to-the-point: EnviroMission to get USD 10m in funding by end-Oct
By the end of the month Japanese fund Valentia Co Ltd will complete the first USD-10-million (EUR 8.9m) tranche of funding for Australian solar technology firm EnviroMission Ltd (ASX:EVM).
In early September, it was announced that the Japanese fund has committed to invest about USD 110 million in EnviroMission and the latter’s solar tower projects. The company said last week that Valentia will complete the first portion of funding, coming in the form of a convertible note, by October 31. Work on the documentation has commenced.
Under the terms of a Heads of Agreement, Valentia has undertaken to raise the necessary funds to repay the convertible note if is not converted to EnviroMission equity.