SunHydrogen Inc (OTCMKTS:HYSR), the developer of a low-cost method to produce green hydrogen using solar power, said today it is currently well-capitalised and hopes to have a production-quality prototype of its nanoparticle-based technology at the end of 2022.
The California-based company has based its technology on microscopic machines called Photoelectrosynthetically Active Heterostructures (PAH) nanoparticles, which have multiple layers that allow for a solar electrolysis reaction to take place. Billions of these nanoparticles are bundled together to create a solar hydrogen panel.
SunHydrogen says that its technology has a few advantages over traditional electrolysers because its solar hydrogen panels do not require on-grid power or costly power electronics. Moreover, unlike electrolysers, the panels can utilise water of varying purities.
The company noted that as of the end of its fiscal year on June 30, 2022, it has USD 52 million (EUR 51.3m) in cash and cash equivalents on its balance sheet.
“Being well-capitalised at this time not only allows us to feel confident about seeing our technology through to commercial viability, but it also allows us to begin exploring strategic investments in the hydrogen space,” stated chief executive Tim Young.
The company’s CEO added that it is actively scanning opportunities for investment in and acquisition of complementary hydrogen technologies. Chief operating officer Woosuk Kim, the former Senior Vice President and Head of the M&A Group at Seoul-based SK Innovation, leads SunHydrogen’s investment strategy.
(USD 1 = EUR 0.987)
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