By Phoenix Business Journal

EnviroMission Ltd., an Australian company planning to build solar towers in western Arizona, has received close to $30 million in funding.

The money comes from AGS Capital Group based in New York, and company officials said they plan to use the funds to help move forward their solar tower development in the U.S.

The hybrid debt/equity agreement allows EnviroMission to get money as needed, officials said.

The company, which has its U.S. offices in Phoenix, plans to erect a 2,400-foot tower near Parker that would supply power to the Southern California Public Power Authority.

⿿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,⿝ said Roger Davey, the company⿿s CEO, in a statement.

EnviroMissionâ¿¿s design is unique among solar power companies. The tower is fueled by a massive greenhouse that helps trap and funnel hot air up the tower. Turbines, similar to those at wind farms, generate power from what company officials say will be a sustained wind as the hot air rises.

The financing will allow EnviroMission to buy or lease selected sites and move forward with the regulatory process, which officials have said would take more than a year.

Copyright 2011 American City Business Journals

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