BioSolar has showcased its desire to aggressively expand and accelerate the development of its electrolyser technology in a bid to lower the cost of green hydrogen production by entering into a securities purchase agreement with a single institutional investor.
The US company announced the news on Monday (5th April) and said gross proceeds from the offering are expected to be $5m.
With contemporary electrolysers relying on expensive, rare earth materials such as platinum and iridium, BioSolar’s technology is aimed at significantly reducing or replacing rare earth materials in electrolysers.
The materials will be replaced with inexpensive earth abundant materials to help usher in a green hydrogen economy that Goldman Sachs estimates will be worth $12 trillion by 2050 with the company using the net proceeds for working capital and general corporate purposes.
The offering is expected to close on or about 7th April, 2021, subject to the satisfaction of customary closing conditions.
BioSolar also recently announced that it is in the process of changing its corporate name to NewHydrogen, Inc. to better reflect its expanded focus on green hydrogen technologies.