6 October 2004 – SolarMission Technologies, Inc has secured cornerstone investment from China in a push to develop Solar Tower power stations.
The US based developer has executed an investment agreement with Sunshine Energy (Aust) Pty Ltd, granting the Technology Rights for the investors to build, own, operate and maintain Solar Towers in China.
Finalisation of this investment leads the way for a formal Joint Venture and profit sharing agreement, between SolarMission Technologies, Inc and Sunshine Energy (Aust) Pty Ltd, which will determine the role and involvement of all who are party to Solar Tower development in China.
SolarMission’s 25 per cent shareholding in Australian Solar Tower developer, EnviroMission Limited, also represents participation in development that has added value to the intellectual property of Solar Towers.
The innovative design of the one kilometre high 200 MW solar thermal power station uses the sun’s radiation to heat a large body of air under an expansive collector zone. The hot wind is then forced up through large turbines to generate enough electricity for around 200 000 households annually.
By delivering renewable energy into existing electricity distribution infrastructure, it will also abate over 900 000 t of greenhouse gases from entering the environment annually.
The progress made in Australia has been critical to attracting the international interest that will further the commercial development. SolarMission Technologies is now set to fast track Solar Towers internationally.