Three Sixty Solar Ltd. (“Three Sixty,” “Three Sixty Solar,” or the “Company”), an all-Canadian enterprise focused on solar equipment supply to the global marketplace, is pleased to advise of the signing of an important distribution agreement in partnership with Archer Cleantech Inc. (“Archer”) of Calgary, Alberta.
The agreement, effective May 1, 2022, is subject to certain commercial terms and conditions, and appoints Archer with the non-exclusive right and license to use the products and services, as well as the Company’s trademarks, to distribute, market, and sell Three Sixty Solar’s products and services to third parties within Canada. Peter Sherba, a director and significant shareholder of the Company, has been appointed as the CEO of Archer.
Archer Cleantech is an early-stage renewable energy project generator with a solid team of skilled sustainable energy industry veterans offering over 200 years of combined experience and a track record of supporting and growing companies across a wide range of power project developments worldwide. Archer is well positioned and ideally equipped to identify, secure, and execute major energy infrastructure projects to completion.
The distribution agreement has a two-year term, with two additional two-year extensions based on sales target performance. The agreement provides Archer with the non-exclusive right to sell Three Sixty Solar towers and related services across the nation along with options to sell into projects outside Canada subject to approval by Three Sixty Solar.
Brian Roth, CEO of Three Sixty Solar notes, “I’m thrilled that we could accelerate our growth through the interest and participation from the highly motivated and experienced team at Archer. It’s a big step forward for us and allows us to target the implementation of our technology into a broad range of new projects across Canada and beyond. I feel confident we will be introduced to project opportunities we would not otherwise have had access to without this exciting relationship. With the volume targets clearly defined, we expect this distribution agreement to contribute at least 10% of our goal of installing 500 MW of power within the next five years. We anticipate this will help propel value creation for our shareholders and partners alike.”
Three Sixty Solar Ltd. is an all-Canadian enterprise that 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.
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