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Item 1. Business

2025-03-25 compared with 2024-03-20 · 315 added, 281 removed, 27 unchanged (96% of the section changed)

are a developer of clean energy technologies.

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.

We are a developer of clean energy

technologies.

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.

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 and more.

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.

Currently, 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

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.

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.

Industry Overview

Hydrogen is the most abundant

and prevalent clean energy in the universe.

73% of the Sun is made up of hydrogen.

a weight basis, hydrogen (142 MJ/kg) contains 3X as much energy as gasoline (46 MJ/kg), and 200X as much energy as lithium-ion batteries

can be used in fuel cells to power electric vehicles or cities.

can be combusted in gas turbines or internal combustion engines for power generation.

is a zero-emission clean fuel and produces only water vapor when used.

is the main ingredient in fertilizers that feed our hungry world.

does not exist in its pure form, and must be extracted.

On a weight basis, hydrogen (142 MJ/kg) contains 3X as much energy

as gasoline (46 MJ/kg), and 200X as much energy as lithium-ion batteries (0.6 MJ/kg).

It can be used in fuel cells to power electric vehicles or cities.

It can be combusted in gas turbines or internal combustion engines

for power generation.

It is a zero-emission clean fuel and produces only water vapor when

It is the main ingredient in fertilizers that feed our hungry world.

Hydrogen does not exist in its

pure form, and must be extracted.

According to a 2022 report from the U.S.

Department of Energy, more than 95%

of hydrogen in the world are made by steam reforming of natural gas (“Grey Hydrogen”) or coal gasification (“Brown

Both sources of hydrogen are basically different forms of dirty, carbon heavy, and non-renewable fossil fuels.

does nothing to help fight climate change or lead to renewable energy and a sustainable planet.

to a 2023 research report from Vantage Market Research, green hydrogen has an annual market size of more than $374 million in 2021, and

is expected to hit $8.7 billion in 2028.

Developing cost-competitive Green Hydrogen made from renewable resources such as solar, wind

and water can significantly expand the market for hydrogen.

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

or Wind Energy + Water + Electrolyzers = Green Hydrogen

sources of Green Hydrogen can power a clean energy world of fast charging fuel cell electric vehicles, light up our homes, make our fertilizers

and ultimately replace many forms of fossil fuels.

overwhelming amount of scientific evidence shows that carbon emissions from fossil fuels have contributed to increasing global climate

Policymakers around the world have accelerated programs to enable the development and adoption of renewable energy.

been slow to adopt such programs but is quickly becoming a formidable force.

According to the World Resources Institute, more than 14

states have legislative mandates requiring 100% renewable electricity, some as early as 2040.

Department of Energy, more than 95% of hydrogen in the world

are made by steam reforming of natural gas (“Grey Hydrogen”) or coal gasification (“Brown Hydrogen”).

of hydrogen are basically different forms of dirty, carbon heavy, and non-renewable fossil fuels.

This does nothing to help fight climate

change or lead to renewable energy and a sustainable planet.

According to a 2023 research

report from Vantage Market Research, green hydrogen has an annual market size of more than $374 million in 2021, and is expected to hit

$8.7 billion in 2028.

Developing cost-competitive Green Hydrogen made from renewable resources such as solar, wind and water can significantly

expand the market for hydrogen.

At this time, the electrolyzer technology represents the most well understood way forward.

Solar or Wind Energy + Water + Electrolyzers = Green

Abundant sources of Green Hydrogen

can power a clean energy world of fast charging fuel cell electric vehicles, light up our homes, make our fertilizers and ultimately

replace many forms of fossil fuels.

An overwhelming

amount of scientific evidence shows that carbon emissions from fossil fuels have contributed to increasing global climate change.

around the world have accelerated programs to enable the development and adoption of renewable energy.

The U.S has been slow to adopt

such programs but is quickly becoming a formidable force.

According to the World Resources Institute, more than 14 U.S.

states have legislative

mandates requiring 100% renewable electricity, some as early as 2040.

Both the U.K.

and European Union are

targeting net zero greenhouse gas emissions by 2050.

this global backdrop and concerted actions toward climate policies and clean energy, we believe the Green Hydrogen revolution is ready

The Sun does not always shine, and the wind does not always blow.

Therefore, green energy from solar and wind power is inherently

intermittent and unreliable as a primary source of power.

However, by converting that green electricity into Green Hydrogen, it can be

used anywhere and anytime for electricity, chemicals, heating and all necessities of life.

of the versatility of hydrogen, we believe Green Hydrogen has the potential to fundamentally improve the world economy and usher in a

new era of economic prosperity, sustainability, and energy independence to those with access to solar, wind and water which describes

most of the entire world.

and European Union are targeting net zero greenhouse

gas emissions by 2050.

