DayStar Technologies Inc. has entered into a letter of intent (LOI) with Premier Global Holdings Corp. 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 has rights to proprietary patent-pending solar conversion unit that is a solar power generation and storage unit within one unit. It is based on photosynthesis and can be implemented using abundant and readily replenished and renewable biomaterials, DayStar says.
The technology, developed at the University of British Columbia, is designed to address the natural intermittency of solar PV and make solar power available for night-time needs. The approach involves the use of a light absorbing battery-like cell complete with two electrodes and an electrolyte, the company explains.