SANTA CLARITA, Calif., Dec. 04, 2018 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTCQB:BSRC) (“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today announced that the first group of prototype batteries incorporating the Company’s silicon additive technology will be for the power tool market, a product development strategy the Company believes creates a much shorter path to commercialization.
Consumer electronics and electric vehicles are among the largest categories of battery applications. However, the power tool market, which includes products such as vacuum cleaners and handheld drills, is also reliant upon fast charging batteries capable of intense use over a shorter period of time. According to a Research and Markets report, the global power tool battery market is forecast to grow at a CAGR of 8.12% during the period 2017-2021. This growth is fueled by innovation that has increased the efficiency of power tools, a requirement for modern construction and home use, but still requires innovation among lithium-ion and other battery technologies to maintain its trajectory.
The development cycle for power tool applications can be less than a year, whereas the automotive sector often requires four to five years and the consumer electronics sector may require up to two. While the Company continues both its individual research and joint development work with international battery manufacturers to bring its silicon anode additive technology to market, BioSolar will first focus on building commercial grade prototypes to determine the viability of commercialization within the power tool market.
“We are fortunate as a Company to make decisions from a position of strength, that being the foundation of our battery development technologies that we believe possesses numerous applications,” said Dr. David Lee, Chief Executive Officer of BioSolar. “It is for this reason that we have placed an emphasis on developing commercial grade prototype batteries to determine commercial viability within the power tool sector, one that is expected to grow as demand for better, longer-lasting power tools remains high. We also believe any information gleaned from such research will bolster our activity in other areas of development, including consumer electronics and electric vehicles.
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
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CONTACT INFORMATION
Investor Relations Contact:
Tom Becker
BioSolar, Inc.
ir@biosolar.com
(877) 904-3733
For Media Inquiries:
Eric Fischgrund
FischTank Marketing and PR
eric@fischtankpr.com