NP).
Initial test results for the power and energy capabilities of both types of prototype cells indicate substantial improvement in power and energy capabilities. Based on further comprehensive testing and analysis expected to be performed by potential manufacturing and development partners, the Company will decide further developmental steps and commercialization efforts for each type of material.
“We are pleased with the steady progress achieved thus far that has provided our technology partners and leadership with market feedback for the power tool program, as well as a holistic view of our additive technology and its potential role within the electric vehicle category,” said Dr. David Lee, Chief Executive Officer of BioSolar. “The next phase of testing and analysis feedback is especially helpful, as it will likely portray actual market response, meaning we view this as a test of our commercial viability. That said, we understand this is a process that will continue to require fine tuning, of which we will continue disclosing in corporate updates to the public, potential partners and shareholders.”
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 UL approved 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