As PDT and &Eye pointed out, this sounds great on the surface. Hopefully this can be done safely and economically in scale. I don't see an issue with low solar efficiencies (although 1% might be too low). It is the cost/KWh that has inhibited PV and solar thermal, not the efficiencies.
How does basic research at public universities equate to markets sourting themselves out in a timely manner?
Solutions ALWAYS present themselves eventually, but with little forethought the paths to the solutions are rarely ones that anyone would choose.