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Item 1. Business

2024-03-20 compared with 2023-03-10 · 114 added, 42 removed, 194 unchanged (45% of the section changed)

are a developer of clean energy technologies.

Our current focus is on developing an electrolyzer technology to lower the cost of Green

Hydrogen production.

is the cleanest and most abundant fuel in the universe.

It is zero-emission and only produces water vapor when used.

However, hydrogen

does not exist in its pure form on Earth so it must be extracted.

For more than 200 years, scientists have known how to use electricity

to split water into hydrogen and oxygen using a device called an electrolyzer.

Electrolyzers installed behind a solar farm or wind farm

can use renewable electricity to split water, thereby producing Green Hydrogen.

However, modern electrolyzers still cost too much.

chemical catalysts that enable the water-splitting reactions are currently made from platinum and iridium - both are very expensive precious

These catalysts account for nearly 50% of the cost of the electrolyzer.

are developing technologies to significantly reduce or replace rare materials with inexpensive earth abundant materials in electrolyzers

to help usher in a Green Hydrogen economy.

In a 2022 report, Goldman Sachs estimates that Green Hydrogen will be a $11 trillion market

opportunity for the utilities industry along by 2050.

Our current focus is on developing a green hydrogen production technology that uses water

and heat rather than electricity to produce the world’s cheapest green hydrogen.

is the cleanest and most abundant element in the universe, and we can’t live without it.

Hydrogen is the key ingredient in making

fertilizers needed to grow food for the world.

It is also used for transportation, refining oil and making steel, glass, pharmaceuticals

Nearly all the hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which are dirty and limited resources.

Water, on the other hand, is an infinite and renewable worldwide resource.

the most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity

produced from solar or wind.

However, green electricity is and always will be very expensive.

It currently accounts for 73% of the cost

of green hydrogen.

By using heat directly, we can skip the expensive process of making electricity, and fundamentally lower the cost

of green hydrogen.

Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for

use in our novel low-cost thermochemical water splitting process.

Working with a world class research team at UC Santa Barbara, our goal

is to help usher in the green hydrogen economy that Goldman Sachs (in a 2022 report) estimated to have a future market value of $12 trillion.

is the most abundant and prevalent clean energy in the universe.

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and water can significantly expand the market for hydrogen.

At this time, we believe electrolyzer technology represents the most certain

At this time, the electrolyzer technology represents the most well understood

or Wind Energy + Water + Electrolyzers = Green Hydrogen

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70% of hydrogen production costs.

technology is aimed at lowering the cost of catalysts and key components in PEM electrolyzers by:

rare materials with inexpensive earth abundant materials,

significantly

reducing the amount of rare materials used, and

energy consumption.

Problem with Electrolyzer Technology

more than 100 years, the gold standard for producing green hydrogen is through electrolysis, using electrolyzers with solar or wind energy

to split water into hydrogen and oxygen.

However, electrolyzers are very expensive and their efficiencies are fundamentally limited by

the natural laws of thermodynamics.

For example, the theoretical voltage required to split water is 1.23V, but in real life, the voltage

required in an industrial electrolyzer is closer to 2V, sometimes more.

This 60% or more of additional energy is wasted and not put into

hydrogen molecules.

electrolyzer was first Invented in 1789 and its basic chemistry and architecture hasn’t changed much since then, despite many materials

and manufacturing advancements.

Nearly all electrolyzers suffer from the following disadvantages:

- The need for much higher voltage, or input energy, to drive meaningful amounts of hydrogen production.

Metals - Catalysts used for water splitting are often precious metals such as platinum and iridium, a material so rare it can only

be found in asteroids, and they all corrode over time.

- Degradable membranes are needed to separate hydrogen (H 2 ) and oxygen(O 2 ) bubbles so they don’t re-combine

to make water (H 2 O).

Water - Precious metals and membranes are highly susceptible to fouling, therefore expensively distilled pure water is required.

Reaction Surfaces - Water splitting reactions can only happen on the surfaces of 2-dimentional electrode plates.

Therefore, much

of the water is literally waiting around to be zapped, resulting in low efficiency and low throughput.

to the 2022 Oxford Institute for Energy Studies, The biggest problem with electrolyzers is the use of electricity, which accounts for

nearly 73% of the cost of Hydrogen production.

Solution – Using Heat Instead of Electricity is a Better Way

widely available green hydrogen could revolutionize global energy systems and presents a $12 trillion market opportunity.

aims to play a leading role in capturing a share of this enormous potential market by developing a whole new way to reduce the cost of

green hydrogen.”

is developing ThermoLoop TM , a novel low-cost thermochemical process to split water using inexpensive heat, instead of expensive

Previous thermochemical approaches use extremely hard to manage temperatures such as 2,000°C, or an inefficient series

of step reactions at different temperatures to split water into oxygen and hydrogen.

Using heat to split water isn’t new, but our

goal with ThermoLoop TM is to develop an elegant and highly efficient chemical looping redox process operating at normal industrial

temperatures ranges (below 1000°C).

step oxidizes (changes) the material to facilitate hydrogen production, the other step(s) reduce (recover) the material and produce oxygen.

These steps operate in a continuous process loop that splits an incoming supply of steam (water).

This type of redox chemistry is simple

on paper but hard in practice.

The magic lies in the redox properties of certain multiphase materials, and this has not been done before

and represents an exciting development that may enable substantial cost reduction by skipping expensive electricity.

