Source: Streetwise Reports
December 5, 2023 (Investorideas.com Newswire) Three Sixty Solar has announced its first purchase order for its solar tower by Rocky Mountain Log and Timber. Read on to see why analysts like this company’s stocks.
Three Sixty Solar Ltd. (VSOL:NEO; VSOLF:OTC) announced in a November 29 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 that this purchase order is the conversion of a signed letter of intent with RMLT from October 2023, with RMLT agreeing to install the solar tower and the finalize 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 to 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 had 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.
An Immediate Strong Buy
Technical Analyst Clive Maund reviewed the company on July 24, 2023, and rated the company as an “Immediate Strong Buy.” Maund cited several factors in the company’s stock patterns, including the space savings and aesthetic advantages of its solar towers.
He noted, “The company and its stock are considered to have a lot of growth potential.”
Maund commented on the news that month of Three Sixty’s first sale of its vertical tower, saying, “There are a lot of golf courses and various other venues and places across the U.S. and across the world that have the need for this space-saving technology, and if they catch on to it sales could be huge, so it really could be a big deal after all.”
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. (This institution is owned principally by Peter Sherba, the Director of Three Sixty Solar.) Carret Asset Management, LLC, and Bartlett & Company own 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$1.29.
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