BioSolar Inc (OTCMKTS:BSRC) has announced its plans to extend research funding of a program at the University of California, which is aimed at improving the company’s current supper battery technology. The company makes use of novel materials and proprietary technology to develop long lasting and more powerful batteries. The current batteries are also the result of the research work of noble prize winner, Dr. Alan Heeger, and Dr. David Vonlanthen. The project has been ongoing since July 2014 and has been renewed for funding for another year.

The research project at UCSB was initiated with the aim of achieving the goal of manufacturing high-performance, yet low cost batteries. Additionally, the company has also partnered with UCSB to file a patent for the innovative technology. Even though BioSolar has a working super battery, which performs much better than regular Lithium-ion batteries, the company has decided to continue with the research to achieve the $100/Kilowatt-hour target cost.

However, the lead manufacturer for super batteries, at the moment, is Tesla Motors. The company has been developing super batteries for use in its electric vehicles and also has plans for a factory in place. BioSolar, although promising, has a long way to go before it can prove worthy of competing with the likes of Elon Musk and Tesla. This is one of the reasons that investors have started losing faith in BSRC. Additionally, the company has been facing liquidity issues, some of which it has started to address.

Furthermore, Tesla has specified a definite launch date for its batteries, while BSRC has yet to do so. However, if BSRC is able to meet its target costs and launch its super batteries before Tesla, the company would stand a fighting chance for the market. Unfortunately, BSRC would first need to improve its investor trust, since its 10-Qs have not been very encouraging so far.

BioSolar Inc (OTCMKTS:BSRC) completed the July 7 session with a loss of 22.45% to its share value to close at $0.38, after trading 780,816 shares in the market.