NewHydrogen continues progress on lowering the price of green hydrogen
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:
There are several key objectives that NewHydrogen seeks to achieve moving forward, including but not limited to:
“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.
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