JV targets Middle East
EnviroMission/Q Analytica deal to develop solar towers
EnviroMission has signed a heads of agreement with Q Analytica to form a joint venture to commercialise the former’s solar tower renewable energy technology in the Middle East and North Africa.
The JV will provide EnviroMission with a presence in the region and earn it a capital injection of $1.5m from the placement of shares with QA.
It will also receive a $3m development rights licence fee, an annual royalty and technology fee and equity in all entities formed by QA for solar tower development.
EnviroMission will grant QA the licence for solar tower development rights in the MENA region once the development fee is paid by 15 December.
EnviroMission will also gain two board positions and a free, carried, 21% shareholding in each JV formed with QA for solar tower development in the region. The shareholding will not be diluted below 15%.
EnviroMission chairman Roger Davey said: “This HOA describes the terms of a solar Tower development JV for the Middle East and North Africa that will accelerate EnviroMission’s disruptive energy technology into that market to provide reward for participants while maintaining EnviroMission’s proprietorship of all solar tower intellectual property.”
Image: the Ivanpah solar thermal plant (NRG Energy)