The solar tower, a type of concentrated solar power (CSP) system, produces power from solar heated air without using water.
EnviroMission Ltd dad signed a heads of agreement to license its solar tower technology in India.
The solar tower, a type of concentrated solar power (CSP) system, produces power from solar heated air without using water. A single station has an estimated generation capacity enough to power more than 100,000 households.
Under the Indian deal, EnviroMission will form a joint venture (JV) with an unnamed Indian company, with the joint entity receiving rights to engage in solar tower projects in India. In exchange, the Aussie company will receive a cash consideration, an equity injection of AUD 0.10 (USD 0.094/EUR 0.070) per share and a stake in the JV.
EnviroMission owns the global license for solar tower technology, excluding China. Its focus is mainly on the South West of the US. It signed a similar agreement in 2013 with Apollo Development LLC for CSP projects in Texas.