With this global backdrop and

concerted actions toward climate policies and clean energy, we believe the Green Hydrogen revolution is ready to take off.

not always shine, and the wind does not always blow.

Therefore, green energy from solar and wind power is inherently intermittent and

unreliable as a primary source of power.

However, by converting that green electricity into Green Hydrogen, it can be used anywhere and

anytime for electricity, chemicals, heating and all necessities of life.

Because of the versatility of

hydrogen, we believe Green Hydrogen has the potential to fundamentally improve the world economy and usher in a new era of economic prosperity,

sustainability, and energy independence to those with access to solar, wind and water which describes most of the entire world.

Electrolyzer Technology

more than 200 years, scientists have known how to split water into hydrogen (H 2 ) and oxygen (O 2 ).

5 unchanged sentences

- Green Hydrogen.

are two primary types of commercial electrolyzers.

There are two primary types of

commercial electrolyzers.

The original alkaline electrolyzer and the modern proton exchange membrane (PEM) electrolyzer.

However, neither technology can currently produce Green Hydrogen at scale that is cost competitive with Grey or Brown Hydrogen sourced

from fossil fuels.

PEM electrolysis has the advantage of higher efficiency and quickly reacting to fluctuating input energy, which is

ideally matched to the fluctuating nature of solar and wind energy.

Its smaller footprint also makes it ideal for distributed systems,

which is how most renewable energy systems are implemented.

electrolyzers are expensive because they rely on rare materials such as platinum and iridium - which is akin to stardust found only in

asteroids - as chemical catalysts for the water-splitting reactions.

According to National Renewable Energy Laboratory (NREL), these

materials account for nearly 50% of the capital cost of PEM electrolyzers.

Additionally, the cost of electricity contributes to over

70% of hydrogen production costs.

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

lithium-ion where it is simply a battery technology, Green Hydrogen is an economy.

There are many applications for Green Hydrogen, some

with larger markets than others.

However, neither

technology can currently produce Green Hydrogen at scale that is cost competitive with Grey or Brown Hydrogen sourced from fossil fuels.

PEM electrolysis has the advantage of higher efficiency and quickly reacting to fluctuating input energy, which is ideally matched to

the fluctuating nature of solar and wind energy.

Its smaller footprint also makes it ideal for distributed systems, which is how most

renewable energy systems are implemented.

PEM electrolyzers are expensive

because they rely on rare materials such as platinum and iridium - which is akin to stardust found only in asteroids - as chemical catalysts

for the water-splitting reactions.

According to National Renewable Energy Laboratory (NREL), these materials account for nearly 50% of

the capital cost of PEM electrolyzers.

Additionally, the cost of electricity contributes to over 70% of hydrogen production costs.

The Problem with Electrolyzer Technology

For 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.

electrolyzers are very expensive and their efficiencies are fundamentally limited by the natural laws of thermodynamics.

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.

The electrolyzer was first Invented in 1789 and its

basic chemistry and architecture hasn’t changed much since then, despite many materials and manufacturing advancements.

all electrolyzers suffer from the following disadvantages:

Overvoltage - The need for much higher voltage, or input energy, to

drive meaningful amounts of hydrogen production.

Precious 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.

Membranes - 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).

Distilled Water - Precious metals and membranes are highly susceptible

to fouling, therefore expensively distilled pure water is required.

2D 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.

According 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.

The Solution – Using Heat Instead of Electricity

is a Better Way

Cheap, widely available green hydrogen could revolutionize

global energy systems and presents a $12 trillion market opportunity.

NewHydrogen 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.”

NewHydrogen is developing ThermoLoop TM ,

a novel low-cost thermochemical process to split water using inexpensive heat, instead of expensive electricity.

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).

One 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.

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.”

Applications of Green Hydrogen

Unlike lithium-ion where it is

simply a battery technology, Green Hydrogen is an economy.

There are many applications for Green Hydrogen, some with larger markets than

Here are just a few.

Department of Energy)

Electric Grid - The electric grid is finicky, sometimes it needs a lot of electricity sometimes it does not.

Unused electricity

from solar and wind farms are wasted if it is not used immediately.

The Sun does not always shine, and the wind does not always blow,

and this makes solar and wind sourced electricity unreliable.

One solution is to use an electrolyzer system to convert the excess

solar/wind electricity into hydrogen and store it in inexpensive nearby underground caverns.

