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Three Sixty Solar Ltd
Symbol VSOL
Shares Issued 44,974,875
Close 2023-11-29 C$ 0.15
Market Cap C$ 6,746,231
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Three Sixty receives PO for solar tower in Montana

2023-11-29 09:52 ET - News Release

Mr. Brian Roth reports

THREE SIXTY SOLAR RECEIVES FIRST PURCHASE ORDER

Three Sixty Solar Ltd. has received a purchase order from Rocky Mountain Log and Timber (RMLT) to proceed with the sale and installation of a Three Sixty solar tower in Hamilton, Mont., United States.

Key points:

  • Valued at high six figures, RMLT issued a formal purchase order on Nov. 27, 2023.
  • Previously reported on Oct. 19, 2023, Three Sixty signed a letter of intent with RMLT indicating its intent to install a solar tower at its headquarters in Hamilton, Mont., United States.
  • The purchase order is subject to final optimization engineering, permitting, and any necessary geotechnical and environmental assessments.

Three Sixty Solar's chief executive officer, Brian Roth, stated: "I'm excited to be working with Jake and Rocky Mountain on our first installation in the United States. This first purchase order is an important milestone in our commercialization process and I'm proud of everyone who has worked so hard to get us to this point. Our whole team is excited to push this project into the delivery stage and we're pleased to be doing it with Rocky Mountain. I believe that Jake's commitment to moving this project forward and to helping promote solar towers with his customers will lead to success for both Three Sixty and Rocky Mountain in the new year."

Rocky Mountain Log and Timber is a builder of premium log homes based in Hamilton, Mont., and operating throughout the northwestern United States. With substantial energy demands to run Rocky Mountain's timber operation, the solar tower is intended to provide renewable energy to the operations while fitting in the space available on site. As previously reported, both parties were working toward a Nov. 30, 2023, target to perform a preliminary energy assessment and move to this purchase order.

Rocky Mountain Log and Timber owner Jake Hayes added: "We were looking for ways to add renewable energy to power our operations and to offer to our customers. We're also excited that we will be able to include the Hook'd Broadband technology with this tower and that we can offer a connectivity solution to our clients on future projects. We are pleased to be working with Three Sixty and look forward to breaking ground in the spring."

"More broadly, this purchase order demonstrates that the Three Sixty team was able to convert a letter of intent to a formal purchase order in fairly short order," Mr. Roth summarizes.

About Three Sixty Solar Ltd.

Three Sixty Solar is an all-Canadian enterprise that focuses on solar equipment supply to the global market. The company's premier product line is the patent-pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296-billion by 2028. Three Sixty Solar's unique tower concept is a high-density clean energy solution that uses up to 90 per cent less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multitower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue-generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact.

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