PENNINGTON, N.J., July 16 (UPI) -- Thanks to a merger, one N.J. company will be able to provide solar power at prices competitive with traditional electricity without relying on rebates.
WorldWater & Power will be responsible for the price drop as a result of its acquisition of Entech Inc., according to a report by Renewable Energy Access.com.
"Entech's patented concentrator technology also allows for the installation of massive solar "farms" with reduced requirements for solar cell materials ... and, when used in conjunction with WorldWater & Power's technology, reduces the reliance on rebates or other incentives for economic installations," according to the report.
Concentrator photovoltaic technology is one of the keys to Entech's success, according to the report. Instead of using flat photovoltaic panels to collect sunlight and convert it to electricity via a chemical reaction, concentrator technology uses mirrors to collect sunlight and concentrate it on a small patch of photovoltaic cells.
The technology is cheaper because it is composed mostly of glass mirrors, rather than expensive silicon. It is also more efficient, because the sunlight is concentrated.
"The pending acquisition ... will give us unmatched solar concentrator applications," WorldWater & Power Corp.'s chairman, Quentin T. Kelly, said via the report.
It will "(enable) us to compete on large-scale systems of one to 100 megawatts or more that can efficiently harness the sun's power for large industrial and municipal electricity supply," Kelly continued.