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Envision Solar has announced that it has entered an agreement with a Fortune 10 company about providing its Solar Tree structures for a large number of locations across the US. The agreement covers over 900 locations, including electric car charging stations and will cover a time period of two years, beginning in the first six months of 2012.
"We have a well-defined strategy and we are executing on it," said Envision Solar’s president and CEO. "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."
The company further announced a debt reduction of US$1 million in its FY 2011 results.