AGS Capital gives funding for developing solar tower renewable energy
By Susanna Moon
Chicago, Jan. 12 - EnviroMission Ltd. said it secured a A$30 million hybrid debt/equity funding facility to meet its commercialization objectives for solar tower renewable energy power station development.
The agreement allows EnviroMission to place securities with AGS Capital Group as needed or at intervals when market conditions support a debt/equity transaction, according to a company press release.
AGS Capital Group has committed to providing EnviroMission with funds for working capital that will include the completion of site-specific front-end engineering and design currently being undertaken by Arup for solar tower development in the United States.
This funding will also facilitate the acquisition of sites specified for solar tower development and will provide the necessary capital to complete regulatory and permitting requirements necessary to meet the development timetable outlined within the Southern California Public Power Authority Power Purchase Agreement.
EnviroMission is a South Melbourne, Australia-based company that develops tower renewable energy technology.
| Issuer: | EnviroMission Ltd.
|
| Issue: | Hybrid debt/equity funding facility
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| Amount: | A$30 million
|
| Warrants: | No
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| Investor: | AGS Capital Group
|
| Settlement date: | Jan. 12
|
| Stock symbol: | Australia: EVM
|
| Stock price: | A$0.06 on Jan. 10
|
| Market capitalization: | A$19.5 million
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