SolarMission to Develop Solar Towers in China

October 04, 2004 by Jeff Shepard

SolarMission Technologies Inc. has executed an investment agreement with Sunshine Energy Pty Ltd. granting the technology rights for the investors to build, own, operate and maintain solar towers in China. Sunshine Energy now holds a 5% stake in SolarMission Technologies at $1.52 per share.

Finalization of the investment leads the way for a formal joint venture and profit-sharing agreement between SolarMission Technologies and Sunshine Energy in a China joint venture that will determine the role and involvement of all parties to solar tower development in China.

A single 200 MW solar tower power station is expected to deliver clean renewable energy into existing electricity distribution infrastructure by harnessing solar energy to make a constant source of hot air that will drive turbines to generate enough electricity for 200,000 households annually.