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 (NASDAQ:SPI) recently announced the delivery of two all-electric Z500 utility trucks to the Port of Oakland, marking a significant milestone as the first all-electric Class-4 utility trucks at a major U.S. port. Manufactured at Phoenix Motorcars’ facility, these trucks feature a 105-kWh battery offering up to 110 miles of range. They are designed to meet sustainability goals while reducing maintenance and fuel costs. The deployment includes two fast chargers at the port, supporting the transition to zero-emission vehicles.
SPI Energy Co., Ltd. (NASDAQ: SPI) reported its financial results for the first half of 2020, showing a 13.3% increase in net sales to $56.4 million. The company achieved operating income of $3.4 million, a turnaround from a $6.5 million loss last year. Net income reached $2.7 million, improving by $10.5 million from the previous year's loss. Cash and cash equivalents stood at $3.2 million. SPI launched a new EV subsidiary, EdisonFuture, and made significant solar project sales, exhibiting resilience during COVID-19 while building a stronger future.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the delivery of its second all-electric ZEUS Z-400 shuttle to Santa Cruz, enhancing the city's sustainability efforts. Funded by the Monterey Bay Air Resources District, the shuttle reduces emissions by approximately 61 tons annually and cuts maintenance and fuel costs by 75% and 80%, respectively. The shuttle features a 105-kWh battery, offering a 110-mile range. SPI aims to expand its zero-emission vehicle offerings through its subsidiary, Phoenix Motorcars, promoting clean energy solutions.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the appointment of Wenbing Chris Wang as Senior Vice President of Finance. This strategic move aims to bolster support for the recent acquisition of Phoenix Motorcars and the planned IPO of the Solar Juice subsidiary. With prior leadership experience at Fushi Copperweld and Redwood Group International, Wang is expected to enhance SPI's financial operations and capitalize on growth opportunities in the electric vehicle market. The company continues to expand its renewable energy solutions globally.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced the successful sale of a 1.015 MW solar project on Maui, Hawaii, marking the completion of its thirteenth ground-mounted utility solar project in the state. The project sells electricity to the Hawaiian Electric Company and reflects SPI's commitment to Hawaii's renewable energy goals. This initiative aligns with the Hawaii Clean Energy Initiative, aiming for a 100% renewable energy portfolio by 2045. The global renewable energy market is projected to surpass $1.5 trillion by 2025, emphasizing growth potential in this sector.
SPI Energy (NASDAQ: SPI) announces the acquisition of Phoenix Motorcars by its subsidiary, EdisonFuture. This acquisition aims to enhance SPI's capabilities in electric vehicle design and production within the U.S. market.
The conference call to discuss this acquisition is scheduled for November 17, 2020, at 4:15 p.m. ET. SPI Energy continues to focus on renewable energy solutions and electric vehicles, targeting growth opportunities in the EV sector.
SPI Energy announced the acquisition of Phoenix Motorcars for a total consideration of $11.5 million in stock, $1 million in cash, and up to $10 million in future earnouts. This strategic move positions SPI in the growing US electric vehicle market, leveraging Phoenix's experience and existing backlog of vehicles. With a commitment of $4.5 million in working capital, SPI expects substantial growth from Phoenix, which plans to deliver over 100 vehicles by year-end 2020. The acquisition aims to enhance product offerings and accelerate growth in the electric fleet sector.
SPI Energy Co., Ltd. (NASDAQ:SPI) has announced a joint strategic cooperation agreement between its subsidiary EdisonFuture and two companies, Liuzhou Liancheng Industrial and Guangxi Dazhou Automobile Sales. Liancheng will supply EV parts to EdisonFuture in California and aid in market expansion in South America and Asia Pacific. Dazhou will support sales and after-sales for EdisonFuture's electric vehicles, including smart pickup trucks and buses. This agreement aims to bolster the company's presence in the growing EV market.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced a $2.1 million convertible promissory note issued to Streeterville Capital, LLC on November 3, 2020. The note carries a 10% interest rate and matures on November 2, 2021, with a conversion price of $26.00 per share. The issuance was approved by the company's board and complies with Rule 506 under Regulation D. SPI Energy continues to focus on renewable energy solutions, including photovoltaic and electric vehicle services globally.
SPI Energy Co., Ltd. (NASDAQ:SPI) has announced its Board of Directors approved the spin-off of its subsidiary, Solar Juice Co., Ltd., through an IPO, retaining majority ownership. The spin-off aims to unlock greater value for the company. Additionally, a settlement deed has been reached with minority stockholders of Solar Juice Australia, dismissing ongoing legal proceedings related to a rights issue and director changes that were ruled invalid by the court.
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