SANTA CLARITA, Calif., June 16, 2023 (GLOBE NEWSWIRE) -- NewHydrogen, Inc. (OTC:NEWH), the developer of a breakthrough technology to produce low-cost green hydrogen, today announced that Steven Hill has been promoted to Chief Executive Officer, effective immediately. Hill has been serving as Vice President. Dr. David Lee, the Company’s founder, will continue to serve as the Chairman of the Board and President.
In his new role, Hill will champion the company's mission and technologies to investors, media, the public, and potential partners. With over two decades of senior-level experience in sales, marketing, and business development within the pharmaceutical industry, Hill brings extensive business knowledge to NewHydrogen.
"We believe that Hill's executive sales experience will immediately enhance the Company's market presence and visibility," stated Lee. "His unique vantage point will provide valuable insights as NewHydrogen progresses towards achieving its corporate objectives."
Hill said, “I am passionate about developing technology to solve global problems. I believe our hydrogen production technology has the potential to reduce the world's dependence on expensive rare-earth materials and dirty hydrocarbons. I look forward to working with other innovative technology partners to make this a reality.”
NewHydrogen is currently funding a sponsored research program at the Department of Materials Science and Engineering at the University of California, Los Angeles (UCLA), aimed squarely at developing technologies to lower the cost of green hydrogen. The goal of NewHydrogen’s technology development is to lower the cost of green hydrogen by eliminating or drastically reducing the use of precious metals in electrolyzers. Electrolyzers currently rely on rare materials such as iridium and platinum. These materials often account for a substantial portion of the cost of electrolyzers.
About NewHydrogen, Inc.
NewHydrogen is developing a breakthrough green hydrogen generator that uses renewable energy and water to produce low-cost green hydrogen. Hydrogen is the cleanest and most abundant fuel in the universe. It is zero-emission and only produces water vapor when used. Hydrogen does not exist in its pure form on Earth so it must be extracted from a source that contains hydrogen. For centuries, scientists have known how to split water into hydrogen and oxygen using a simple and elegant device called an electrolyzer. Unfortunately, an electrolyzer – the primary component of a hydrogen generator – is still very expensive. NewHydrogen is developing breakthrough technologies to enable the next generation of low cost electrolyzers. Our initial focus is on replacing and reducing expensive rare earth materials, to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion.
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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Investor Relations Contact:
NewHydrogen, Inc.
ir@newhydrogen.com
