- Renewable energy stock Three Sixty Solar will deploy its technology in the Middle East, North Africa and Turkey
- The Vancouver-based alternative energy company signed a memorandum of understanding to source, fabricate, implement and distribute vertical solar tower systems overseas
- The partners have already begun cooperative efforts on material and fabrication sourcing in the region as well as exploring commercial opportunities in Iraq, Saudi Arabia and Turkey with further work kicking off the week of Jan. 15.
- Three Sixty Solar last traded at $0.15 per share
Renewable energy stock Three Sixty Solar (NEO:VSOL) will deploy its technology in the Middle East, North Africa and Turkey.
The Vancouver-based alternative energy company signed a memorandum of understanding (MOU) to source, fabricate, implement and distribute vertical solar tower systems overseas, with opportunities for future geographic expansion upon success in the defined region.
Three Sixty Solar signed the MOU with a consortium of partners including Infraforward Strategies (U.S.), Tareeq Al-Ahmadi Company (Iraq), Fibercom Company (Turkey), and Zamil Group Trade & Services Company (KSA) on Jan. 2.
Infraforward Strategies is an international leader in the development of digital infrastructure integrated with renewable energy systems.
“After several months working with Infraforward Strategies, I am pleased that we were able to reach agreement on how to collectively explore the many opportunities to deploy our technology in the Middle East, North Africa and Turkey,” Brian Roth, Three Sixty Solar’s CEO, said in a statement. “The group of partners that Infraforward was able to bring to the table is exciting, and I believe they have the ability to drive rapid implementation in the region. I am looking forward to moving ahead on projects in the near future.”
“Since meeting Three Sixty Solar early in 2023, we have held the belief that their technology can be well applied in the renewable energy and telecom projects that we have been working on overseas,” Infraforward Strategies’ co-founder and managing partner Ahmed Alomary added. “With the addition of our partners in Iraq and Saudi Arabia we believe that we can achieve deployment of the technology quickly, and with our partners in Turkey we believe we can make the costs competitive.”
The partners have already begun cooperative efforts on material and fabrication sourcing in the region as well as exploring commercial opportunities in Iraq, Saudi Arabia and Turkey with further work kicking off the week of Jan. 15.
The global solar power market is projected to grow to US$373.84 billion by 2029. This comes via a report from Fortune Business Insights, which is tracking a compound annual growth rate for this market at 6.9 per cent.
With a market cap of C$6 million, Three Sixty Solar is a Canadian enterprise focused on solar equipment supply to the global market. The company’s tower concept is a high-density, clean energy solution that uses up to 90 per cent less land space than conventional solar farms.
Three Sixty Solar last traded at $0.15 per share.
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