BioSolar Inc (OTCMKTS:BSRC) reported that the company is working to develop a unique technology to considerably increase the capacity, reduce the cost and extend the working life of lithium-ion batteries. The company intends to build a super battery which can increase the range of a Tesla automobile. It would cost less and will have faster charging time. The batteries will have a longer life and can probably smash the $100/kWh cost barrier, which is must for mass market acceptance of energy storage.

The requirement

The modern world operations would stop in absence of electricity. In such a scenario, there is increased need for battery storage so that it can be used anytime and anywhere. The changes in the segment have opened up a whole new world of Killer Apps such as iPhones, long range electric vehicles and other mobile devices. These apps will require better and lower cost batteries.

The Energy Storage Association and GTM Research stated that the energy storage market in the estimated to triple in 2015. It is estimated to $1.5 billion from $128 million by 2019. Lux Research estimates that the global energy storage segment will rise to $50 billion by 2020.

The management speaks

Dr. David Lee, the CEO of BioSolar Inc (OTCMKTS:BSRC), said that a battery comprises two major components, an anode and a cathode, that function together as the negative and positive sides. Today’s lithium-ion battery is restricted by the storage capacity of cathode. The company is formulating a unique cathode based on low-cost conductive organic materials and polymers that can fully use the storage feature of conventional anodes. BioSolar intends to integrate low-cost, high power and high capacity with conventional anodes.

In last trading session, the stock price of BSRC surged more than 14% to close the trading session at $0.195.The gains came at a share volume of 1.04 million compared to average share volume of 49,074.