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) announced a cooperation agreement between its subsidiary SolarJuice and Wallbox to enhance their offerings in the renewable energy sector in Australia. This partnership aims to boost the availability of premium EV charging solutions for residential and commercial markets, leveraging Wallbox's smart technology. Both executives emphasized the growing adoption of electric vehicles in Australia, driven by favorable regulations and market conditions.
SPI Energy (NASDAQ:SPI) will present at the H.C. Wainwright Global Investment Conference in New York City from September 12-14, 2022. Chairman and CEO Denton Peng and Senior VP of Finance Randolph Conone will represent the company, alongside executives from its affiliate Phoenix Motor (NASDAQ:PEV). The conference provides a platform to discuss SPI's growing demand for solar and electric vehicle products, particularly following the federal Inflation Reduction Act, which enhances the market for renewable energy solutions.
SPI Energy Co., Ltd. (NASDAQ: SPI) is set to participate in the Solar Power International (RE+) Conference in Anaheim, CA, from September 19-22, 2022. The company will feature two informational booths to showcase its American-made solar products, including solar panels, hydrogen fuel cells, and electric vehicle (EV) solutions. SPI's facilities currently produce 650MW of solar modules, with plans to ramp up to 1.2GW by 2023 and 2.4GW by 2024. The company continues to target emerging opportunities in the renewable energy sector.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced a strategic partnership with Krannich Solar to provide American-made solar modules at an event during the Solar Power International (RE+) 2022 Conference on September 19-22 in Anaheim, CA. This collaboration aims to meet the growing demand in the solar industry, with Krannich Solar leveraging its extensive experience to assist installers across North America. SPI's Solar4America facility currently produces 650MW, with plans to ramp up to 1.2GW by 2023 and 2.4GW by 2024.
SPI Energy Co., Ltd. has signed a letter of intent to secure 1.5GW solar wafer manufacturing equipment, aiming for U.S. production by 2023. The company plans to expand manufacturing capacity to 3GW by 2024. The Inflation Reduction Act of 2022 promotes U.S. solar production by offering incentives of $12 per square meter for solar wafers. Chairman Xiaofeng Denton Peng highlighted the bill's potential to lower energy costs, boost U.S. manufacturing, and create jobs.
SPI Energy (NASDAQ:SPI) announced its participation in The Energy Expo 2022 on August 24-25, showcasing solar panels manufactured by its subsidiary, Solar4America, at the Miami Airport Convention Center. The facility commenced pilot production in Q2 2022 and aims for 1.2GW capacity by 2023 and 2.4GW by 2024. SPI is focused on delivering high-quality, American-made solar products, catering to both residential and commercial markets, and will provide information at Booth 218 during the event.
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the development of Phase II of its 32.4 MWac Shorewood Solar Project in Illinois, projected to begin operations by 2026. This phase is expected to generate 57 million kWh of energy annually, enough to offset CO2 emissions from 5,088 homes. The project aligns with Illinois' commitment to the U.S. Climate Alliance and is supported by the Inflation Reduction Act, which invests over $300 billion in clean energy. The company focuses on solar storage and EV solutions across its three core divisions.
SPI Energy reported its Q2 2022 financial results, showcasing net sales of $48.6 million, up 6.1% year-over-year, despite a gross margin decline to 8.0% from 11.4%. The company faced an operating loss of $5.6 million, worsening from $4.0 million in Q2 2021. However, it achieved a net loss of only $2.2 million, significantly improving from $6.5 million. SPI continues to expand its solar and electric vehicle segments, including a significant supply agreement and project developments.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced the development of a 7.2MWac/8.39MWdc solar project on 34 acres in Southern California. This project aims to bolster the company's presence in California's renewable energy market, which aims for 50% renewable generation by 2025. The solar array is expected to produce 21 gigawatt hours in its first year of operation, beginning by the end of 2024. SPI's initiatives are aligned with California's clean energy targets, contributing to sustainability goals.
SPI Energy Co., Ltd. (NASDAQ: SPI) announced participation in the H.C. Wainwright Global Investment Conference taking place from May 23-26, 2022 at the Fontainebleau Hotel, Miami Beach, FL. The Chairman and CEO Xiaofeng Denton Peng and Senior VP Randy Conone will attend, with a pre-recorded presentation available on the company website starting May 24, 2022, at 7:00 a.m. EST. The presentation will be archived for 60 days. SPI Energy focuses on renewable energy solutions including solar storage and electric vehicles, serving diverse markets globally.
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