Solar Company Sees First Purchase for Tower

Three Sixty Solar Ltd. (VSOL:NEO; VSOLF:OTC) announced in a press release that it had received its first purchase order for the installation of a solar tower worth six figures by Rocky Mountain Log and Timber (RMLT), located in Hamilton, Montana. The company also reported a few other highlights, including signing a letter of intent with RMLT agreeing to install the solar tower, and the finalization of the purchase order.

RMLT is a construction company that specializes in building log homes in the northwestern United States, and their operations demand quite a bit of energy. The company reported that the installation of a solar tower is intended to lighten the company’s energy burden.

According to Jake Hayes, the owner of RMLT, “We are looking for ways to add renewable energy to power our operations and to offer to our customers. We’re also excited that we will be able to include the Hook’d Broadband technology with this tower and that we can offer a connectivity solution to our clients on future projects. We are pleased to be working with Three Sixty and look forward to breaking ground in the spring.”

Brian Roth, the CEO of Three Sixty Solar, commented “I’m excited to be working with Jake and Rocky Mountain on our first installation in the United States. This first purchase order is an important milestone in our commercialization process and I’m proud of everyone who has worked so hard to get us o this point.”

Solar Trending Up After Supply Squeeze

CNET reported on the solar market in June of 2023, which it reports experienced an upward push at the beginning of 2023. The report stated that interest in solar energy has been fueled, in part, by renewable energy incentives from the Inflation Reduction Act, but that there was also a backlog of solar installations as supplies experienced a squeeze that let up this year. According to CNET, Florida led the way in the commercial market, which saw an installation total of 391 megawatts.

Utility Dive also examined the market for solar panels, and concluded that things had improved for solar following the increase in available supplies. A major holdup for solar panels from China was the concern that components had been constructed in violation of the Uyghur Forced Labor Prevention Act. However, now that the market has improved, things are looking bullish.

A Very Strong Buy

Clive Maund reviewed the company on May 23, 2023, and rated the company as a “very strong buy.” Maund cited several factors in the company’s stock patterns, including a funding effort that removed pressure on the stock, and a patent on a solar panel tower. According to Maund, “the key point to note about the heavy drop that has brought the price back into a zone of strong support at earlier lows is that it was on a much lighter volume than the two big rallies this year.” Maund continued, “This is clearly bullish and explains the overall impressive strength shown by the Accumulation line, which has held up well on the recent drop.”

Ownership and Share Structure

Reuters provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 3.08% of the company. According to Reuters, CEO Brian P. Roth owns 2.91% of the company with 1.25 million shares, and Director Scott McLeod owns 0.17% of the company with 0.08 million shares.

Reuters reports that institutions own approximately 17.85% of the company. According to Reuters, 0996996 BC Ltd. owns 17.78% of the company with 7.64 million shares, Carret Asset Management, LLC, and Bartlett & Company owns 0.01% of the company.

According to Reuters, there are 42.96 million shares outstanding and 34 million free float traded shares, while the company has a market cap of CA$5.39 million and trades in the 52 week period between CA$0.14 and CA$0.91.

Important Disclosures:

1. Three Sixty Solar Ltd. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000. 
2. 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.
3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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