BioSolar Prepares for the Next Phase of Its Super Battery Technology Development
Company Plans to Identify Strategic Partners to Support and Facilitate the Design and Development of a Prototype Battery
BioSolar, Inc. (OTCQB: BSRC), a developer of breakthrough energy storage technology and materials, today announced its strategic plans for the Company's next phase of development that focuses on identifying partners to further collaborate with to advance its proprietary Super Cathode technology.
The Company plans to pursue key benchmarks that include designing and building prototype electrodes and battery cells in multiple stages that will facilitate systematic evaluation of the technology's performance. In addition, the Company intends to form strategic partnerships with battery prototyping and testing laboratories as well as potential customers with interest in the Company's technology.
In identifying a potential customer as an ideal candidate for development partnership, the Company hopes to achieve multiple objectives. One, while the Company is confident in its technology and its potential, it acknowledges that initial sales efforts are important to success. By working alongside a potential customer during the product's development, the Company believes it will be well positioned for adoption soon after completion. Secondly, a potential client as a development partner would bring crucial experience and resources to advancing the technology to ensure it is ready for market.
The Company previously announced that it successfully completed the first phase of its Super Cathode technology development, with test results showing a clear path to enabling high energy and low cost lithium-ion batteries. The Company believes the progress demonstrates the potential of its cathode technology to achieve significantly higher energy capacity with costs below $100/kWh, less than half of today's lowest cost lithium-ion batteries.
"We expect that prototype Li-ion batteries constructed with our cathode will not only demonstrate a reduced cost and a storage capacity improvement over existing lithium-ion batteries, but also a significantly improved cycle life," said Dr. David Lee, CEO of BioSolar. "We are also pleased to conduct conversations and searches for organizations who we believe can be strong development partners for ongoing collaboration and advancement. Our team believes the upcoming demonstrations of our battery technology will further strengthen our position as an innovator in the energy storage sector."
BioSolar is currently funding a sponsored research program at the University of California, Santa Barbara (UCSB), to further develop its super battery technology. The lead inventors of the technology are UCSB professor Dr. Alan Heeger, the recipient of a Nobel Prize in 2000 for the discovery and development of conductive polymers, and Dr. David Vonlanthen, a project scientist and expert in energy storage at UCSB.
About BioSolar, Inc.
BioSolar is developing a breakthrough technology to double 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. Today's state-of-the-art lithium-ion battery is limited by the storage capacity of its cathode, while the anode can store much more. Inspired by nature, we are developing a novel cathode based on inexpensive conductive polymers and organic materials that can fully utilize the storage capacity of conventional anodes. By integrating our high capacity, high power and low-cost cathode with conventional anodes, battery manufacturers can create a super lithium-ion battery that can double the range of a Tesla, power an iPhone for 2 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.