BioSolar Inc (OTMKTS:BSRC) has yet again announced the development of a novel super battery. As per the announcement from the company, the new piece of technology will be able to store twice the charge, at a lower cost and longer life, as compared to a normal Lithium-ion battery. Bio Solar is aiming to grab the market for batteries used in Tesla vehicles. With the new batteries, customers can expect to cover twice as much ground as with normal batteries.

Bio Solar is expecting to lower consumer costs by a factor of 4, provide lesser charging time and break the $100/KWh barrier. As the world market looks towards renewable energy as the source of long-term sustainable energy generation, there has been an ever growing need for better batteries for energy storage. The cost of current batteries, capable of storing large amounts of energy for later use, is very high. Having a better, more efficient battery in the market and at a lower price, is truly revolutionary.

As per market research, the market for energy storage is set to shoot from $128 million in 2014 to $1.5 billion in 2019. At the moment, around 70% of all energy storage devices are Lithium-ion batteries. The CEO of Bio Solar, Dr. David Lee, stated that current batteries are limited by the energy storage capacity of the cathode. This is why his company is working on using different material combinations, such as polymers, which can store a lot more than a normal carbon cathode. Additionally, the company is planning to develop batteries in all sizes, targeting devices from automobiles, to Iphones. Additionally, the company’s unique cathode might be marketed separately as well, for use by different battery manufacturers to develop similar low-cost super Lithium-ion batteries. The plans, although have great potential, are still in the research stage of the development and might be a while before they are released in the market.

BioSolar Inc (OTMKTS:BSRC) saw itself fall by 2.23% in share value, after a session of trading 144,628 shares in the market on June 22 to close at a share price of $0.215.