Great news. RD is chairing the new JV company. Hopefully he can influence this into construction.
TEXAS TRACTION
EnviroMission Limited (ASX: EVM, OTCQX: EVOMY) Chief Executive and Chairman, Roger Davey, has accepted the invitation of Texas based, Apollo Developments LLC (Apollo), to serve as chair of Apollo’s interim board ahead of the finalisation of conditions detailed within the Heads of Agreement to assign the exclusive Solar Tower development rights in Texas to Apollo in early in 2014.
Apollo has tabled a pre-site selection report with EnviroMission that shows strong commercial prospects for Solar Tower sites in the El Paso and Laredo regions.
"We are honored to have Mr Davey serve as the first Chairman of Apollo as we look forward to an exciting 2014 and full launch of our operations in Texas.
"Mr Davey’s extensive corporate experience and leadership as well as his vision and passion to establish Solar Tower operations in Texas are inspirational to Apollo.” Domenic Carlucci, Apollo Director of Communications said from Dallas today.
The Heads of Agreement with Apollo in Texas marks the first defined market Solar Tower development rights agreement in the United States that provides EnviroMission ongoing involvement through board and advisory input, non-diluting equity participation and development fees and ongoing royalty from an arrangement that secures local expertise, knowledge and capital to the development proposition.
Apollo continues to provide EnviroMission with encouraging market intelligence that highlights the legislative and regulatory history in Texas to create solutions for renewable energy to be successful. Of particular note, within the last five years, Texas has designated Competitive Renewable Energy Zones (CREZ) where wind and solar is most likely to be installed. The State has placed a priority on building $4.5 billion dollars of transmission lines from the CREZ's to the load centers to transport the renewable energy to market.
Apollo has indicated strong market prospects for more than one Solar Tower in Texas and local industry support confirms this.
“The EnviroMission Solar Tower technology is a perfect fit for the future of Texas electric generation. The Solar Tower has the ability to generate electricity 24 hours a day, needs only the energy of the sun, does not pollute and does not use any of Texas's precious water resources,” stated Marta Greytok, former chairperson of the Public Utility Commission of Texas. “The Solar Tower is not just the best solution for Texas's renewable energy needs, it is the ultimate generator to fill Texas's base load requirements and should be included in the eventual replacement of our aging fleet of existing generators. Texas needs the Solar Tower." EnviroMission has also applied the Texas development model to the recent agreement with a developer in the Middle East that has the capacity to own, build and operate multiple Solar Tower power stations in that region.
Under the Middle East Solar Tower Development MOU EnviroMission will receive a one-off fee, an annual technology fee per Solar Tower power station, and equity and board representation on a special purpose Solar Tower development vehicle.
“The invitation to Chair the Apollo board will firmly establish the ongoing relationship and oversight to maintain EnviroMission’s essential role as global Solar Tower developer.
“It will also provide the integration and linkage between simultaneous developments in Texas, La Paz and the Middle East where the sharing of information and innovation is expected to provide broad benefit,” Mr Davey said
EVM Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
