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BSRC - BioSolar Inc News Story

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Last Trade - 16/04/21

Market Cap £21.2m
Enterprise Value £23.0m
Revenue £n/a
Position in Universe 5962nd / 6850

BioSolar names Spencer Hall as chief operating officer

Mon 8th February, 2021 8:30am
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SANTA CLARITA, Calif., Feb. 08, 2021 (GLOBE NEWSWIRE) -- BioSolar, Inc. (OTC:
BSRC), a developer of clean energy technologies, today announced that Spencer
Hall will serve as chief operating officer and member of the company’s board
of directors, effective immediately. Hall is a former spokesperson for
PacifiCorp, a large investor-owned electric utility serving customers in six
western states. 

In this capacity, Hall will lead BioSolar’s operations while representing
the company’s mission and technologies to investors, media, public, and
potential partners. Hall brings to BioSolar extensive experience and knowledge
gained from working alongside conventional and renewable energy infrastructure
companies that serve the electric utility industry. 

Hall has held senior management positions over the course of his career
including director of communications for PacifiCorp, a Berkshire Hathaway
Energy-owned electric utility serving nearly two million customers across
Oregon, California, Washington, Utah, Idaho and Wyoming. Prior to his role at
PacifiCorp, he served as vice president of digital platforms for the Utah Jazz
(Larry H. Miller Sports & Entertainment) and as news director of, the
largest news outlet in the Intermountain West. Hall holds a Master of Science
in Instructional Design and Technology from Utah State University and a
Bachelor of Arts in Visual Art from Brigham Young University.

“We are excited to welcome Spencer to BioSolar, and expect that he will
immediately strengthen our management team,” said Dr. David Lee, CEO of
BioSolar. “Spencer’s vantage point coming from a utility that is actively
pursuing and investing in a renewable energy future is one we believe will
provide valuable insights as BioSolar progresses to meet its corporate

BioSolar 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 company 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.

About BioSolar, Inc.

BioSolar is a developer of clean energy technologies including green hydrogen
and lithium-ion battery components. The company’s current focus is 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. 

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 statements include, without
limitation, statements related to the intended use of proceeds. 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: market and
other conditions, the impact of economic, competitive and other factors
affecting the company and its operations, and other factors detailed in
reports filed by the company with the Securities and Exchange Commission.

Contact Information

Investor Relations Contact:
Tom Becker
BioSolar, Inc.
(877) 904-3733

GlobeNewswire, Inc. 2021
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