Rising Demand for Solar Paired With Energy Storage Systems Creates Pent Up Demand for Cost Effective Energy Storage Solutions
BioSolar, Inc. (OTCQB: BSRC), developer of breakthrough energy storage technology and materials, today commented that the company’s polymer-based supercapacitor technology currently under development could help reduce the cost of solar energy storage.
According to the Solar Energy Industries Association, the demand for rooftop solar paired with energy storage systems will reach $1 billion in the U.S. within four years, and will create pent up demand for cost effective solar energy storage solutions. Paring with solar panels with batteries means users can store power during the day and use it at night, reducing electricity bills. Those savings can be more significant for customers who pay higher rates for electricity during peak periods.
Since solar energy is only available during the day and naturally sporadic because of weather and clouds, a large capacity and fast charge-discharge energy storage system is needed to quickly store the energy of the sun so that it can be used anytime — day or night. Therefore, solar energy storage systems need battery banks with high specific energy (Wh/Kg) to store as much energy as possible without increased size. At the same time, the system needs to provide high specific power (mAh/g) for fast charge to harvest as much energy as possible when the sunlight is available. Most importantly, the system should be able to handle large number of charge-discharge cycles possible before requiring battery replacement.
Dr. David Lee, the company’s CEO, said, “Existing battery technologies, such as lithium-ion batteries, are good for longer-term energy storage, but cannot be charged or discharged rapidly. Furthermore, batteries have limited charge-discharge life cycles resulting in premature capacity degradation over relatively short time span. By integrating our BioSuperCap, a low cost polymer-based supercapacitor, as the front-end to battery banks, fewer batteries can be used, and daytime solar energy can be quickly and cost-effectively stored for nighttime use at a substantially lower cost. The combined system also will be able to handle much larger number of charge-discharge cycles resulting in substantially longer battery life.”
The company previously announced record performance for its low cost energy storage supercapacitor. BioSuperCap, a next generation supercapacitor based on inexpensive conducting polymers that can reduce the cost of storing the energy of the sun, has demonstrated stability for 50,000 charge-discharge cycles, which is more than 10 times better than reported for polymer-hybrid supercapacitors.
About BioSolar, Inc.
BioSolar, producer of innovative bio-based solar energy products, is currently developing a breakthrough energy storage technology for reducing the cost of storing the energy of the sun. Existing battery technologies, such as lithium-ion batteries, are good for longer-term energy storage, but cannot be charged or discharged rapidly. This characteristic limits the use of batteries for power backup applications. Inspired by nature, BioSolar is developing a low cost polymer based supercapacitor that can be charged and discharged hundreds of times faster than batteries, and will complement batteries for the storage of solar energy. By integrating BioSolar supercapacitors as the high power frontend to battery banks, with fewer battery banks than would ordinarily be required, daytime solar energy can be quickly and cost-effectively stored for nighttime use at a substantially lower cost. This potentially game-changing technology will allow users of solar energy systems to reduce their dependence or go completely off the electric utility power grid. To learn more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
- Investor Relations Contact: