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 Co., Ltd. (NASDAQ: SPI) has appointed auto industry veteran Joseph R. Mitchell as its new CEO, effective February 15, 2021. With over 30 years in the automotive sector, including 20 years in the electric vehicle market, Mitchell brings extensive experience from companies such as Ford and UQM Technologies. His appointment is part of an effort to bolster management ahead of anticipated growth. Other key appointments include Frank Jenkins as VP of Business Partnerships and Edmund Shen as VP of Product Management, signaling a strategic focus on expanding within the renewable energy and electric vehicle markets.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced its executives will present at the Richmond Club online small-cap investor conference on February 24, 2021. The presentation will cover SPI's recent achievements in solar energy and electric vehicles, along with future milestones and growth forecasts. The Richmond Club, with 653 Investment Advisor members, focuses on promoting undervalued companies, achieving a 19.16% annual growth rate since June 2005. SPI aims to expand its shareholder base and enhance trading liquidity through this presentation.
SPI Energy Co., Ltd. (NASDAQ: SPI) has successfully closed a registered direct offering, raising approximately $14.7 million. The company sold about 1.4 million ordinary shares priced at $10.79 each, in compliance with Nasdaq regulations. The offering is part of a shelf registration statement filed with the SEC. SPI Energy focuses on providing renewable energy solutions, including solar storage and EV solutions, targeting growth in green industries like battery storage.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced a registered direct offering of approximately $14.7 million in ordinary shares, selling around 1.4 million shares at $10.79 each. The transaction is set to close on or about February 10, 2021. Roth Capital Partners, Kingswood Capital Markets, and Maxim Group LLC are the co-placement agents. The offering is part of a shelf registration statement effective September 30, 2020. SPI focuses on delivering renewable energy solutions and expanding its presence in solar projects globally.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced that its subsidiary, Orange Power Co., Ltd., generated approximately 47.87 million kWh of renewable energy in 2020, capable of powering over 8,000 European homes and offsetting more than 32,357 tons of CO2 emissions. With strong operational success in Europe, Orange Power is pursuing acquisitions in the US, Europe, and Australia. The global solar energy market is projected to grow from $52.5 billion in 2018 to $223.3 billion by 2026. SPI's CEO believes their expertise in project development positions them as a valuable partner for solar developers.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced the approval of a plan to spin off Phoenix Motorcars, a subsidiary of its EdisonFuture division, through an initial public offering. EdisonFuture will retain 70 million shares post-spin-off. Phoenix, known for its electric drivetrain and commercial EV offerings, aims to tap into the growing fleet vehicle electrification market. The management team has been enhanced with industry veterans to support rapid growth. This strategic move is expected to unlock significant value for SPI shareholders.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the appointment of Dr. Tom Zhang as the new Vice President of Human Resources at its subsidiary, Phoenix Motorcars. Dr. Zhang brings 14 years of HR experience from major companies like Google, Tesla, and Tencent. His background includes senior HR roles and a focus on employee development and performance management. The COO of Phoenix Motorcars, Tarek Helou, highlighted the importance of Dr. Zhang's expertise in scaling operations and building a strong team for their long-term vision in the electric vehicle market.
SPI Energy Co., Ltd. (NASDAQ:SPI) has appointed Frank Jenkins as the new Vice President of Business Partnerships and Development for its subsidiary Phoenix Motorcars. Jenkins, with over 35 years of experience in the automotive industry, previously held senior roles at Denso, Electric Vehicles International, and General Motors. His extensive background in strategic partnerships and commercial sales is expected to aid Phoenix in scaling production and securing industry collaborations, particularly with plans to open a second production facility in Detroit.
SPI Energy has announced the commencement of construction on its 712kW Oahu 101-1 solar carport project in Hawaii. This project, initiated through its subsidiary SPI Solar, will generate clean electricity for the Hawaiian Electric Company upon completion. Chairman and CEO Xiaofeng Peng emphasized the project as a key milestone for SPI Energy's growth in the U.S. solar sector. Hawaii aims to achieve a 100% renewable energy portfolio under its Clean Energy Initiative, positioning SPI Energy strategically in the renewable energy landscape.
SPI Energy Co., Ltd. (NASDAQ:SPI) has entered an Interim Management Agreement with Petersen-Dean, Inc. to facilitate the upcoming purchase of the latter's assets by SPI's subsidiary, Solarjuice America. This agreement enables Solarjuice America to provide operational support to Petersen-Dean while preparing for a Section 363 asset sale. The acquisition is expected to bolster SPI's U.S. operations in the growing solar market. CEO Xiaofeng Peng emphasized the strategic importance of this deal for enhancing Solarjuice America's ability to meet rising solar demand.
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