VANCOUVER, British Columbia, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Three Sixty Solar Ltd. (NEO: VSOL) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an all-Canadian enterprise which focuses on solar equipment supply to the global market, is pleased to provide the following message from Company CEO and Director, Mr. Brian Roth.
We are delighted to welcome you to the start of Three Sixty Solar’s journey as a publicly listed entrant into the capital markets. Three Sixty Solar was founded with a mission to bring solar energy to people and places where it could never go before. By installing solar panels vertically on our towers rather than spread out through endless fields, Three Sixty enables our customers to save up to 90% of the land they would have otherwise required to install the same amount of power with traditional ground-mounted solar. Three Sixty Solar believes this is a concept that could hold disruptive potential across the global solar industry.
Monday’s listing was the culmination of extensive effort by a number of experts, financiers and related professionals – but it is just the beginning. We will provide some perspective below and hope you will continue to engage with us as we move this exciting project ahead.
Public Market Listing
Three Sixty Solar Ltd. has completed a recent amalgamation and reverse takeover transaction, concurrent financing, and application for listing on Canada’s NEO Exchange. As such, Three Sixty Solar has commenced trading of its common shares on the Tier 1 NEO Exchange on August 15, 2022, under symbol “VSOL”.
The Solar Industry is driven by geopolitics and environmental concerns
According to Stratistics MRC, the Global Solar Energy Market accounted for $76.23 billion in 2020 and is expected to reach $296.40 billion by 2028, growing at a CAGR of 18.5% during the forecast period. Fortune Business Insights reports that the solar power market will continue to break records, with a global market reaching a cumulative 4,766 GW installed by 2026.
Solar is continuing to grow in the United States. In Q1 2021, the U.S. solar market installed just over 5 GW of solar capacity, a 46% increase over the first quarter of 2020 and the largest Q1 on record. Solar accounted for 58% of all new electricity-generating capacity added in the U.S. in Q1 2021, with wind making up most of the remainder. The Federal Government’s approval of the Inflation Reduction Act is poised to provide an additional $370 billion in spending to reduce greenhouse gas emissions with expansion of clean-energy tax credits, a green bank, and more support for the growth of the Renewables industry. This is the largest investment ever by the US Government in renewable energy.
Canada’s plan to achieve net-zero emissions by 2050 is likely to replace the share of fossil fuel in the energy mix with renewables. Hence, this ambitious target is expected to provide an opportunity for the solar market in the coming years.
The EU has dramatically increased the pace of its climate change mitigation measures by setting the goal of becoming the first climate-neutral continent by 2050. As part of the European Green Deal, launched in 2019, the European Commission proposed to further increase the EU’s climate ambitions by cutting greenhouse gas emissions by at least 55% by 2030. The expansion of the share of renewable energy in the bloc will be a key factor in ensuring that these targets are met.
According to the International Energy Agency, Africa’s population is among the fastest growing and youngest in the world. Growing urban populations mean rapid growth in energy demand for residential developments, industrial production, cooling, and mobility. According to the International Energy Agency, solar PV deployment will average almost 15 GW a year, reaching 320 GW in 2040, overtaking hydropower and natural gas to become the largest electricity source in Africa in terms of installed capacity
Geopolitical pressure is rising against the use of fossil fuels. As more governments seek opportunities to switch to renewable energy solutions, the demand for solar solutions continues to grow and financial support from governments is on the rise. Governments around the world are investigating means to provide financial support to encourage the rapid rollout of renewable energy solutions.
Our technology: Solving the Space Issue
With the development of our patent pending solar towers, Three Sixty Solar aims to address one of the greatest challenges facing large scale solar installations – the cost, availability, and use of land.
Vertical solar towers are a new category in the renewable energy market as they can integrate high density solar arrays into spaces they normally could not fit. In fact, the design of our towers uses up to 90% less land space than conventional methods.
The ability to erect commercial tower arrays will allow developers to use solar energy in locations they would not normally consider due to space constraints. These locations may include farms, housing developments, industrial or recreational projects, wineries, First Nations building development, resource sector camps, rural, and remote residential communities. Three Sixty seeks to meets these unique needs by providing developers an ability to integrate meaningful power generation into non-traditional spaces including densely populated urban areas. The product design will allow landowners/operators to utilize space between the towers for other purposes and the design enables fabrication and construction that can be performed locally, on a worldwide scale.
At Three Sixty Solar, our stated objective is to install 500 MW of solar towers around the globe over the next five years. This is enough to fully power 50,000 homes1. The International Energy Agency (IEA) estimates that between 200 GW and 250 GW of new solar will be installed globally each year during this period. The Three Sixty team is excited by initial interest and feedback which has led to the early-stage development of an international project pipeline. Over the coming months and years, the Company believes these innovative solar towers will begin to dot the landscape across multiple countries and on multiple continents as the Company strives to achieve its strategic goals.
In Conclusion
On behalf of the entire team, I would like to extend a sincere thank you to our shareholders for their support. We firmly believe that Three Sixty Solar Ltd. has a unique opportunity to be a significant player in the solar industry and it is our goal to change the way solar energy is deployed around the globe for decades to come. We hope you will stay engaged and advocate for our mutual interests as we build this exciting venture together.
Sincerely,
Brian Roth,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
www.threesixtysolar.com
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. To find our more, visit: www.threesixtysolar.com and please watch our video. To stay informed, please sign up to receive news alerts and follow us on Instagram (@threesixtysolar.vsol), Twitter (@ThreeSixtySolar), and Facebook (@threesixtysolar.vsol).
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 trading of the Company’s common shares on the NEO Exchange, the projected growth prospects of the global solar industry, the effect of government programs on the renewable energy sector, the deployment of the Company’s solar towers around the world, the Company’s intended revenue model and manufacturing processes, and the continued improvement of the Company’s product lines.
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
1 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.
