EnviroMission (ASX:EVM, OTC QX:EVOMY) is poised to receive a...

EnviroMission (ASX:EVM, OTC QX:EVOMY) is poised to receive a US$2 million development fee from India’s RA Solar Power Pvt Ltd, which is planning to build India’s first Solar Tower.

The company will hold 20% of RA Solar and receive ongoing technology management and royalty fees over the term of the agreement.

This follows RA Solar Power advising the company that funds have been sourced for capitalisation of the India development entity as well as project finance for construction of the Solar Tower.

India's leading power company will provide the power off-take agreement that will provide the revenue necessary for commercial certainty from Solar Tower electricity generation.

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