When electricity demand spikes, the

hydrogen can be converted back into electricity through a fuel cell.

We believe, this is a very scalable solution as opposed to miles

and miles of very expensive grid-scale battery systems.

In fact, the Advanced Clean Energy Storage project in Utah aims to do just

this by building the world’s largest storage facility for 1,000 megawatts of clean power, partly by putting hydrogen into underground

salt caverns.

Cell Electric Vehicles (FCEV) - Perhaps the most exciting application of hydrogen is the direct use in fuel cell electric vehicles.

A hydrogen tank in a passenger car can be filled in under five minutes.

Green Electric Grid - The electric grid is finicky, sometimes

it needs a lot of electricity sometimes it does not.

Unused electricity from solar and wind farms are wasted if it is not used immediately.

The Sun does not always shine, and the wind does not always blow, and this makes solar and wind sourced electricity unreliable.

solution is to use an electrolyzer system to convert the excess solar/wind electricity into hydrogen and store it in inexpensive

nearby underground caverns.

When electricity demand spikes, the hydrogen can be converted back into electricity through a fuel cell.

We believe, this is a very scalable solution as opposed to miles and miles of very expensive grid-scale battery systems.

the Advanced Clean Energy Storage project in Utah aims to do just this by building the world’s largest storage facility for

1,000 megawatts of clean power, partly by putting hydrogen into underground salt caverns.

Fuel Cell Electric Vehicles (FCEV) - Perhaps the most exciting

application of hydrogen is the direct use in fuel cell electric vehicles.

A hydrogen tank in a passenger car can be filled in under

five minutes.

The only tailpipe emission is water.

According to a recent

article by Hydrogen Fuel News, hydrogen car market is expected to take off by 2028.

Until now, the zero-emission passenger vehicle

market has been dominated by battery electric technology by a wide margin.

The falling price of green hydrogen and energy security

issues in terms of electricity in many areas of the world, however, are causing automakers, governments and consumers to look more

favorably at hydrogen than had previously been the case.

Electric Vehicles (BEV) - We believe BEV and FCEV can coexist just like diesel and gasoline cars coexist today.

BEVs running on

electricity generated through the Green Electric Grid is a beneficiary and indirect user of hydrogen technology.

The Green Electric

Grid is the network of solar, wind and other alternative energy generation and distribution.

Fueling Stations - We believe electrolyzers are well suited and scalable for distributed onsite Green Hydrogen generation in

fueling station applications.

With green electricity from a nearby solar array or renewable electric grid, Green Hydrogen can be

produced anywhere and anytime.

This distributed model of hydrogen production eliminates the need for expensive transportation from

a centralized facility.

Carbon Gas Infrastructure - Green Hydrogen can serve as a steppingstone to a lower carbon footprint natural gas supply.

California Gas, and others, have demonstrated that the existing natural gas pipelines that supply gas to our cooking stoves and homes

can safely contain 5-10% hydrogen without any modifications.

This means that an electrolyzer system near a natural gas plant can

inject Green Hydrogen directly into the existing gas infrastructure, lowering the carbon footprint of our meals and our warm homes.

Taxis of the Future - Hydrogen has 200 times the theoretical energy of lithium-ion batteries per kilogram.

We believe hydrogen

is the obvious choice because of its lighter weight, in the emerging but potentially revolutionary air mobility market of small electric

aircrafts, such as the Skai air tax drone.

According to Skai, battery-powered air mobility vehicles are projected to have flight

durations of less than half an hour before needing to recharge - Skai’s hydrogen fuel cells give them the ability to fly continuously

for up to 4 hours or more with higher capacity auxiliary tanks.

and Development

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

lowest cost green hydrogen.

According to a recent article by Hydrogen Fuel News, hydrogen car market is expected

to take off by 2028.

Until now, the zero-emission passenger vehicle market has been dominated by battery electric technology by a

The falling price of green hydrogen and energy security issues in terms of electricity in many areas of the world, however,

are causing automakers, governments and consumers to look more favorably at hydrogen than had previously been the case.

Battery Electric Vehicles (BEV) - We believe BEV and FCEV can

coexist just like diesel and gasoline cars coexist today.

BEVs running on electricity generated through the Green Electric Grid is

a beneficiary and indirect user of hydrogen technology.

The Green Electric Grid is the network of solar, wind and other alternative

energy generation and distribution.

Hydrogen Fueling Stations - We believe electrolyzers are well

suited and scalable for distributed onsite Green Hydrogen generation in fueling station applications.

With green electricity from

a nearby solar array or renewable electric grid, Green Hydrogen can be produced anywhere and anytime.

