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Solar Co. Anticipates Patent Approvals in 2024

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Three Sixty Solar reflects on its exciting start in 2023 and why it's eager for 2024. Read on to see what one technical analyst has to say about the company's stock.

Three Sixty Solar Ltd. (VSOL:NEO; VSOLF:OTC) revealed the company's milestone achievements in 2023, as well as what it is looking forward to in 2024, in a press release. According to the company, it sold its first solar tower to Rocky Mountain Log and Timber last year and has issued a letter of intent, with two more, one for Cattail Crossing and one with Greenlit Energy Systems, pending.

The company also stated that it has found ways to reduce costs and found added value opportunities that should improve both the company and the project. Three Sixty Solar stated that it had opened communication with vendors and reduced total capital outlay by 30%.

The company has also seen important developments in its international patent efforts and anticipates approvals in 2024.

Brian Roth, Three Sixty Solar's CEO, stated, "2023 has been an exciting year with a lot of critical first steps packed with important progression and momentum."

Technical Analyst Clive Maund rated the company as "an Immediate Strong Buy."

Roth continued, "I am very pleased to look back on receiving our first orders from customers who aim to advance their projects, and I'm especially thrilled that Rocky Mountain Log and Timber recently stepped up to submit a purchase order for their project in Montana."

"I look forward with renewed vigor to continue building our business and shareholder value as we charge into 2024 with full batteries onboard and the sun shining down from above."

Solar Looking to Shine in 2024

Nina Raemont with CNet reported on June 9, 2023, that solar energy had seen a boost in demand at the beginning of that year and that installation in residential buildings rose by 30%. Raemont stated, "The commercial market segment also experienced a record first quarter."

According to the report, this uptick in demand is being driven by consumer desires for environmentally friendly home infrastructure, and the added home value and reduction in utilities costs.

Ethan Howland, with Utility Dive, wrote a report on July 19, 2023, that stated that the solar market had improved after the resolution of some supply problems caused by the Uyghur Forced Labor Prevention Act.

According to the report, 40% of the held supplies had been released, and "With the improved outlook for solar panel supplies, the analysts expect 19 GW and 27 GW of U.S. utility-scale solar to be installed in 2023 and 2024, respectively."

A Strong Buy

In May of 2023, Technical Analyst Clive Maund reviewed the company's stock and gave it a "Very Strong Buy" rating. Maund, when he examined the company's stock patterns, commented, "The 1-year chart . . .  big volume on the two main rallies and much lighter volume on the reactions that followed, which as mentioned above is clearly bullish and explains the overall strength of the Accumulation line."

Maund provided an update on the company on July 24, 2023, and rated the company as "an Immediate Strong Buy." Maund took a look at some of the short-term charts since his review in May and stated that in the past six months, "the most important point to observe is the really big volume on the rally so far this month and how it drove the Accumulation line up to clear new highs which certainly looks bullish."

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Three Sixty Solar (VSOL:NEO;VSOLF:OTC)

*Share Structure as of 12/1/2023

The company reports a number of catalysts in its investor presentation, including its goal to install 500MW of its tower projects in a 5-year period.

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 institutional investors own approximately 17.85% of the company, as 0996996 BC Ltd. owns 17.78% of the company with 7.64 million shares, Carret Asset Management, LLC owns 0.06% of the company with 0.03 million shares, and Bartlett & Company owns 0.01% of the company with less than 0.01 million shares.

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$4.87 million and trades in the 52-week period between CA$0.14 and CA$0.91.

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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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