BioSolar Inc announced that while the Company has generally focused on energy storage technology and materials in the past, it now plans to evolve its technology to become a larger scale developer of breakthrough battery technologies for the electric vehicle (EV) market.
Leveraging the knowledge gained from its previous R&D efforts in battery design and manufacturing, BioSolar now intends to develop technologies capable of increasing the storage capacity, lowering the cost and extending the life of lithium-ion batteries for electric vehicles. The need for such breakthroughs is critical to meet the expected demand of the rapidly growing global electric vehicle battery market, which is forecast to exceed $90 billion by 2025. For more information see the IDTechEx report on Lithium-Ion Batteries for Electric Vehicles 2020-2030.
A lithium-ion battery contains two major parts, a lithium-filled cathode and a lithium-receiving anode, that function together as the positive and negative sides of the battery. BioSolar's near term focus is on the anode side of the battery. The Company is developing innovative technologies that will enable the use of inexpensive silicon as the anode material to create next generation high energy and high-power lithium-ion batteries for electric vehicles.
"We are truly entering a 'Golden Age' of electric vehicles powered by growing demand from environmentally conscious consumers and governments, and enabled by the increased performance and decreased cost of lithium-ion batteries," said Dr. David Lee, the Company's Chief Executive Officer. "BioSolar has made significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries, the objectives for the majority of consumer and commercial energy storage applications in high growth markets. This work naturally leads us to the electric vehicle battery sector - one of the largest and most exciting market opportunities on the horizon."
Source: BioSolar Inc
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