Time to learn a little Finnish: Picosun Oy. The company is working on a research project funded by the European Union to develop more efficient solar cells.
The project, called ROD-SOL (short for Rods for Novel Solar Cells), aims to create new nanomaterials that are substantially more efficient and less costly than traditional photovoltaic technology, Alternative Energy News reports.
Right now, you’d have to cover the countries of Tajikistan, Bangladesh or Nepal with panels to power the world. This research could cut that in half, the company says.
Picosun’s U.S. headquarters are in Detroit, Michigan, just a couple of hours south of the Saginaw Bay area, where a partnership of economic development groups recently launched an initiative to lure solar investments to the region.
The U.S. is getting its own set of initiatives, too. According to a recent analysis, the $789 billion economic stimulus bill (just passed by the House as of this post) will be a boon to the alternative energy industry.
Provisions include $20 billion in tax incentives for renewable energy and energy efficiency over the next 10 years and $400 million to work with industry on research into energy sources and energy efficiency, says Renewable Energy World.