First call for first new power sources in 15 years
VANCOUVER, BC, June 30, 2023 —Three Sixty Solar Ltd. (NEO: VSOL) (OTC: VSOLF) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an innovative alternative energy design, manufacture, and sales organization focused on solar equipment supply to the global marketplace, is delighted by recent provincial government news regarding a competitive process to acquire 100% clean energy slated for spring 2024.
- B.C. Utilities Commission confirmed that new sources of electricity will be required sooner than previously expected.
- Electricity demand is expected to increase by 15% between now and 2030.
- Province is providing $140 million to the B.C Indigenous Clean Energy Initiative (BCICEI) to support Indigenous-led power projects.
- Electric vehicles on B.C. roads have increased by nearly 2,000% in the past 6 years.
- BC Hydro’s first call for power in 15 years, and will target larger, utility scale projects.
BC Premier David Eby said, “To guarantee the affordable power for this important transition, we’re working in partnership with First Nations and BC Hydro to generate more of the clean electricity that British Columbia needs to build our economy and grow our role as a clean-energy superpower.”
The recent advisory stated that, BC Hydro will only acquire 100% clean, renewable electricity, including wind and solar. The call for power process will be designed by BC Hydro and the Province following engagement with First Nations, industry, and stakeholders. Over the next 12 months, a BC Hydro task force will focus on identifying and implementing short and medium-term actions that can advance projects based on three key priorities:
- speed of permitting and delivery,
- oversight to protect ratepayers and enable economic and climate priorities; and
- identifying, enabling, and accelerating economic opportunities.
Additionally, the announcement noted that along with BC Hydro’s plan to initiate a call for power in spring 2024, this may be followed by subsequent calls as the transition to clean energy continues to accelerate and in order to electrify the growing economy while meeting the province’s climate targets.
Three Sixty Solar’s CEO, Brian Roth advises, “This is an exciting initiative and one in which we intend to explore. We believe our solar tower solution is a perfect fit for First Nations stewardship and protection of land use and is ideally suited for medium to large scale projects. Our concept was conceived in BC and was designed with our local conditions, environment, and growing demand for responsible land use as major considerations. Our positive initial dialogue with various Indigenous leaders and communities supports our expectations that Three Sixty Solar can meet or exceed the needs of this initiative in every respect. We have always viewed our concept as a potential win-win for our Company and the citizens of BC alike, and with the news of government support, we look forward to having our chance to bid on this outstanding opportunity.”
Additionally, Three Sixty Solar has made a payment pursuant to its previously announced agreement with Creative Direct Marketing Group, Inc. (“CDMG”) (Founder & CEO: Craig Huey; address: 1313 4th Avenue North Nashville, TN 37208, United States; phone: 615-814-6633) for marketing services.
CDMG will, as appropriate, create campaigns, reportalogs, newsalogs, emails series, native and display ads for physical and digital mediums, set up and manage remarketing campaigns, and bring attention to the business of the company in consideration of US$390,000. The promotional activity is expected to occur during the third quarter of 2023.
With notes from BC Government News Release of June 15, 2023
On Behalf of the Board of Directors,
Chief Executive Officer & Director
Three Sixty Solar Ltd.
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.
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This release 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 the rollout of the BCICEI by the Province, the Company’s plans to seek to participate in the BCICEI, and the services to be performed by CDMG and timing thereof.
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.
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Three Sixty Solar Ltd.
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