BioSolar, Inc. (OTC:BSRC) is making a name for itself in the lithium-ion world. The Santa Clarita, Calif.-based company announced that its technology partner has commenced production and testing of the second batch of commercial-grade prototype 21700 lithium-ion cells incorporating additional cell design work.
BioSolar intends to leverage the knowledge gained from these research and development efforts in battery design and manufacturing to develop lithium-ion battery technologies for electric vehicles. The demand for batteries capable of increasing the storage capacity while lowering the cost and extending the life is significant, considering the electric vehicle sector’s 60% year over year growth.
Said CEO David Lee, "The objectives for the majority of consumer and commercial energy storage applications in high growth markets depend on the advancement of battery technologies.
"This clear trend led us to transition our focus and technology to meet the needs of the electric vehicle category – one of the largest and most exciting market opportunities on the horizon."
Shares in BSRC gained 7.3% to 1.48 cents, on volume of 115,000 shares.
