A comfortable position from SunHydrogen
SunHydrogen continues to develop nanoparticle-based green hydrogen technology for commercialization.
SunHydrogen is the developer of an innovative technology to produce renewable hydrogen using sunlight and water. The company shared an update detailing the company’s financial position after the end of fiscal 2022 on June 30.
SunHydrogen reports a financial position of $52 million in cash on its balance sheet as of June 30, 2022. The company continues to make progress toward commercialization of its nanoparticle-based green hydrogen technology. It is currently in a critical stage of development, with the goal of developing a quality prototype by the end of 2022.
Tim Young, CEO of SunHydrogen, is excited about the commercial viability of the company’s technology, and to be able to begin investing strategically in the hydrogen field. Despite the market slowdown, he says SunHydrogen has the resources to maximize its impact in this industry.
The company’s investment strategy will be led by Chief Operating Officer Woosuk Kim. Mr. Kim has completed over $4 billion in mergers, acquisitions and joint ventures during his career. SunHydrogen’s annual report will be available in accordance with SEC regulations in September 2022.
SunHydrogen is developing a technology to produce renewable hydrogen. It uses sunlight and any source of water, even wastewater. The only by-product of hydrogen fuel is pure water, unlike hydrocarbon fuels such as petroleum.
The company’s low-cost nanoparticles mimic photosynthesis to efficiently use sunlight to separate hydrogen from water, producing environmentally friendly renewable hydrogen. The company’s ambition is to enable a world of renewable energy production from this technology.