This distributed model of hydrogen

production eliminates the need for expensive transportation from a centralized facility.

Lower Carbon Gas Infrastructure - Green Hydrogen can serve as

a steppingstone to a lower carbon footprint natural gas supply.

Southern California Gas, and others, have demonstrated that the existing

natural gas pipelines that supply gas to our cooking stoves and homes can safely contain 5-10% hydrogen without any modifications.

This means that an electrolyzer system near a natural gas plant can inject Green Hydrogen directly into the existing gas infrastructure,

lowering the carbon footprint of our meals and our warm homes.

Air Taxis of the Future - Hydrogen has 200 times the theoretical

energy of lithium-ion batteries per kilogram.

We believe hydrogen is the obvious choice because of its lighter weight, in the emerging

but potentially revolutionary air mobility market of small electric aircrafts, such as the Skai air tax drone.

According to Skai,

battery-powered air mobility vehicles are projected to have flight durations of less than half an hour before needing to recharge

- Skai’s hydrogen fuel cells give them the ability to fly continuously for up to 4 hours or more with higher capacity auxiliary

Research and Development

NewHydrogen 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.

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.

Currently, 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

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

of the Company.

do not have any backlog of orders.

do not have any government contracts at this time.

with Environmental Laws and Regulations

operations are subject to local, state and federal laws and regulations governing environmental quality and pollution control.

our compliance with these regulations has had no material effect on our operations, capital, earnings, or competitive position, and the

cost of such compliance has not been material.

We are unable to assess or predict at this time what effect additional regulations or

legislation could have on our activities.

Manufacturing

and Distribution

February 2, 2022, we entered into a Manufacturing Supply Agreement with Verde LLC providing for the future commercial production of hydrogen

generation plants.

The term of the Agreement continues through December 31, 2024, unless earlier terminated pursuant to the terms thereof.

Additionally, the Agreement contemplates that the quantities, pricing and delivery date and other terms will be set forth in purchase

orders issued under the Agreement.

may enter into additional agreements for the manufacture and distribution of our own technology products in the future.

May 19, 2011, we filed a U.S.

patent to protect the intellectual property rights for “Photovoltaic Module Backsheet, Materials

for Use in Module Backsheet and Process for Making the Same,” application number 13/093,549.

The inventor listed on the patent

application is Stanley Levy, our former Chief Technology Officer.

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.

Marketing Strategy

We will begin marketing our ThermoLoop TM

technology as soon as a tangible form of quantitative performance demonstration becomes available.

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

We are currently outsourcing

our promotion efforts to a public relations firm that is assisting us with comprehensive advertising and promotion of the Company.

Backlog of Orders

We do not have any backlog of

Government Contracts

We do not have any government

contracts at this time.

Compliance with Environmental Laws and Regulations

Our operations are subject to

local, state and federal laws and regulations governing environmental quality and pollution control.

To date, our compliance with these

regulations has had no material effect on our operations, capital, earnings, or competitive position, and the cost of such compliance

has not been material.

We are unable to assess or predict at this time what effect additional regulations or legislation could have on

our activities.

Manufacturing and Distribution

On February 2, 2022, we entered

into a Manufacturing Supply Agreement with Verde LLC providing for the future commercial production of hydrogen generation plants.

term of the Agreement continued through December 31, 2024.

Additionally, the Agreement contemplates that the quantities, pricing and

delivery date and other terms will be set forth in purchase orders issued under the Agreement.

We may enter into additional

agreements for the manufacture and distribution of our own technology products in the future.

Intellectual Property

On May 19, 2011, we filed a U.S.

patent to protect the intellectual property rights for “Photovoltaic Module Backsheet, Materials for Use in Module Backsheet and

Process for Making the Same,” application number 13/093,549.

The inventor listed on the patent application is Stanley Levy, our

former Chief Technology Officer.

The Company is listed as assignee.

This patent was issued on July 14, 2015.

Our BioBacksheet R is currently available for licensing only.

March 26, 2018, North Carolina Agricultural and Technical State University filed a U.S.

Our BioBacksheet R

is currently available for licensing only.

On March 26, 2018, North Carolina

Agricultural and Technical State University filed a U.S.

patent application U.S.

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.

62/473,772 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.

are a number of companies developing green hydrogen technologies including ITM Power, Clean Power Hydrogen Group, Sunfire, Greenway Energy,

Amalyst, and AFC Energy.

There are a number of companies

developing green hydrogen technologies including ITM Power, Clean Power Hydrogen Group, Sunfire, Greenway Energy, Amalyst, and AFC Energy.

We expect a high level of competition, but the market opportunity is very large.

