News Article
DayStar Enters Into LOI to Purchase Solar Power Generation and Storage Technology
DayStar Technologies, Inc. has entered into a LOI ("Letter of Intent") with Premier Global Holdings Corporation to acquire 100% of its outstanding shares. The LOI is subject to satisfactory completion of due diligence, as well as Board of Directors and Shareholders approvals.
Premier Global Holdings Corporation has rights to proprietary patent pending solar conversion unit that is a solar power generation and storage unit within a one unit. It is based on photosynthesis, which is how plants convert light in to a useable energy, and it can be implemented using abundant and readily replenished and renewable biomaterials.
The technology was developed at the University of British Columbia (UBC). This invention is a solar photosynthesis photovoltaic (PV) system that has built in energy storage. It addresses the natural intermittency of Solar (PV) and can make solar power available for night time needs; it provides a built-in solution for reducing the total demand on the electrical grid. This new Solar/Light conversion approach involves the use of a light absorbing battery-like cell complete with two electrodes and an electrolyte. Light is absorbed by light harvesting molecules in the electrolyte. Charges are then transferred between the excited light harvesting molecules and mediator molecules, also in the electrolyte, with nearly perfect quantum efficiency. The mediators store the harvested energy, which can then be extracted at the electrodes on demand.
Mr. Giesbrecht, VP Marketing of DayStar, stated, "We are extremely excited to have the opportunity to acquire rights to this proven technology, and the tremendous potential to integrate this into our existing business. This new technology provides a fundamental change for the business model of solar generation, storage and the distribution of solar energy. We feel that this system is a major change for the solar generation industry and has the potential to be worth billions of dollars in new revenues for the industry."
