One Vancouver company is working to revolutionize how companies use solar power by building up instead of out to save space.
Three Sixty Solar's (VSOL:NEO;VSOLF:OTC) solar towers rise vertically instead of covering acres of ground horizontally, leaving up to 80% to 90% more room for other economic or preservation purposes.
But the company is finding the towers can do even more, like be outfitted with telecommunications equipment or even be used as electric vehicle (EV) charging stations at their bases.
"There's so much that can be done with it on a project-by-project basis," Chief Executive Officer Brian Roth told Streetwise Reports. "It's more than taking your ground-mount solar that's taking up a ton of space and putting it (on less) land. It's doing a lot more to add value for potential customers, as well."
On its three-month chart, Three Sixty Solar's base pattern was "accompanied by an exceptionally bullish volume pattern," technical analyst Clive Maund of CliveMaund.com wrote in April.
"The massive upside volume of the past month, doubtless due in large part to (a marketing campaign), portends a breakout above nearby resistance leading to a strong advance, and why shouldn't it, given that the company has 'got the goods' in the form of its unique vertical space saving solar structures?" Maund wrote. "The capacity of the stock to make sizeable gains from here should be assisted by the fact that there are still only about 25 million shares in issue."
"The conclusion must be that Three Sixty Solar is an immediate strong speculative Buy here for all timeframes," Maund continued.
The Catalyst: A Growing Energy Source
Tesla founder Elon Musk has stated he thinks solar power "will be the single largest source of electricity generation by midpoint of the century."
According to a Stratistics MRC report, the global market for solar energy accounted for US$76 billion in 2020 and is forecasted to reach US$296 billion by 2028, growing at a compound annual growth rate (CAGR) of 18.5%.
Driving the growth is an increase in pollution, a surge in rooftop applications, and increased adoption in agriculture, the report said.
"The conclusion must be that Three Sixty Solar is an immediate strong speculative Buy here for all timeframes," Clive Maund continued.
Solar power uses photovoltaic cells and other technologies to capture the sun's radiant energy, which is efficient and renewable and mitigates environmental risks coming from options creating greenhouse gas emissions.
According to the Solar Energy Industries Association, the cost to install the equipment has dropped by 50% over the last decade, leading to the deployment of thousands of new systems in new markets.
Governments are giving big incentives, as well. Canada is targeting net zero emissions by 2050 and has launched a CA$964 million program, Three Sixty Solar said. The United States Inflation Reduction Act commits US$370 billion to fund green energy, and the European Union has an energy target of at least 32% from solar by 2030. The European Green New Deal envisions a climate-neutral continent by 2050.
Countries have been "throwing record amounts of money at these types of technologies and trying to green our electricity grid," Roth said. "There's just a huge opportunity to clean up our electricity production while … being very cost competitive with the older technologies."
Demonstration Proves Durability
After installing several solar farms, Three Sixty Solar founder and Director Peter Sherba, who owns and operates an electrical contracting business, decided it would be more efficient to build up instead of out.
There are three models of towers, which soar from 40 feet to 120 feet tall and produce as much as 250 kilowatts per tower, the company said.
They are manufactured in Canada and the U.S., approved by a U.S.-licensed engineer, and support many solar panel brands.
The company tested a demonstration tower in Kelowna, British Columbia, for 16 months, from October 2021 to February 2023. It declared the experiment a success after the tower survived a major windstorm with gusts as high as 84 mph, intense rain and hail, and a snowstorm with no structural or panel damage.
Tesla founder Elon Musk has stated he thinks solar power "will be the single largest source of electricity generation by midpoint of the century."
The vertical positioning of the panels on the tower also prevented snow from covering the panels, which often inhibits power production in flatter, ground-mounted installations, the company said.
"The demonstration . . . performed, no problem," Roth said. "We've been very encouraged by how it's withstood the elements."
Streetwise Ownership Overview*
Three Sixty Solar (VSOL:NEO;VSOLF:OTC)
The tower's design enables it to be built with different materials to survive threats in different environments, such as surviving earthquakes in California or surviving hurricanes in Florida.
Power production and add-ons like telecommunications arrays and EV charging stations are opportunities to create more recurring revenue from the towers, Roth said.
Three Sixty Solar has applied for patents with the World Patent Office and others in North America, the European Union, and Africa.
Ownership and Share Structure
About 22.5% of Three Sixty Solar is held by management and insiders, including the CEO Roth, with nearly 5%, the company said. Sherba owns about 30%.
About 30% is held by strategic investors, and the rest, 47.5%, is retail.
Three Sixty Solar's market cap is CA$26.94 million, with 40 million shares outstanding. It trades in a 52-week range of CA$1.29 and CA$0.52.
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1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Three Sixty Solar Ltd., a company mentioned in this article.
