Because you need a cold sink to make this work. Solar panels need a dark sink, but that's easy to get.
You can only convert energy (i.e. do work) when sending energy from high to low, for example hot to cold, light to dark, etc. (If you heated a solar panel to the point that it glowed with the same intensity as the incoming light it would not work. Ignoring the fact that it would melt :)
Electric power plants use bodies of water as the cold sink. If you ever see clouds of what looks like smoke, but is really steam while driving, what you are seeing is the cold water evaporating after being used as a cold sink.
BTW if you did want a solar-thermal power plant they exist, and don't need this material. It's a lot simpler than that - just concentrate the light to heat water and run a steam turbine.
BTW#2 "the magnetic component of light being much strong than thought" doesn't make sense. The magnetic component of light is VERY well understood. You are probably misremembering, or misunderstanding.
See the other comment for the article/premise I referred to. I'm not a scientist, just a programmer trying to figure out if this'd work.
The article stated that the magnetism of light is 100 million times more powerful than previously thought. But, that it must be focused to 10 million watts per cm^2. The premise is that the light induces magnetism that can be drawn as power. Supposedly it requires special materials.
But, if you drew the sun's rays to focus on this material to provide heat couldn't it produce a similar use?
You can only convert energy (i.e. do work) when sending energy from high to low, for example hot to cold, light to dark, etc. (If you heated a solar panel to the point that it glowed with the same intensity as the incoming light it would not work. Ignoring the fact that it would melt :)
Electric power plants use bodies of water as the cold sink. If you ever see clouds of what looks like smoke, but is really steam while driving, what you are seeing is the cold water evaporating after being used as a cold sink.
BTW if you did want a solar-thermal power plant they exist, and don't need this material. It's a lot simpler than that - just concentrate the light to heat water and run a steam turbine.
BTW#2 "the magnetic component of light being much strong than thought" doesn't make sense. The magnetic component of light is VERY well understood. You are probably misremembering, or misunderstanding.