SANTA BARBARA, Calif., Feb. 07, 2017 (GLOBE NEWSWIRE) -- HyperSolar, Inc. (OTCQB:HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and any source of water, commented on recent commitments from General Motors and Honda, as well as additional international announcements, that are spurring the hydrogen fuel cell industry forward while clearly establishing a demand for renewable hydrogen.
Last week, General Motors and Honda announced a partnership in which each company will contribute $85 million to develop a Fuel Cell System Manufacturing facility located at GM’s electric vehicle batter site in Michigan. Expected to break ground in 2020, the new factory is designed to meet corporate and international expectations that hydrogen fuel cell vehicles will become a commercially viable alternative to gasoline powered vehicles.
The announcement comes following the formation of the Hydrogen Council, a recently established group of 13 companies including auto manufacturers Honda, BMW, Toyota, Hyundai, and several industrial oil, gas and mineral companies. According to Engadget, the organization, announced at the World Economic Forum at Davos, seeks to “convince other companies, regulators and the public that switching to hydrogen is essential to our continued survival.”
This commitment to innovation is expected to spur consumer adoption that will result in global expansion and availability of hydrogen fueling stations. A recent study conducted by DC-based Information Trends estimates there to be 5,000 hydrogen fueling stations worldwide by 2032, a tremendous uptick from the existing 285 in 2016. For this expansion to occur, there is a significant need for cost efficient and safe hydrogen fuel production, with an emphasis on doing so without natural gas, a common form of hydrogen production.
“The converging economics of supply and demand are creating an ideal, high-growth environment for the hydrogen fuel cell sector,” said Tim Young, CEO of HyperSolar. “The commitment to financing and development from major auto manufacturers and power companies are effectively creating products that will require infrastructure in order to succeed. We believe a key opportunity for HyperSolar’s commercial viability is to produce completely renewable hydrogen at or near the point of distribution, such as at a fueling station, to meet growing demand while also making the process cleaner and more cost efficient.”
HyperSolar’s research is focused on developing a completely renewable, low-cost and submersible hydrogen production particle that can split water molecules under the sun, emulating the core functions of photosynthesis. Each particle is a complete hydrogen generator that contains a novel high voltage solar cell bonded to chemical catalysts by a proprietary encapsulation coating. A video detailing the rise of hydrogen fuel technology as well as HyperSolar’s completely renewable process of hydrogen fuel production can be viewed by visiting here.
About HyperSolar, Inc.
HyperSolar is developing a breakthrough, low cost technology to make renewable hydrogen using sunlight and any source of water, including seawater and wastewater. Unlike hydrocarbon fuels, such as oil, coal and natural gas, where carbon dioxide and other contaminants are released into the atmosphere when used, hydrogen fuel usage produces pure water as the only byproduct. By optimizing the science of water electrolysis at the nano-level, our low cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, to produce environmentally friendly renewable hydrogen. Using our low cost method to produce renewable hydrogen, we intend to enable a world of distributed hydrogen production for renewable electricity and hydrogen fuel cell vehicles. To learn more about HyperSolar, please visit our website at www.hypersolar.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, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. 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.