Three Sixty Solar 2023 Drives Momentum into New Year

VANCOUVER, British Columbia, Dec. 29, 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 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.