News: EnviroMission receives first payment from Texas solar tower developer

EnviroMission Limited (ASX:EVM, OTC QX:EVOMY) has received the first tranche of US$250,000 (A$322,000) due from Apollo Development Inc. under the revised Texas Solar Tower Development Fee Agreement.

The company will receive a further US$1 million in two tranches of US$500,000 by 30th September 2015 and US$500,000 by 31st December 2015.

Extending the terms of the agreement provides Apollo with the opportunity to explore the additional finance for a ‘regional’ Solar Tower development case that would ultimately and favourably benefit EnviroMission’s objectives for the commercialisation of Solar Tower development

EnviroMission will increase its stake in Apollo to 20% free carried and non-diluting (currently fixed at 15% non-diluting) in consideration for the extension of time being granted to Apollo.