Welcome to our dedicated page for SPI Energy Co., Ltd. Ordinary Shares news (Ticker: SPI), a resource for investors and traders seeking the latest updates and insights on SPI Energy Co., Ltd. Ordinary Shares stock.
SPI Energy Co., Ltd. (NASDAQ:SPI) is a dynamic and globally recognized renewable energy company. Founded in 2006 in Roseville, California, and headquartered in McClellan Park, California, SPI Energy specializes in providing comprehensive solar, storage, and electric vehicle (EV) solutions. The company's operations span across North America, Australia, Asia, and Europe, making it a significant player in the renewable energy sector.
SPI Energy operates through three core divisions: SolarJuice, SPI Solar, and Phoenix Motor. SolarJuice excels in solar wholesale distribution in Australia, residential solar and roofing installations, and solar module manufacturing under the Solar4America brand. This division has a robust presence in the Asia Pacific and North America markets. SPI Solar and Orange Power manage commercial and utility solar projects, offering a full range of EPC services to third-party project developers. Phoenix Motor focuses on medium-duty commercial electric vehicles and is actively developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
The company has made significant strides in the solar module manufacturing sector. Its Solar4America division, based in Sacramento, California, has become a leading domestic producer of solar modules, producing 410W modules for residential markets and 550W modules for commercial and industrial markets. The division is expanding with a new manufacturing facility in Sumter, South Carolina, anticipated to enhance production capacity to 2.4GW by 2024.
Recently, SPI Energy announced the sale of 12 million shares of its subsidiary, Phoenix Motor Inc., reducing its ownership stake to 25.83%. This strategic divestment aims to improve the company's financial performance by eliminating the net losses of Phoenix Motor from SPI's financial statements. Additionally, SPI issued a $2.2 million 5% Convertible Promissory Note to Palo Alto Clean Tech Holding Limited, demonstrating confidence in its future market value and strengthening its financial foundation.
SPI Energy continues to explore investment opportunities in fast-growing green energy sectors such as battery storage, charging stations, and other EV technologies. The company's commitment to innovation and strategic growth positions it well in the competitive renewable energy landscape.
For the latest information, investors and stakeholders are encouraged to refer to the company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or www.sec.gov.
SPI Energy has secured approximately 465 acres in Illinois for a new utility-scale solar project. This project will have a capacity of 54 MW AC (78.4 MW DC) and is expected to generate 124,986 MWh in its first year, enough to offset CO2 emissions for over 11,000 homes. The initiative aligns with Illinois's goal of achieving 100% carbon-free energy by 2045. SPI’s operations highlight its commitment to renewable energy and its role in the U.S. solar market, which is projected to add over 21.5 GW of capacity in 2022.
SPI Energy reported a projected revenue growth of approximately 20% for 2021, estimating revenues between $163 million to $168 million. The company faced global logistics challenges affecting solar projects and EV deliveries. SPI Energy's 2022 guidance indicates expected revenues of $190 million to $210 million. Key developments include the acquisition of Petersen-Dean assets, expansion into electric scooters, and launching various solar products through its Solar4America brand. Despite growth, ongoing supply chain issues are anticipated to continue impacting operations.
SPI Energy announced plans to enhance its solar module manufacturing in Sacramento, California, aiming for a capacity of 1.1 GW by mid-2022. Currently operating at 200 MW, Solarjuice Technology will implement advanced technologies to improve efficiency. This expansion comes as the U.S. solar market anticipates installing over 107 GW in the next five years. The upgrade reflects SPI's commitment to renewable energy and aligns with broader industry growth trends.
SPI Energy announced its subsidiary, SPI Solar, secured 473 acres in Maryland for a 78 MW solar project, expected to produce 187,941 MWh in its first year. This project aims to significantly reduce CO2 emissions, equivalent to what 16,000 homes would use annually. With Maryland’s renewable energy production target set to increase to 50% by 2030, SPI Energy is positioned to contribute to this goal. The U.S. solar market anticipates substantial growth, with 21.5 GW expected to be added in 2022, indicating a positive trend for renewable energy sectors.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced the successful sale of its 5 MW solar project in Hawaii through its subsidiary SPI Solar. This project, located on the North Shore of Oahu, can power approximately 1,000 homes annually and contributes to Hawaii's 100% renewable energy goal by 2045. This marks the seventh project completed by SPI on the island and the twelfth ground-mounted solar project by the company in Hawaii. SPI continues to seek expansion opportunities in renewable energy across the U.S. and globally.
SPI Energy Co., Ltd. (NASDAQ: SPI) has launched its first RideZoomers electric scooter retail and service center in Fremont, California. The opening aligns with the increasing demand for electric scooters and aims to enhance customer experience. The store features Solar4America solutions, reflecting SPI’s commitment to renewable energy. This strategic location in a high-traffic area is expected to boost sales, complementing SPI's ongoing direct-to-consumer initiatives and online presence.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced its subsidiary, SPI Solar Inc., will showcase solar and renewable energy products, including solar panels and EV chargers, at the Intersolar Show from January 13-15, 2022, in Long Beach, California. The company recently acquired a 140,000 sq. ft. factory in Sacramento, facilitating 'Made-in-USA' clean energy products. SPI plans to begin solar panel manufacturing in Q1 2022 and aims for a production capacity of 1.1 GW by the second half of 2022. The showcase emphasizes SPI's strategy in the growing clean energy market.
SPI Energy (NASDAQ:SPI) announced its subsidiary, EdisonFuture Motor Inc., will showcase two light-duty electric vehicles at the Consumer Electronics Show (CES) in Las Vegas from January 5-8, 2022. The showcased vehicles, the EF1-T pickup truck and the EF1-V delivery van, feature innovative solar technology and versatile configurations. The company's participation at CES follows a successful reveal at the Los Angeles Auto Show, aiming to enhance brand awareness among over 1,800 attendees, including major tech companies.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced a long-term supply agreement through its Phoenix Motorcars subsidiary with Coulomb Solutions, Inc. for lithium iron phosphate (LFP) battery systems from Contemporary Amperex Technology Co., Limited (CATL). This two-year deal aims to address the battery supply bottleneck in the electric vehicle (EV) industry, enhancing SPI's ability to meet rising demand for commercial EVs in the U.S. The delivery of the LFP battery systems is set to begin in Q1 2022, supporting SPI's growth strategy in the expanding EV market.
SPI Energy has announced the acquisition of a 140,000 sq. ft. solar plant in Sacramento, California, previously owned by Sunergy, which filed for bankruptcy in January 2021. This addition strengthens SPI's solar manufacturing capabilities and will help meet the growing demand for renewable energy in the U.S. The facility aims to achieve a production capacity of 1.1 GW by the second half of 2022, with upgrades to equipment and technology planned. This strategic move allows SPI to deliver locally made solar products, aligning with California's sustainability goals.
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