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HyperSolar Well-Positioned for Adoption Upon Commercialization as Hydrogen Market Continues to Rise
HyperSolar Well-Positioned for Adoption Upon Commercialization as Hydrogen Market Continues to Rise.
About this update from Sunhydrogen Inc.
[{"type":"text","content":"\nSANTA BARBARA, Calif., Feb. 07, 2017 (GLOBE NEWSWIRE) -- HyperSolar, Inc. (OTCQB:HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and any source of water, commented on recent commitments from General Motors and Honda, as well as additional international announcements, that are spurring the hydrogen fuel cell industry forward while clearly establishing a demand for renewable hydrogen.\nLast week, General Motors and Honda announced a partnership in which each company will contribute $85 million to develop a Fuel Cell System Manufacturing facility located at GM’s electric vehicle batter site in Michigan. Expected to break ground in 2020, the new factory is designed to meet corporate and international expectations that hydrogen fuel cell vehicles will become a commercially viable alternative to gasoline powered vehicles.The announcement comes following the formation of the Hydrogen Council, a recently established group of 13 companies including auto manufacturers Honda, BMW, Toyota, Hyundai, and several industrial oil, gas and mineral companies. According to Engadget, the organization, announced at the World Economic Forum at Davos, seeks to “convince other companies, regulators and the public that switching to hydrogen is essential to our continued survival.”This commitment to innovation is expected to spur consumer adoption that will result in global expansion and availability of hydrogen fueling stations. A recent study conducted by DC-based Information Trends estimates there to be 5,000 hydrogen fueling stations worldwide by 2032, a tremendous uptick from the existing 285 in 2016. For this expansion to occur, there is a significant need for cost efficient and safe hydrogen fuel production, with an emphasis on doing so without natural gas, a common form of hydrogen production.“The converging economics of supply and demand are creating an ideal, high-growth environment for the hydrogen fuel cell sector,” said Tim Young, CEO of HyperSolar. “The commitment to financing and development from major auto manufacturers and power companies are effectively creating products that will require infrastructure in order to succeed. We believe a key opportunity for HyperSolar’s commercial viability is to produce completely renewable hydrogen at or near the ...