MELBOURNE, Australia — Valentia will invest in visionary EnviroMission (ASX: EVM) Solar Tower renewable energy technology to grow its presence in commercial energy innovation that reflects Valentia’s aim for sustainability and global harmony from purposeful investment.
Valentia considers EnviroMission’s Solar Tower technology will be an important future energy contributor through large-scale power station capability that uses clean, sustainable solar energy for zero emission electricity generation.
Valentia intends to expand its overseas presence through a long-term comprehensive partnership with EnviroMission to capitalize on renewable energy growth opportunities primarily in the United States.
The United States is seen as ideal for Solar Tower development following the release of President Obama’s Clean Power Plan that proposes targets of at least a 30% reduction in its national carbon emissions by 2030.
Optimism for renewable energy relevance has also been increased with the decision by the leaders of the G7 nations at their June summit that agreed to take aggressive policies to cut and eventually eliminate greenhouse gases, with the ultimate goal of creating a decarbonized world that does not depend on fossil fuels by the end of this century.
This favourable policy landscape is a key driver behind Valentia’s decision to invest in Solar Tower technology, specifically EnviroMission’s first Solar Tower proposed at La Paz in southwest Arizona.
Valentia representatives met with EnviroMission executives and related partners, including the building contractor and insurer in Arizona in July 2015, to discuss the viability and environmental contribution Solar Tower technology could bring to the region.
A visit to the proposed desert site highlighted the opportunity, that once constructed, a Solar Tower will not require water normally needed for conventional power generation methods; making it superior for hot dry desert locations where limited water supply is typically a barrier to many other energy technologies.
“The unique design of a Solar Tower causes solar heated air to constantly flow to drive turbines for power generation that will make a significant, non-polluting contribution to economic development and energy security without harm to the environment.
“The mega design with a 700 meter tower at the centre of a vast greenhouse canopy will be a must-see landmark of engineering ingenuity for future generations in the same way the Hoover Dam fascinates visitors to this day.
“Visitor and media interest is inevitable to promote the concept, so I think Solar Towers have the potential to be adopted elsewhere in the world,” says Takeshi Ono, Chairman of Valentia
Valentia sought independent consultancy from Maroi Shoji, principal of Shoji Investor Relations Advisors, (Tokyo based strategic management consultancy www.shoji-ir.jp), who reported that “we will likely see a value migration in global renewable energy that will be far-reaching, and Valentia and its investors will be well positioned to capitalize on this disruption of the current power market.”
“Valentia fully recognizes the significance of EnviroMission’s key technology, and has pledged to source funds globally beginning with US$10M as a first tranche of a US$110M commitment.
“Valentia has expertise in wind generation, and involvement in EnviroMission’s Solar Tower development complements its existing business model creating outstanding synergies.
“I think it is reasonable to expect a huge domino effect for partner engineering firms and power utilities that share in Valentia’s vision,” said Mr Shoji.
Established in 2006 as a consultancy for sustainable structuring with its head office in Tokyo, Japan. Advisor for major renewable projects across Japan, and now manages solar farms in Japan and Asia. Valentia has a stake in a Japanese maker of high-performance wind turbines, and is its sales representative worldwide. Valentia has access to major investment funds located in Japan, Singapore, Malaysia, Thailand, Norway, Spain and MENA.
About EnviroMission Limited:
Established in 2000 and listed on the Australian Securities Exchange (ASX: EVM) in 2001, Melbourne based EnviroMission Limited aims to commercialise proprietorial Solar Tower technology in major energy markets of North America, Asia, the Middle East and China – EnviroMission has a 100% owned US subsidiary, EnviroMission Inc., heading up Solar Tower development in Arizona.