EnviroMission says ‘tower of power’ dream is still alive, 20 months into suspension
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At a height of up to 800m — rivalling the world’s tallest tower, Dubai’s Burj Khalifa — EnviroMission’s tower of power will be a sight to see if it ever gets built.
For more than 15 years EnviroMission (ASX:EVM) has been hoping to construct a world-first large-scale solar thermal power station — but backing to make the dream a reality is still lacking.
EnviroMission had $125,000 in the bank at the end of October.
EnviroMission believes a single 200 megawatt solar tower power station could provide enough electricity to power 150,000 households and save 1 million tonnes of greenhouse gases from entering the environment each year.
However, its shares have been suspended since May 2016, after the ASX raised questions about a $15 million deal with Japanese fund Valentia Co.
Despite a series of promises that the funds were on their way, the company remained suspended until the deal was ultimately terminated and Enviromission has been searching for another partner ever since.
It is uncertain if the shares will ever trade again on the ASX.
“Moving forward and to reiterate, ‘nothing is off the table’ now means EnviroMission will enter negotiations with investors that may require privatisation or an alternative listing jurisdiction”, chief Roger Davey told shareholders in an address late last year.
“The race to development, particularly in an energy context, can be more likened to a slow courtship of the union of innovation, necessity and capital, with no business too large for the need for capital — case in point, the great innovator Tesla.
“EnviroMission believes Solar Tower renewable power station technology has its place in the global energy mix, what will be decided over the coming weeks and months is where and how that participation will occur.”