Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) reflects on a successful 2023, marked by significant achievements and anticipates an exciting year ahead. The key highlights include the company’s innovative sales process, which secured its first solar tower purchase order in November. Notably, all sales orders initiated with a letter of intent (LOI), with two additional LOI commitments pending.
Positive Reception for Vertical Solar Tower Technology
The company received positive reviews for its vertical solar tower technology patents, covering the United States, Canada, Europe, and Africa. The acknowledgment reinforces the technology’s protectability in key regions, setting the stage for strengthened market positioning.
Cost Reduction and Added Value Opportunities
Extensive research efforts by Three Sixty Solar identified opportunities for cost reduction and added value. The focus on economic performance improvements aims to enhance project viability metrics, providing customers with greater flexibility and efficiency.
Formalized Sales Pathway and Project Commitments
In 2023, the company solidified and formalized its sales pathway by securing multiple Letters of Intent (LOI) for solar tower projects. Partnerships were established with entities such as Cattail Crossing in Alberta, Canada, Greenlit Energy Systems in India, and Rocky Mountain Log and Timber in Montana. Rocky Mountain officially converted their commitment to a purchase order in late November, signaling a commitment to advancing the project in 2024.
Strategic Cost Model Optimization
To ensure broader commercial success, Three Sixty Solar engaged in extensive dialogues with vendors to optimize cost models for solar tower configurations. The collaborative efforts resulted in a notable 30% reduction in total capital outlay, enhancing the attractiveness of the company’s offerings to potential customers.
Positive Patent Office Feedback
The company received positive feedback from patent offices in the United States, Canada, Europe, and Africa. Key aspects of the vertical solar tower technology were deemed protectable, setting the stage for anticipated granted patent status in the coming year. This development strengthens the company’s technological standing in major solar industry markets.
CEO’s Perspective and Forward Outlook
Brian Roth, CEO of Three Sixty Solar, expressed his satisfaction with the critical steps taken in 2023, including the reception of the first orders and the commitment from Rocky Mountain Log and Timber. Roth emphasized the growing pipeline of interest from potential customers and highlighted the transformative outcomes observed when engaging skeptics. The positive impact of patent IP status and cost improvement research further bolsters the company’s value proposition as it looks forward to a dynamic and successful 2024.
Source: globenewswire.com
