Three Sixty Solar Signs Letter of Intent for Demonstration Tower Sale in Indian Market

VANCOUVER, British Columbia, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is pleased to announce that they have signed a non-binding letter of intent (the “LOI”) with Greenlit Energy Systems (“Greenlit”) to proceed with the sale and installation of a Three Sixty Solar Tower in south India.

Key Points:

• Three Sixty has signed an LOI with Greenlit Energy Systems indicating their intent to install a solar tower at a location in the south of India.
• Power generated from the tower will be utilized by a local university or similar institution, with potential grid connection for net metering.
• The parties are already engaged with multiple fabricating organizations to source fabrication of solar towers in India, with the goal to finalize costs for a binding purchase order by mid-January, 2024.
  

Three Sixty Solar’s CEO, Brian Roth states, “I’m excited to be expanding our global reach with this signed the letter of intent with Greenlit Systems in India. I expect this initial demonstration to prove the utility of solar towers in their market and I am encouraged at the prospects of working collectively to build the business there. Understanding the space constraints in the heavily populated and economically developing region, I believe that our towers provide an ideal solution and cooperation with Greenlit Systems who have been working there successfully for eight years already is a great fit.”

Greenlit Energy Systems is a Renewable Energy Services Company providing design, engineering, installation, and O&M services for utility and megawatt scale solar systems in India. The company provides end-to-end power solutions to customers and has delivered more than 10 MW of installed capacity in the last three years alone.

Greenlit Energy Systems Founder and Director, Abhiram Duvvuru, adds, “We met Mr. Roth and were introduced to Three Sixty Solar’s solar tower concept at the RE+ tradeshow and believe that this technology can be a great opportunity to increase the deployment of solar power in India. We are looking forward to kicking off this initial demonstration in South India and to working with Three Sixty to deploy solar towers broadly throughout our country.”