ENVIROMISSION LIMITED Immediate Release
28 November, 2014
ASX:
EVMOTCQX: EVOMY
CHAIRPERSON'S ADDRESS TO SHAREHOLDERS - 2014 AGM
EnviroMission Limited (ASX:EVM, OTCQX:EVOMY)Events since the last Annual General Meeting have consolidated and reinforced EnviroMission's transformation to the global developer of Solar Tower technology and the global driver of the commercialisation of the technology through diverse partnering and development agreements.
EnviroMission's progress in the Middle East, India and the United States as it's been disclosed over the last twelve months only marginally represents the extent and level of work and negotiation involved with the commercialisation of any major infrastructure development, let alone a development never before attempted or as significant and innovative in scale and purpose as a Solar Tower.
An intellectual property register was completed in 2014 to record of the elements of the technology that have been the result of EnviroMission's enhancement of the Solar Tower concept to complete a full understanding of the technology asset of the company.
It was encouraging to see investor support with the conversion of a solid number of options and continued placements that enable EnviroMission to be a viable ongoing concern without the necessity of formally seeking capital through public offerings.
In December 2014 EnviroMission announced that a landmark MOU had been signed with a Middle East based development entity that had demonstrated the capacity to own, build and operate multiple Solar Tower power stations in that region.
As a result of progress communicated to EnviroMission, EnviroMission was comfortable to extend those terms in June 2014 confirming also the entity was Bahrain based with interests in the Kingdom of Saudi Arabia, Qatar, Bahrain and the United Arab Emirates.
Indications of support of the national authorities of the Kingdom of Saudi Arabia, with satisfaction of funding requirements, is expected to result in the execution of an imminent Heads of Agreement.
The revision of the time constraints contained in the December 2013, MOU has provided the necessary flexibility to support finalisation of development capital to satisfy the next milestone event - the execution of an Heads of Agreement.
EnviroMission executed a formal Heads of Agreement with an entity based in India in 23 July 2014.
The Heads of Agreement confirmed the mutual intent to pursue the commercialisation opportunities for Solar
Tower development in India.
The entity seeking to partner with EnviroMission in India is involved in significant capital raising to support the business case for Solar Tower development.
EnviroMission Limited I | ACN: 094 963 238 | I | 238 Albert Rd, South Melbourne, Victoria, Australia 3205 |
T +61 3 9693 5666 I | F +61 3 9699 7566 | I | E communications@enviromission.com.au |
EnviroMission's subsidiary in the United States, EnviroMission, Inc., signed a milestone Memorandum of Understanding (MOU) with the U.S. Department of Energy's Western Area Power Administration (Western) to further evaluate EnviroMission's South of Parker Transmission Upgrade Project.
United States of America - Texas
EnviroMission's Heads of Agreement with the Apollo Development Group is close to satisfying the terms to relating payment for the Texas development license.
As Chairman of Apollo I am satisfied with the progress made to date and expect to be able to report financial close on this agreement early in the New Year.
Site evaluation is being undertaken by Apollo to complete the terms of the Heads of Agreement for Texas development.
2013-2014 has laid a solid path to the future success of Solar Towers being developed in multiple markets, and it is envisaged that 2015 will be a landmark year that represents the culmination of years of hard work by direct associates of EnviroMission and the contributions of the many individuals and companies associated with EnviroMission through formal and informal engagement and agreements.
I would like to take this opportunity to thank the EnviroMission team in Australia and the United States, collaborators, shareholders, friends and our families for their support, belief and trust that has underpinned EnviroMission's resolve, even in uncertain times, to drive EnviroMission to create certainty for Solar Tower technology as the sun sets on the carbon economy in hope that Solar Towers will soon dominate the landscape of a 'greener horizon'.
Ends.
Roger C Davey Executive Chairperson EnviroMission Limited
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EnviroMission Limited I | ACN: 094 963 238 | I | 238 Albert Rd, South Melbourne, Victoria, Australia 3205 |
T +61 3 9693 5666 I | F +61 3 9699 7566 | I | E communications@enviromission.com.au |
EnviroMission Limited I | ACN: 094 963 238 | I | 238 Albert Rd, South Melbourne, Victoria, Australia 3205 |
T +61 3 9693 5666 I | F +61 3 9699 7566 | I | E communications@enviromission.com.au |
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