DALLAS, Dec. 16, 2013 /PRNewswire/ -- EnviroMission Limited (ASX: EVM,OTCQX: EVOMY) Chief Executive, Roger Davey, has agreed to Chair the board of Dallas based renewable energy newcomer, Apollo Development LLC, ahead of financial close of a deal to assign exclusive Solar Tower development rights in Texas to Apollo.
"EnviroMission representation on Apollo's board was always a term within the Heads of Agreement and Mr. Davey's appointment as Chair aims to elevate EnviroMission's role to provide a strong Solar Tower narrative to support Apollo as it prepares for a full launch of operations in Texas in early 2014," Apollo Director of Communications, Domenic Carlucci, said from Dallas.
"Acceptance of the role of Chair of the Apollo board emphasizes EnviroMission's global role to facilitate a robust flow of information between regional developers in Texas, La Paz and the Middle East where the sharing of information and innovation is expected to provide broad mutual benefits," EnviroMission Chief Executive, Roger Davey, said.
EnviroMission will deliver regional oversight and support via board and advisory input and will receive non-diluting equity participation, development fees and ongoing royalties from Apollo as it delivers local energy industry expertise and capital to strengthen the Solar Tower development proposition in Texas.
Apollo pre-feasibility analysis shows strong prospects for multiple Solar Towers in Texas and points to regional opportunities anticipated from the State's investment in $4.5 billion dollars in transmission lines from areas designated as Competitive Renewable Energy Zones (CREZ) to load centers to ensure renewable energy is able to be transported into the energy market.
Renewable energy has strong support in Texas and interest in Solar Tower technology as an energy alternative was recently expressed in the views of Marta Greytok, the former Chair of the Public Utility Commission of Texas, "EnviroMission's Solar Tower technology is a perfect fit for the future of Texas electric generation with the ability to generate electricity from solar energy without pollution or the use of precious Texas water resources."
"Solar Tower technology has the potential to fill base load requirements and should be included in the eventual replacement of the aging fleet of Texas generators – Texas needs Solar Towers!" Ms Greytok said.
SOURCE EnviroMission Limited