Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 1

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 1
Chunk 1
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 generate hydrogen, our technology does not rely on grid power or require
the costly power electronics that conventional electrolyzers do.

With a target cost of $2.50/kg.,
we believe our solution has the potential to clear a path for renewable hydrogen to compete with natural gas hydrogen and gain mass market
acceptance as a true replacement for fossil fuels.

Led by Chief Technology Officer
and University of Iowa Associate Professor, Dr. Syed Mubeen (who previously served as our Chief Scientific Officer) and Director of Technology
Dr. Joun Lee, our Iowa team continues to focus on developing tandem photoelectrosynthetic heterostructures (nanoparticle-based tandem
semiconductor units) and evaluating their manufacturability at scales suitable for commercialization. Over the past year, the team has
dedicated efforts to improving the performance and scaling up of our nanoparticle-based hydrogen generators.

Our technology is primarily
developed at our independent laboratory in Coralville, Iowa. These development efforts are further supported through sponsored research
agreements with the University of Iowa and the University of Michigan, as well as collaborations with specialized industrial partners
and consultants.

1

In parallel, we have been actively executing on
a new methodology that utilizes commercially available, mass-produced thin-film solar cells and modules. These are re-engineered with
our proprietary hydrogen module design to enhance fault tolerance and increase hydrogen production efficiency. While this approach is
based on principles similar to our nanoparticle technology, it leverages a mature manufacturing platform, enabling a potentially faster
market entry.

SunHydrogen remains fully committed to our patented
nanoparticle-based approach to renewable hydrogen production. However, this new methodology, which aligns closely with our nanoparticle
technology, benefits from an established manufacturing base. Our core mission remains the replacement of fossil fuel-derived hydrogen
with truly renewable hydrogen.

In
2024-2025, our Iowa team achieved significant milestones in advancing our renewable hydrogen production technology toward commercialization.
These accomplishments span both our nanoparticle-based tandem semiconductor units and our innovative approach using thin-film solar cells
and modules.

Nanoparticle-Based Tandem Semiconductor Units:

●Validated Manufacturability at Scale: Successfully validated the manufacturability of our nanoparticle-based substrates at
100 cm² scales. These results were achieved at our Iowa labs and reproduced at the SCHMID Group through the NanoPEC project, confirming
that our nanoparticle technology can be scaled.

●Optimization of Plating Recipe for Second Junction Units: Developed