BioSolar, Inc. (OTCQB:BSRC) (“BioSolar” or the “Company”), a developer of breakthrough energy storage technology and materials, today announced the Company has extended the funding of a sponsored research program at the North Carolina Agricultural and Technical State University to support the next phase of its silicon anode material technology development.
BioSolar’s research program with North Carolina Agricultural and Technical State University initially began in September 2016 with a focus on low cost and high performance materials for next generation lithium-ion batteries. Dr. Sung-Jin Cho – assistant professor in the Nanoengineering Department who is internationally recognized in the field of lithium-ion battery development – will continue to be the lead investigator of the sponsored research. Dr. Cho also serves as Director of the Nano Energy Laboratory, a role he has held since August 2014. This extension funds the research program for another 12 months, until September 2018.
The Company recently announced the development of an additive material made out of highly ionic silicon-lithium nanocomposites that improves the battery’s first cycle efficiency, capacity retention for long-term cycling, and power capability at different current rates. The Company believes that its proprietary additive has the potential to improve all types of silicon anode materials such as Si carbon composite, Si oxide type, and Si alloys.
BioSolar’s focus on silicon anode material development represents a high growth opportunity within the global lithium-ion battery market, one that is expected to exceed $77 billion by 2024, according to a report by Transparency Market Research. This growth is fueled by rapid adoption of everyday products powered by lithium-ion batteries, such as electric vehicles and portable electronics.
“We are pleased to extend the agreement to fund the sponsored research program at North Carolina Agricultural and Technical State University,” said Dr. David Lee, CEO of BioSolar. “The recent technological milestones have generated feedback that clearly demonstrates the substantial market potential for our product. By extending our partnership with the University, we maintain the continuity that we believe will spur development, and ultimately, create revenue.”
