Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 17

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 1
Chunk 17
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ities across supply chains and underscores
the centrality of electricity carbon intensity (IEA, 2024).

Our development approach aims to be entirely solar
driven with no external electricity input. If successful, this could reduce dependence on grid power and avoid some energy-cost, infrastructure,
and emissions burdens associated with conventional electrolysis. At the same time, the competitive field is advancing quickly: established
electrolyser OEMs are scaling manufacturing and pursuing efficiency gains and cost reductions, which will intensify competition as we
mature our own technology. Recent IEA tracking shows rapid growth in announced electrolysis capacity, approaching 520 GW by 2030 (though
only a small portion has reached FID)—illustrating both momentum and the execution bar for new entrants (IEA, 2024).

Corporate Information

We were incorporated in the
State of Nevada on February 18, 2009. Our executive offices are located at 2500 Crosspark Road, Coralville IA 52241.

Employees

As of September 15, 2025,
we have 9 full-time employees and several consultants. We have not experienced any work stoppages and we consider relations with our employees
and consultants to be good. Our research and development work are performed at our Coralville, Iowa laboratory, as well as with the University
of Iowa and the University of Michigan through sponsored research agreements, and in collaboration with our industrial partners.

Item 1A. Risk Factors.

Risks related to our business and industry

Our limited operating history does not afford
investors a sufficient history on which to base an investment decision.

We were formed in February
2009 and are currently developing a new technology that has not yet gained market acceptance. There can be no assurance that we will ever
commercialize our technology, operate profitably or that we will have adequate working capital to meet our obligations as they become
due.

11

Investors must consider the
risks and difficulties frequently encountered by early-stage companies, particularly in rapidly evolving markets. Such risks include the
following:

    ●
    competition;

    ●
    need for acceptance of products;

    ●
    ability to continue to develop and extend brand identity;

    ●
    ability to anticipate and adapt to a competitive market;

    ●
    ability to effectively manage rapidly expanding operations;

    ●
    amount and timing of operating costs and capital expenditures relating to expansion of our business, operations, and infrastructure; and

    ●
    dependence upon key personnel