CEO Tim Young Shares Progress Update on Company's Nanoparticle-Based Green Hydrogen Technology and Investment in TECO 2030 ASA
SANTA BARBARA, CA – March 20, 2023 – SunHydrogen, Inc. (OTC: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today shared an update to its shareholders from its Chief Executive Officer, Tim Young, as follows.
Our Technology
In February 2023, SunHydrogen unveiled the largest version to-date of our nanoparticle-based green hydrogen technology, which splits water molecules into high-purity green hydrogen and oxygen using the sun's energy.
This 1.5 sq. ft. panel houses 16 hydrogen generators and integrates light absorbers, catalysts, membranes, gas collection, and liquid delivery all in one unit.
Our SunHydrogen panel is currently the only self-contained nanoparticle-based hydrogen generation device of its kind that utilizes the sun’s energy to split water molecules into high-purity green hydrogen and oxygen. Our scalable system design, use of low-cost, abundant materials, and ability to utilize water of varying purities are all attributes that set us apart from conventional electrolyzer solutions. Our team's diligent work to scale our panel design is a testament to our unwavering commitment to providing a truly unique solution that has the potential to revolutionize the green hydrogen landscape and make green hydrogen production highly cost-competitive with brown hydrogen.
Our team's efforts are currently focused on increasing the panel's hydrogen production rates and durability while decreasing the cost per kilogram of hydrogen produced. We are pursuing these goals through a series of improvements to our hydrogen panel's design and internal components, and our commitment to these efforts is driven by our overarching goal of delivering the most affordable green hydrogen solution.
First, we are increasing the hydrogen generator area to panel area ratio by over 50% compared to the current design. This upgrade will result in a substantial increase in the amount of solar energy absorbed and converted into hydrogen gas.
Our scientific team is also working closely with the National Renewable Energy Laboratory (NREL) and the University of Iowa to integrate existing state-of-the-art, low-cost semiconductors into our nanoparticle-based system to substantially improve the overall power conversion efficiency of our hydrogen panels.
Additionally, we are working with our industrial partners Corning Laser Technologies GmbH and Geomatec to reduce voltage loss between the anode and cathode catalysts, also resulting in improved power conversion efficiency.
Lastly, our team is working closely with the Singh Lab at the University of Michigan to optimize our catalyst and membrane integration techniques. This will increase the lifetime of our catalyst, decreasing the overall hydrogen production cost.
These improvements are currently being implemented and tested in our 1.5 sq. ft. panel, upon which the design will then be translated into a 1 m² panel. These advancements have also been designed specifically to increase the lifespan and stability of the panel, reducing the need for maintenance and replacement and making it even more cost-effective for future customers to adopt green hydrogen.
TECO 2030
As part of our commitment to furthering the global hydrogen ecosystem, in November 2022 we announced a $10M strategic investment in Norway-based TECO 2030 ASA (OTCQX: TECFF, Oslo Stock Exchange: TECO), the developer of zero-emission technology for the heavy industry and maritime sectors. TECO 2030 is currently developing and building Europe's first gigafactory of hydrogen PEM fuel cell stacks for maritime applications and medium to heavy-duty trucks.
This investment holds unique significance because of the synergy between SunHydrogen and TECO 2030, as well as TECO 2030's key relationships with world-leading companies in the fuel cell industry – TECO 2030's longtime development partner AVL is the world's largest independent company for the development, simulation and testing of powertrain systems.
With extensive experience developing engines for passenger cars, commercial and construction vehicles, heavy machinery and maritime vessels, AVL has completed over 300 fuel cell projects and owns four times more fuel cell patents than all industry competitors combined. TECO 2030 is also partnered with thyssenkrupp Automation Engineering, which boasts over 100 years of fuel cell experience and €34 billion in revenue in 2021.
Fuel cell applications will make up a significant portion of the green hydrogen economy, and we believe heavy duty long-haul trucking and maritime shipping are excellent use cases for hydrogen over battery power.
Hydrogen-powered trucks and hydrogen refueling stations present a variety of cost, scalability, and sustainability-related benefits over battery power, a 2022 McKinsey & Company report states. Namely, hydrogen-fueled trucks can refuel faster and carry a lower weight penalty than battery-powered trucks because tanks weigh considerably less than batteries. And at scale, the infrastructure is less costly to create than e-truck charging infrastructure because it does not require grid upgrades and has a smaller carbon footprint, McKinsey confirms. Faster refueling speed also means the hydrogen infrastructure can be used by many more trucks.
Every day in the US, hundreds of thousands of diesel trucks travel through routes with abundant land and sun. Envision SunHydrogen panels along and around these highways, producing green hydrogen at and near refueling sites: Our technology would eliminate the need to transport hydrogen fuel over long distances, lowering the high costs and hydrogen losses that would otherwise happen in long-distance transport.
While fuel cell technology is maturing ahead of economical green hydrogen production technologies, we are confident that fuel cell applications are a perfect fit for our solution. I believe it greatly benefits our Company and our shareholders to participate in the current fuel cell boom with TECO 2030 and AVL. And in the future, I believe our green hydrogen panels along major trucking routes worldwide, together with the proliferation of TECO 2030's hydrogen fuel cell technology, can make a significant mark on the industry.
Amid a time of widespread financial sector volatility with many innovators in the renewable space struggling for capital, we are fortunate to have the resources to both fully support the development of our own technology and further our goal of maximizing our impact in the hydrogen industry through strategic investment.
To our shareholders, we thank you very much for your continued patience and support and we look forward to sharing our progress with you as we press forward to scale our technology.
About SunHydrogen, Inc.
SunHydrogen is developing breakthrough technologies to make, store and use green hydrogen in a market that Goldman Sachs estimates to be worth $12 trillion by 2050. Our patented SunHydrogen Panel technology, currently in development, uses sunlight and any source of water to produce low-cost green hydrogen. Similar to solar panels that produce electricity, our SunHydrogen Panels will produce green hydrogen. Our vision is to become a major technology supplier in the new hydrogen economy. By developing, acquiring and partnering with other critical technologies, we intend to enable a future of emission-free vehicles, ships, data centers, aircrafts and more. To learn more about SunHydrogen, please visit our website at www.SunHydrogen.com.
Safe Harbor Statement
Matters discussed in this press release may contain forward-looking statements. 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. Forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Forward-looking statements contained herein are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements, except as may be required under applicable law.
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