SANTA CLARITA, Calif., July 19, 2021 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), a developer of clean energy technologies, today provided an update outlining corporate milestones and the next steps to establish longer-term commercial viability.
“NewHydrogen has made significant progress towards its goal of developing technologies that lower the cost of producing green hydrogen, accelerating the timeline for large-scale applications in high growth markets,” said Spencer Hall, NewHydrogen’s chief operating officer. “Our success will be measured by two key initiatives: technology development and our ability to form meaningful, mutually beneficial relationships with the right partners. We believe both objectives are on track for success, and we are excited for what we expect to be an eventful 2021.”
NewHydrogen is focused on lowering the cost of green hydrogen, which is produced using renewable energy sources like wind or solar power, by reducing or replacing rare earth materials in electrolyzers with inexpensive earth-abundant materials. As part of its “Hydrogen Earthshot,” the US Department of Energy anticipates an opportunity for at least a 5-fold increase in clean hydrogen use as well as $140 billion in revenues and 700,000 jobs by 2030. All of these opportunities accelerate with a lower cost of hydrogen.
NewHydrogen has achieved several milestones since the commencement of its green hydrogen technology program in December 2020, including, but not limited to, the following:
- Entered into a sponsored research agreement with the University of California Los Angeles (UCLA) to develop efficient and stable earth-abundant material-based catalysts for hydrogen production through electrolysis.
- Increased the budget of the existing sponsored research agreement with UCLA by 13 times and expanded the scope of the research program focused on significantly reducing or replacing the hydrogen evolution reaction (HER) catalyst, platinum, as well as on developing the non-precious metal-based oxygen evolution reaction (OER) catalyst that replaces the existing OER catalyst, iridium.
- Created a non-precious metal-based catalyst that demonstrated significant improvement of OER in acidic conditions. The catalyst’s low cost and high durability make it a good candidate for commercial water electrolysis systems operating at high current densities.
- Chief operating officer gave presentations to relevant power industry groups interested in NewHydrogen’s role in the global energy transition.
There are several key objectives that NewHydrogen seeks to achieve moving forward, including but not limited to:
- Further improve the stability of the non-precious metal-based OER catalyst at high current density in preparation for upcoming electrolyzer studies.
- Develop platinum-based HER catalysts with significantly enhanced mass activity and stability and develop non-precious metal-based HER catalysts with comparable activity to existing platinum-based catalysts.
- Incorporate HER/OER catalysts into a prototype electrolyzer that will serve as a reference prototype to demonstrate NewHydrogen’s catalyst technology to produce low-cost green hydrogen.
- Continue to foster partnerships and actively participate in green hydrogen industry consortium activities.
“While we work to achieve these milestones, we are highly optimistic about bringing NewHydrogen technologies to market in the coming years,” Hall said. “As high-growth industries continue to adopt new and improved electrolyzer technologies, the market opportunity for customer adoption and revenue generation is tremendous for a solution like ours.”
About NewHydrogen, Inc.
NewHydrogen, Inc. is focused on developing a breakthrough electrolyzer technology to lower the cost of green hydrogen production. Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. However, hydrogen does not exist in its pure form on Earth so it must be extracted. For centuries, scientists have known how to use electricity to split water into hydrogen and oxygen using a device called an electrolyzer. Electrolyzers installed behind a solar farm or wind farm can use renewable electricity to split water, thereby producing green hydrogen. Unfortunately, electrolyzers are expensive and rely on rare earth materials such as platinum and iridium. These very expensive materials account for nearly 50% of the cost of electrolyzers. The company’s technology is aimed at significantly reducing or replacing rare earth materials in electrolyzers with inexpensive earth-abundant materials to help usher in a green hydrogen economy that Goldman Sachs estimates will be worth $12 trillion by 2050.
To learn more about the company, please visit https://www.NewHydrogen.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, the impact on the national and local economies resulting from terrorist actions, the impact of public health epidemics on the global economy and other factors detailed in reports filed by the Company with the United States Securities and Exchange Commission.
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CONTACT INFORMATION
Investor Relations Contact:
Tom Becker
NewHydrogen, Inc.
ir@newhydrogen.com
(877) 904-3733