Envision Solar International, Inc. announced that it has executed a Letter of Intent with a Fortune 10 company to collaborate in the promotion and deployment of the company's Solar Tree structures to hundreds of locations across the US. The program is slated to commence in the first half of 2012 and continue through 2014. The letter of intent covers over 900 locations and includes the deployment of Solar Tree structures which incorporate Envision's CleanCharge CI, "column-integrated" electric vehicle charging stations and EnvisionTrak dual-synchronous solar tracking technology.
The company also announced the recent release of FY 2011 results with profitability at the gross margin line and, even further, the subsequent conversion of $1 million in debt at a premium to the share price at the time of the conversion.
"We have a well defined strategy and we are executing on it," stated Desmond Wheatley, President and CEO of Envision Solar. "We have created the highest quality, scalable product in the industry and demonstrated that we can deploy profitably at the gross margin line at comparatively low volumes.
"We have attracted fantastic customers who love our product and this letter of intent is one more strong indication of our trajectory to significantly increased volume. Further, we are managing the business such that the gross margins we earn have the least resistance on their path to earnings per share. These three crucial elements of our strategy should lead to a very good 2012 for the company."
