UNION CITY — DayStar Technologies has struck a deal to buy a company whose technology could solve a problem that has chilled the solar energy industry: How to make solar power available for electricity usage at night when the sun is gone.
DayStar is planning to buy Premier Global Holdings. Premier Global has rights to a patent pending for a solar conversion unit that can generate and store solar energy within a single unit. Terms of the deal weren’t disclosed.
The technology is based on photosynthesis, a process that’s similar to the way plants convert light to usable energy.
Union City-based DayStar believes the technology can reduce overall power usage in an electricity grid.
“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,” DayStar said.