2016 Recap

2016 was a record-setting year for solar in the USA.  Growth nearly doubled over 2015 (95% growth Y/Y).  My solar journey was also advanced significantly.  After a 12-month litigation battle with Rensola (NYSE: SOL) as a result of the failed $600 Million Joint Venture that was announced in 2015, a resolution was reached in Mediation in summer of 2016.  While I cannot disclose any details that are not public (the aforementioned information is public), suffice it to say that the outcome was positive for Pristine Sun.  This closes out the worst chapter in Pristine Sun's history by separating from a partner that in retrospect I never should have agreed to do business with.  Another lesson learned!

So 2016 was a very difficult year, but also a year of profit (over $10 Million in profit) for Pristine Sun, reduction of about $24 Million of debt, and astonishing revenue growth of 654% over 2015.  Although to be fair, 2015 was a down year due to the litigation with Renesola's failure to be a good JV partner (my opinion).   2016 revenue was up a slightly more modest 187% over 2014 revenue, to keep things in perspective.  All of the profit earned in 2016 went to pay down debt, as you can imagine.

2016 was also the year of patent applications:

1. FloatoRack Corporation was launched and we filed 5 provisional patent applications for our innovative floating solar system.  Solar on water is more efficient because the solar panels stay cooler and cleaner, and it reduces evaporation & algae growth.  
2. Red Gopher Cooperative Corporation was launched, with 4 provisional patent applications filed the world-changing high temperature boring / tunneling machine that can tunnel 10-20 times faster at 80% lower cost than conventional tunneling machines.  Imagine tunnels for Elon Musk's exciting Hyperloop concept, trains, cars, underground transmission lines (to move huge quantities of wind & solar energy from the Great Plains and desert southwest to cities) and new pipelines to move water, hydrogen and even natural gas (or Hythane, a blend of hydrogen and natural gas / methane).  For the first time, a national Super Grid is possible that will undercut the electric costs of coal, oil, natural gas and nuclear.  Did you know that wind farms and solar farms can produce electricity profitably at 2 cents and 3 cents per kilowatt-hour?  Old existing coal & gas plants cannot compete long-term with that price point, so with a clean energy SuperGrid (aka The Freedom Plan as I wrote about in my 2005 book The Clean Power Revolution) we could dramatically accelerate the conversion of America to 100% clean renewable energy.  And, Hyperloop tunnels should be owned by the people and leased to one or more of the various Hyperloop operators in my opinion.  That's why Red Gopher is set up with not-for-profit cooperatives to own each regional system of tunnels so users own it and share pro rata in any "profits" that are all distributed back to members of the coop. Stay tuned for more exciting news about Red Gopher.

Finally, 2016 was the year that we focused on "sharpening the axe" as George Washington famously said.  We greatly improved the performance of our 15 utility-scale solar power plants owned by a Pristine Sun subsidiary (see images below) and got nearly all of them to over 100% of expected output.  The subsidiary that owns these projects is likely to be sold in 2017 to generate even more revenue.  This sets us up to develop and build new projects in 2017 once Pristine Sun is rebooted and recapitalized with a reliable new equity partner.