SOURCE: EnviroMission Limited

August 23, 2006 10:00 ET

Independent Analyst Report on EnviroMission's Solar Tower Power Station Development

NEW YORK, NY -- (MARKET WIRE) -- August 23, 2006 -- New York-based small cap research and independent information specialist, Waterville Investment Research, has published a report about Australian-based Solar Tower developer, EnviroMission Limited (PINKSHEETS: EVOMY). Waterville's report was prepared for the U.S. market in anticipation of EnviroMission's American Depository Receipt (ADR) program sponsored by the Bank of New York.

The Waterville report contains a comparative analysis of Australia's enhanced Solar Tower technology with other stationery power generating resources; including renewable and non-renewable technologies.

Analysis found benefits associated from the elimination of costs associated with fuel supply, transportation, handling, labor, fuel price risk, environmental pollution and liability risk added to the economic viability of Solar Tower power stations. The report highlights the strong and unique differentiation of Solar Tower technology from other electricity generators.

EnviroMission CEO Roger Davey said that, "While the report refers to the specific potential of Solar Tower development in the United States, Waterville's overall findings also hold relevance to the broader commercial prospects for Australian and international development.

"International markets share an ever-increasing demand for energy alongside increasing regulatory pressure for cleaner sustainable energy sources and this demand is proving a key opportunity in the case for Solar Towers development," Mr. Davey added.

Access to this report is available at www.watervilleresearch.com, with a PDF format of the report also available on our investor relations website, www.fortuneir.com.

About EnviroMission Limited

EnviroMission is a renewable energy developer and innovator of commercially viable large-scale power generation driven by solar radiation for zero greenhouse gas emissions.

More information about EnviroMission can be found at: http://www.enviromission.com.au

Notes about forward-looking statements

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.

Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.

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