Three Sixty Solar Certifies New Tower Design
Rhea-AI Summary
Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) announced the development of a new large-format solar-utility tower, enhancing electrical output by over 300%. This innovative design allows for a 250 kW rated power from just four towers, occupying less than 10,000 square feet. CEO Brian Roth highlighted the potential for significant cost reductions and increased efficiency, aiming for 500 megawatts of power deployment in five years. Additionally, the company has engaged CDMG for marketing services, costing $802,500.
Positive
- New large-format solar utility tower design increases electrical output by over 300%.
- Ability to generate 250 kW rated power with only four towers, significantly reducing land use.
- Targeting to deploy 500 megawatts of power within the next five years, indicating strong growth potential.
Negative
- None.
News Market Reaction – VSOLF
On the day this news was published, VSOLF declined 2.50%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
--Electrical Output Increased by
VANCOUVER, British Columbia, Oct. 21, 2022 (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 focussed on solar equipment supply to the global marketplace, is excited to announce the development of an all-new large-format solar-utility tower for multi-tower megawatt-scale applications.
With interest growing in the Company’s product lineup of innovative solar towers, Three Sixty Solar’s development team and partners implemented a project to design a significantly up-scaled version of the base tower configuration. The result is the successful engineering of an all-new model based on design criteria which called for a large-format tower capable of withstanding wind, seismic, and related structural loads with a vertical elevation up to 120’ tall with solar generated electrical output up to 250 kW of rated power. This is an increase of over
With the introduction of this new model, Three Sixty Solar will be able to install a full megawatt (enough to power 100 homes*) of rated power using just four towers occupying less than 10,000 square feet of land. This equates to less than
Three Sixty Solar’s CEO, Brian Roth states, “Installing more power on fewer towers and in less space enables us to simplify the electrical systems, reduce costs, and improve efficiencies for our customers. The larger format also enables us to integrate more utilities inside the tower, including heavy duty battery storage systems, telecommunications equipment and more. With large scale applicability, I anticipate this new design is poised to a become a game-changing opportunity on our path to deploying our previously stated goal of 500 megawatts of power within the next five years. We believe we are on-track to unlock meaningful shareholder value as our product line expands to meet the growing demands of an environmentally greener society.”
Three Sixty Solar has made additional payments pursuant to its previously announced engagement with Creative Direct Marketing Group, Inc. ("CDMG") (Founder & CEO: Craig Huey; address: 1313 4th Avenue North Nashville, TN 37208, United States; phone: 615-814-6633) for marketing services.
CDMG will, as appropriate, create campaigns, reportalogs, newsalogs, emails series, native and display ads for physical and digital mediums, set up and manage remarketing campaigns, and bring attention to the business of the company in consideration of
On Behalf of the Board of Directors,
--Brian Roth—
Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com
* Based on 1,000 hours of power generation per year and average consumption of 10,000 kWH per year per home. Power generation and average consumption vary by location.
About Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF)
Three Sixty Solar Ltd. is an innovative alternative energy design, manufacture, and sales organization which focuses on solar equipment supply to the global marketplace. 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
Forward Looking Information Disclaimer
This letter contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the disruptive potential of the Company’s solar towers, the locations in which solar towers can be installed, and the Company’s ability to install solar towers generating at least 500 MW of electricity over the next five years.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the sector in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described under the heading “Risks Factors” in the Company’s filing statement dated August 3, 2022 filed under the Company’s profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
Neither the Neo Exchange Inc. nor any securities regulatory authority has approved nor disapproved the contents of this press release.
CONTACT INFORMATION
Three Sixty Solar Ltd.
Investor Relations
Email: investors@threesixtysolar.com
Telephone: +1 (778) 383-6743
Sales & Inquiries
Email: info@threesixtysolar.com
Telephone: +1 (877) 684-1972
FAQ
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