Pre-Feasibility Success Signals Solar Tower Go Ahead

Melbourne, Australia February 5, 2004--EnviroMission Limited together with Australia's leading construction and infrastructure developers, Leighton Contractors Pty Ltd, advise the pre-feasibility stage of the Solar Tower project is complete. Completion of the pre-feasibility study now moves the project further towards full commercial development.

EnviroMission and its partners will now undertake a detailed examination of the financial structuring and development required to deliver Solar Tower technology to the Australian energy market.

Confirmation of the project's development viability follows the extensive pre-feasibility study undertaken in collaboration with Leighton Contractors Pty Ltd, Schlaich Bergermann Solar and project associates and successfully concludes a vital stage in the evolution of the project.

"The success of the pre-feasibility study signals the go ahead towards full commerciality and is one of the most significant decisions in the progress of Solar Tower technology to date, representing an exhaustive examination of the technical and financial proposition by project partners with experience and reputations in infrastructure development second to none," said EnviroMission's Chief Executive, Mr. Roger Davey.

The economic benefits illustrated in the study's financial modeling are adequate to ensure the commerciality of Solar Tower development taking into account revenue expected from energy generation, associated derivatives and potential revenue from naming rights.

Engineering work undertaken by Leighton Contractors Pty Ltd, Schlaich Bergermann Solar and project associates during pre-feasibility has also resulted in substantial development of the original conceptual design that has incorporated material, design and construction solutions to provide potential capital cost reductions whilst maintaining effective power generation capability.

Outcomes achieved throughout the pre-feasibility stage of the project have also added value to the technology and strengthen the prospects for internationalization of the technology in the United States and China.

"EnviroMission has dared to advance a major infrastructure renewable energy concept to a level of development that should enable commercial reality as we move to the next stage of this groundbreaking project, confident in the knowledge the Solar Tower can be built and is capable of delivering the social, environmental and economic benefits necessary for ultimate project viability," Mr. Davey said.

The technology, developed under exclusive licence in Australia by EnviroMission, is at the forefront of renewable energy development; offering large-scale, grid connected, electricity generation that will be capable of powering almost 200,000 households whilst abating more than 700,000 tonnes of greenhouse gases annually.

Media Enquiries:    
Ms Kim Forte - Communications Manager
+61 3 9693 5605
+61414 690 356
kforte@enviromission.com.au
www.enviromission.com.au




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