Under the terms of the heads of agreement, Valentia will initially provide $10m to finance the development of a project —which will use solar radiation to heat a large mass of air in a tower structure to drive turbines for electricity generation — that EnviroMission is developing in La Paz county, Arizona.
The two companies expect the project — which will feature a 700m tower — to eventually become a regional industrial landmark on par with the Hoover Dam.
