The Australian solar power company EnviroMission Limited has formed a joint venture with Q Analytica LLC to commercialize a revolutionary concept for renewable energy technology in the Middle East; the two companies executed a Heads of Agreements (HOA) that sets up a joint venture company tasked with making concepts for EnviroMission’s Solar Tower a reality.
The deal will provide EnviroMission a capital injection of $1.5 million with a $3 million development rights license fee, an annual royalty and technology fee, and equity in all entities formed by Q Analytica in the pursuit of developing solar towers under the licensed development rights.
That gives all development rights for EnviroMission solar tower projects to Q Analytica, provided Q Analytica pays EnviroMission the initial development fee of $3M by December 15 of this year.
EnviroMission will also be granted two board positions and a free, carried, 21-percent shareholding in each Joint Venture Company formed with Q Analytica for solar tower development in the region.
EnviroMission’s solar tower designs call for tower designs soaring more than a kilometer into the air. The tower’s broad bell-shaped base acts as a funnel that uses the sun to heat air, which is then powers generators as it rises out of the tower. For the planet’s hottest and sunniest areas, the technology could be a turning point in alternative energy.
