EnviroMission Secures $30,000,000 Hybrid Debt/Equity Facility

PHOENIX, Jan. 12, 2011 /PRNewswire/ -- EnviroMission Limited (ASX: EVM; Pink Sheets: EVOMY) has secured a AUD$30,000,000 hybrid debt/equity funding facility to meet EnviroMission's commercialization objectives for Solar Tower renewable energy power station development.

The hybrid debt/equity agreement with AGS Capital Group will provide EnviroMission with the ability to place EnviroMission securities with AGS Capital Group on an as required basis or at intervals when market conditions support a debt/equity transaction.

New York based AGS Capital Group is a private investment fund with global reach and presence that has facilitated the growth of companies in the United States and companies domiciled in foreign markets.

AGS Capital Group has committed to provide EnviroMission with funds for working capital that will include the completion of site specific front end engineering and design currently being undertaken by Arup for Solar Tower development in the United States.

This funding will also facilitate the acquisition of sites specified for Solar Tower development and will provide the necessary capital to complete regulatory and permitting requirements necessary to meet the development timetable outlined within the Southern California Public Power Authority (SCPPA) Power Purchase Agreement.

"The AGS Capital Group provides innovative and flexible debt and equity financing solutions for companies at varied stages of operation, including growth-stage, mature public companies or  companies that may be seeking public listings, but only after they have undergone extensive due diligence to assess their overall project/investment viability.

"I am pleased to announce that EnviroMission successfully satisfied AGS Capital Group's independent scrutiny and due diligence to secure this very important funding facility," said Roger Davey, EnviroMission's Chief Executive.

"This funding will allow EnviroMission to complete the next critical stages of development with confidence there will be adequate financial means to deliver Solar Tower development through to ultimate project financing," Mr. Davey said.

SOURCE EnviroMission Limited