11:44:43 EDT Fri 12 Jul 2024
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or Name

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Three Sixty Solar Ltd
Symbol VSOL
Shares Issued 45,125,347
Close 2023-12-29 C$ 0.15
Market Cap C$ 6,768,802
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Three Sixty Solar reviews 2023 activities

2023-12-29 18:21 ET - News Release

Mr. Brian Roth reports


Three Sixty Solar Ltd. is pleased with the important progress achieved in 2023 and looks forward to an exciting year ahead.

Key Points:

  • 2023 saw Three Sixty's sales process deliver its first solar tower purchase order in November. All sales orders to-date have commenced with the issuance of a letter of intent (LOI), with two additional LOI commitments outstanding.
  • Positive initial reviews have been received regarding the Company's vertical solar tower technology patents encompassing the United States, Canada, Europe, and Africa.
  • Extensive research has identified cost reduction and added value opportunities offering increased overall economic performance delivering improved project viability metrics for customers.

In 2023 Three Sixty Solar solidified and formalized its sales pathway with the securing of multiple Letters of Intent (LOI) for solar tower projects with Cattail Crossing near Edmonton, Alberta, with Greenlit Energy Systems in India, and with Rocky Mountain Log and Timber in Montana. In late November, Rocky Mountain officially converted their commitment to a purchase order with the stated intent to move the project forward in 2024.

Additional momentum throughout the year was predicated on the development of processes and procedures designed to focus on broader commercial success. These efforts included extensive dialogue with vendors to optimize the cost models for solar tower configurations which to-date have generated a more than 30% reduction in the total capital outlay presented to potential customers. The economics of the various models ultimately offer flexible project management variability ensuring maximum efficiencies targeting economic viability across a wide range of project scenarios.

In related news, the Company received positive news from the respective patent offices of the United States, Canada, Europe, and Africa. In short, Three Sixty Solar was advised that certain key aspects of the vertical solar tower technology are protectable across these regions. The Company anticipates that the year ahead will yield granted patent status strengthening its technological standing across these massive solar industry target markets.

Three Sixty Solar's CEO, Brian Roth states, "2023 has been an exciting year with a lot of critical first steps packed with important progression and momentum. I am very pleased to look back on receiving our first orders from customers who aim to advance their projects and I'm especially thrilled that Rocky Mountain Log and Timber recently stepped up to submit a purchase order for their project in Montana. We continue to build a pipeline of interest with potential customers and can feel new and exciting energy building every day. As we engage with more and more people across the energy sector about what we are doing we have had the pleasure of speaking with sceptics which has provided some of the most satisfyingly transformative outcomes as we walk them through the opportunities the solar tower concept can deliver. Of course, we are pragmatically delighted by the positive impact potential from our patent IP status and the payoff our cost improvement research brings to our sales team and overall business proposition. I look forward with renewed vigor to continue building our business and shareholder value as we charge into 2024 with full batteries onboard and the sun shining down from above."

About Three Sixty Solar Ltd. (NEO: VSOL)

Three Sixty Solar Ltd. is an all-Canadian enterprise which 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% 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 multi-tower 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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