BioSolar Commences EV Battery Material Processing Technology Program
While the Company had generally focused on energy storage technology and materials in the past, the Company is now evolving its technology effort to become a developer of battery technologies for the electric vehicle (EV) market. Leveraging the knowledge gained from its previous R&D efforts, BioSolar intends to develop technologies capable of increasing the storage capacity, lowering the cost and extending the life of lithium-ion batteries for EVs.BioSolar’s product development strategy is designed to serve a critical role within the EV battery supply chain. As reported by the Wall Street Journal’s article “Why More Car Makers Are Following Tesla Into the Battery Business,” there is increased demand for battery components sought by auto manufacturers like GM, Volkswagen, and others who continue to make significant investments in their electric battery supply chain.As its first step, BioSolar and its technology partner will develop a new material processing technology to produce Silicon Oxide Composite anode material. Silicon Oxide Composite Anode has recently received significant interest because of its superior cycle and calendar life performance. BioSolar anticipates that a new processing technology can be developed to produce a type of Silicon Oxide Composite anode material that will significantly lower the cost of lithium-ion batteries for EVs.“While we are still experiencing shipping delays for equipment and materials required for the development work due to COVID-19, the preparation work is now under way,” said Dr. David Lee, CEO of BioSolar. “Our technology partner has evaluated many suppliers globally, identifying the best and most reliable sources. Orders have been placed to acquire initial set of equipment and material, and we will report on the progress as additional milestones for the project are achieved.”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 StatementMatters 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 INFORMATIONInvestor Relations Contact: