HyperSolar, Inc. the developer of a breakthrough technology to produce renewable hydrogen using sunlight and any source of water, announced today that it has extended its sponsored research agreement with the University of California, Santa Barbara (UCSB) through June 30 2016, as the Company continues to develop its renewable hydrogen producing technology designed to meet the internationally growing demand for hydrogen fuel.
The University of California, Santa Barbara, has led the scientific efforts that have resulted in numerous breakthroughs towards effectively producing renewable hydrogen fuel at or near the point of distribution. By exceeding the 1.5 Volt milestone needed to produce hydrogen fuel in commercial real world applications, HyperSolar has demonstrated the potential for its technology to become a viable resource for companies and individuals requiring hydrogen fuel to power their various applications. In conjunction with the University of Iowa, HyperSolar's scientific efforts are led by two leading universities with a reputation for innovation within engineering and sustainability practices.
The market demand for hydrogen fuel has continued to grow as companies and individuals pursue more cost effective means of power that are less dependent on fossil fuels. The Fuel Cell & Hydrogen Energy Association (FCHEA) recently published a report entitled The Business Case for Fuel Cells 2015: Powering Corporate Sustainability that highlights this increased adoption of fuel cell technology. According to the report, approximately 23% of Fortune 100 companies are "using fuel cells for primary or backup power generation, or for materials handling equipment (MHE)." Furthermore, small to large sized businesses have purchased or installed over 13MW of stationary fuel cells; as companies such as Verizon, Walmart and FedEx establish partnerships with hydrogen technology companies Plug Power, Bloom Energy, and others to reduce their carbon footprint.
Key data points: The growth forecast = 22% annually for the next 7 years. Scroll below to get more insights. This market report covers Trends, opportunities and forecasts in megawatt proton exchange membrane water electrolysis hydrogen production electrolytic cell sales market to 2031 by type (aqueous solution electrolysis tank, molten salt electrolytic cell, and non aqueous solution electrolytic cell), application (chemical plant, thermal power generation, hydrogen refueling station, renewable hydrogen production, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)
Download free sample pagesIn addition to corporate needs, consumer demand for hydrogen has continued to grow as more auto manufacturers commit to the development and rollout of hydrogen fuel cell vehicles (FCVs). As these FCVs reach the consumer market, the emphasis on infrastructure becomes paramount. As chronicled by GreenCarReports.com, the recently-passed Congressional transportation-funding bill extended tax credits for hydrogen FCVs, offering between "$1,000 and $4,000 on top of the base $4,000 credit to the extent a hydrogen vehicle fuel economy exceeded 2002 base fuel economy, based on the weight of the vehicle up to 8,500 pounds." Additionally, the Stark Area Regional Transit Authority (SARTA) in Canton, Ohio recently broke ground on the state's first hydrogen fueling station, demonstrating the potential for hydrogen FCVs in the middle of the country, further bridging the gap between coastal states who have previously built hydrogen charging stations. This growth supports market predictions of approximately 228,000 FCVs reaching the US by 2024, according to Navigant Research.
"The extension of the sponsored research agreement with UCSB is a reflection of the mutual desire to maintain the progress demonstrated thus far in developing commercially viable renewable hydrogen production technology," said Tim Young, CEO of HyperSolar. "The demand for hydrogen fuel exhibited by both individuals as well as small to large organizations is clear, and further establishes the market niche HyperSolar seeks to fulfill. While reliability and cost-effectiveness are two of the primary selling points, we believe this growth is due in large part to the paradigm shift in thinking from business and individuals to become more sustainable, reducing carbon emissions in the hopes of leaving a cleaner planet for centuries to come."