Inexpensive heat

can be obtained from concentrated solar, geothermal, nuclear reactors or industrial waste heat.”

of Green Hydrogen

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and Development

electrolyzer technology research and development is conducted at the University of California at Los Angeles through a sponsored research

The current program is focused on replacing iridium with earth abundant materials that meet or exceed the performance characteristics

We have also identified additional components and materials in electrolyzers where meaningful cost reductions can be performed.

While iridium is the oxygen catalyst, its counterpart on the hydrogen side is platinum, a material so rare that only 200 tons are mined

Another critical component is the porous transport layer (“PTL”), also known as the gas diffusion layer, which

facilitates the movement of water and gases to and from the catalyst surfaces.

According to the National Renewable Energy Laboratory,

the catalysts, membrane and PTL assembly account for more than 50%-75% of the capital cost of the electrolyzer stack.

will begin marketing our electrolyzer catalyst technologies as soon as a tangible form of quantitative performance demonstration becomes

Our marketing plan includes engaging with manufacturers of existing electrolyzer component and delivery infrastructure, as

well as identifying and developing relationships with potential licensing partners with large scale hydrogen generation and supply logistics

all over the world.

is developing ThermoLoop™ – a breakthrough technology that uses water and heat rather than electricity to produce the world’s

lowest cost green hydrogen.

Hydrogen is the cleanest and most abundant element in the universe, and we can’t live without it.

is the key ingredient in making fertilizers needed to grow food for the world.

It is also used for transportation, refining oil and making

steel, glass, pharmaceuticals and more.

Nearly all the hydrogen today is made from hydrocarbons like coal, oil, and natural gas, which

are dirty and limited resources.

Water, on the other hand, is an infinite and renewable worldwide resource.

the most common method of making green hydrogen is to split water into oxygen and hydrogen with an electrolyzer using green electricity

produced from solar or wind.

However, green electricity is and always will be very expensive.

It currently accounts for 73% of the cost

of green hydrogen.

By using heat directly, we can skip the expensive process of making electricity, and fundamentally lower the cost

of green hydrogen.

Inexpensive heat can be obtained from concentrated solar, geothermal, nuclear reactors and industrial waste heat for

use in our novel low-cost thermochemical water splitting process.

Working with a world class research team at UC Santa Barbara, our goal

is to help usher in the green hydrogen economy that Goldman Sachs estimated to have a future market value of $12 trillion.

will begin marketing our ThermoLoop TM technology as soon as a tangible form of quantitative performance demonstration becomes

Our marketing plan includes engaging with manufacturers of existing thermochemical hydrogen production component and delivery

infrastructure, as well as identifying and developing relationships with potential licensing partners with large scale hydrogen generation

and supply logistics all over the world.

are currently outsourcing our promotion efforts to a public relations firm that is assisting us with comprehensive advertising and promotion

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patent application U.S.

titled “Prelithiated Silicon Particles for Lithium Ion Batteries”, and we currently have a non-exclusive License Agreement

for the use of the technology.

titled “Prelithiated Silicon Particles for Lithium Ion Batteries”, and we currently have option to negotiate for a non-exclusive

License Agreement for the use of the technology.

The patent was issued on December 29, 2020.

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the Company chose not to renew the exclusive licensing arrangement.

The Company still retains a nonexclusive license to use the technology.

The Company retains option for a nonexclusive license to use the

June 14, 2018, the Company executed a joint development agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe, PLC (NASDAQ:GSM),

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by integrating BioSolar technology and Ferroglobe silicon materials.

The agreement expired on June 14, 2022 pursuant to the original

terms of the agreement.

March 6, 2020, the Company executed a joint development agreement with Soelect, Inc, for collaborative efforts to assess, develop, and/or

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Opportunities.

On May 27, 2021, the Company terminated the joint development agreement.

December 14, 2020, the Company executed a sponsored research agreement with the University of California, Los Angeles, for collaborative

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and (iii) update the schedule of payments to the University.

On December 1, 2023, the Company exercised its option to conclude its sponsored

research that was being conducted pursuant to the Sponsored Research Agreement with the University of California Los Angeles (UCLA),

as amended (the “Agreement”).

Sponsored research under the Agreement, which resulted in successful development of non-precious

metal-based oxygen evolution reaction (OER) catalyst and hydrogen evolution reaction (HER) catalyst that uses an order of magnitude less

platinum, concluded effective December 31, 2023.

In the future, the Company may choose to negotiate with UCLA to license intellectual

property arising from the sponsored research under the Agreement.

The Company made the decision to conclude the Agreement to fully focus

its research efforts and financial resources on the development of its ThermoLoop TM technology at UC Santa Barbara (UCSB).

June 28, 2023, the Company entered into a Research Agreement (the “Agreement”) with The Regents of the University of California

(the “University”), on behalf of its Santa Barbara Campus.

Pursuant to the Agreement, the University will perform certain

research with respect to Thermochemical Water Splitting for Hydrogen Production from Water.

The Agreement provides that the research

will be completed under the direction of Professors Phillip Christopher and Eric McFarland, who will serve as principal Investigators.

The Agreement also sets forth the rights to any data or information developed by the University under the Agreement, as well as the ownership

of any patentable developments or discoveries arising from the Agreement.

The effective date of the Agreement is August 1, 2023 and the

term of the Agreement runs through July 31, 2025.

assist us in the development of our technology, we intend to seek out and enter into technology development agreements with other entities

with battery testing and materials expertise.

with testing and materials expertise.

Information and History

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Capital Resources

of March 1, 2023 we had one (1) full time employee.

We have not experienced any work stoppages and we consider relations with our

employees to be good.

of March 15, 2024 we had two (2) full time employees.

We have not experienced any work stoppages and we consider relations with our employees

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business