Once we implement the prototype

demonstration of our technology for commercial application, we plan on seeking partnership or licensing arrangements for our green hydrogen

technology with a select group of equipment manufacturers of green hydrogen.

Development Partners

September 28, 2017, the Company entered into an Exclusive License Agreement (the “License Agreement”) with the North Carolina

A&T State University related to the use of the University’s intellectual property in the Company’s business of developing,

producing and marketing lithium-ion batteries.

Within thirty (30) days after entering into the License Agreement, the Company paid to

the University a one-time, non-refundable license fee in the sum of $15,000.

Pursuant to the terms of the License Agreement, the Company

is obligated to pay all costs of preparing, filing, prosecution, issuance and maintenance related to the patents underlying the intellectual

property licensed by the Company.

In addition, the Company is obligated to make certain annual royalty payments and sub-licensing fees.

On September 28, 2020, the Company again paid to the University annual non-refundable licensee fee of $15,000.

On September 28, 2021,

the Company chose not to renew the exclusive licensing arrangement.

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),

for collaborative efforts to assess, develop, and/or market silicon anode materials for high power, high energy lithium ion batteries

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

market a processing technology to produce silicon oxide anode materials for electric vehicle lithium ion batteries.

The Company ended

the joint development relationship in June 2021 and has pivoted away from pursuing battery technology to focus on pursuing Green Hydrogen

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

efforts to discover and develop efficient and stable earth-abundant material-based catalysts for hydrogen production through water electrolysis.

On October 30, 2022, the Company entered into Sponsored Research Agreement Third Amendment (the

“Amendment Agreement”).

Pursuant to the Amendment Agreement, the Sponsored Research Agreement was further amended to among

other things (i) extend the term of the Sponsored Research Agreement to December 31, 2025;

(ii) increase the consideration payable to

the University under the Sponsored Research Agreement to $2,797,368;

Once we implement the prototype demonstration of our

technology for commercial application, we plan on seeking partnership or licensing arrangements for our green hydrogen technology with

a select group of equipment manufacturers of green hydrogen.

Technology Development Partners

On September 28, 2017, the Company

entered into an Exclusive License Agreement (the “License Agreement”) with the North Carolina A&T State University related

to the use of the University’s intellectual property in the Company’s business of developing, producing and marketing lithium-ion

Within thirty (30) days after entering into the License Agreement, the Company paid to the University a one-time, non-refundable

license fee in the sum of $15,000.

Pursuant to the terms of the License Agreement, the Company is obligated to pay all costs of preparing,

filing, prosecution, issuance and maintenance related to the patents underlying the intellectual property licensed by the Company.

addition, the Company is obligated to make certain annual royalty payments and sub-licensing fees.

On September 28, 2020, the Company

again paid to the University annual non-refundable licensee fee of $15,000.

On September 28, 2021, the Company chose not to renew the

exclusive licensing arrangement.

The Company retains option for a nonexclusive license to use the technology.

On June 14, 2018, the Company

executed a joint development agreement with Silicio Ferrosolar SLU, a subsidiary of Ferroglobe, PLC (NASDAQ:GSM), for collaborative efforts

to assess, develop, and/or market silicon anode materials for high power, high energy lithium ion batteries by integrating BioSolar technology

and Ferroglobe silicon materials.

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

On March 6, 2020, the Company

executed a joint development agreement with Soelect, Inc, for collaborative efforts to assess, develop, and/or market a processing technology

to produce silicon oxide anode materials for electric vehicle lithium ion batteries.

The Company ended the joint development relationship

in June 2021 and has pivoted away from pursuing battery technology to focus on pursuing Green Hydrogen Opportunities.

On May 27, 2021,

the Company terminated the joint development agreement.

On December 14, 2020, the Company

executed a sponsored research agreement with the University of California, Los Angeles, for collaborative efforts to discover and develop

efficient and stable earth-abundant material-based catalysts for hydrogen production through water electrolysis.

On October 30, 2022,

the Company entered into Sponsored Research Agreement Third Amendment (the “Amendment Agreement”).

Pursuant to the Amendment

Agreement, the Sponsored Research Agreement was further amended to among other things (i) extend the term of the Sponsored Research Agreement

to December 31, 2025;

(ii) increase the consideration payable to the University under the Sponsored Research Agreement to $2,797,368;

(iv) amend the scope of work under the Sponsored Research Agreement;

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 testing and materials expertise.

Information and History

were incorporated in the State of Nevada on April 24, 2006, as BioSolar Labs, Inc.

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”).

What changed 10-K

Item 1. Business