Most scientists believe that carbon emissions are harmful to the environment in one way or another. This is why scientists are constantly looking for better ways to utilize alternative energy sources, such as solar power. Technological advancements in this field can also enable a new business to make a profit with the proper business planning . One professor from Michigan has started a new company in hopes of capitalizing on its solar energy product.
The entrepreneur, a professor of engineering and marketing at a local university, recently started Energy Partners LLC. He and another co-founder have developed a new type of energy storage device which enables the use of solar power whether or not there is any sunshine available at a given time. The product, Solar 24, is a combination of a solar energy panel and a battery pack equipped with electronic circuits.
The company is a three-year development and research project and introduced its new product at a solar power conference in late October. The product allows electricity to be steadily discharged via solar panels over the period of a whole day, even during nighttime hours. The solar power firm received funding for its new product via the Business Accelerator Fund. The company is currently awaiting its patents for the Solar 24.
On the other hand, it will likely take more than just a good idea to ensure that the new company in Michigan will be successful. Thorough business planning is required, including an effective marketing plan, pricing strategy, industry analysis as well as other aspects necessary to consider in order to ensure a profit. One of the most important things to consider is making sure that the business plan complies with all applicable rules and regulations, something which often requires a thorough knowledge of relevant law.
Source: Holland Sentinel, GVSU startup Solar 24 targets energy storage , Dave Alexander, Dec. 8, 2013