May 17, 2016
BioSolar, Inc. a developer of breakthrough energy storage technology and materials, today recognized recent media coverage detailing BioSolar's efforts to scale its proprietary battery technology, and commented on recent reports stating the size of the lithium-on battery market.
As previously disclosed, the Company's laboratory testing results suggested that lithium-ion batteries incorporating its cathode technology could potentially achieve significantly higher capacity with costs below $100/kWh, which is less than half of today's lowest cost lithium-ion batteries.
In a recent Q&A with Today's Motor Vehicle Magazine, BioSolar CEO Dr. David Lee discussed both the development of and market for its innovative cathode technology. Within the interview, Dr. Lee discussed the advantages under review from battery manufacturers when evaluating cost and efficiency; opportunities for automakers in identifying new battery technologies; both commercial and industrial vehicle applications; and next steps for BioSolar in terms of development and commercialization. In a print article for Chemical Engineering Magazine, an interview with Dr. Lee touched upon the more technological aspects of developing BioSolar's battery technology, and also addressed inherent challenges faced by battery manufacturers.
According to a recent study performed by Allied Market Research entitled, "World Lithium-Ion Battery Market: Opportunities and Forecasts, 2015-2022," the global lithium-ion battery market is expected to generate revenue of $46.21 billion by 2022, with a CAGR of 10.8% during the forecast period (2016-2022). Currently, the market is very concentrated, as over 70% of installed energy storage capacity uses lithium-ion batteries, as the technology is proven and bankable.
"Lithium ion batteries are becoming a mainstream battery choice for consumer and automotive applications, as well as large scale energy storage due to its advantages over many existing battery chemistry," said Dr. Lee. "The inherent challenges associated with lithium-ion batteries center upon cost and scale. As most improvements to battery performance have come from changing chemistry rather than from ongoing improvement within a given chemistry, BioSolar has focused on addressing these fundamental issues with its innovative approach to developing cathode technology."
BioSolar is currently funding a sponsored research program at the University of California, Santa Barbara (UCSB), to further develop its super battery technology. The lead inventors of the technology are UCSB professor Dr. Alan Heeger, the recipient of a Nobel Prize in 2000 for the discovery and development of conductive polymers, and Dr. David Vonlanthen, a project scientist and expert in energy storage at UCSB.