SPI Energy Appoints New SVP Finance to Support Phoenix Motorcars Subsidiary and Solar Juice IPO

Rhea-AI Summary

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.

Positive

• Appointment of experienced financial leader, potentially enhancing financial strategy and operations.
• Support for high-growth initiatives such as the acquisition of Phoenix Motorcars and Solar Juice IPO.

Negative

• New management might indicate reliance on fresh talent due to continuity concerns.

SANTA CLARA, CA / ACCESSWIRE / November 24, 2020 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced that Wenbing Chris Wang was appointed Senior Vice President of Finance for the Company.

"Chris is a great addition to our team and will provide valuable support to our EdisonFuture's latest acquisition, Phoenix Motorcars, as well during our planned spinoff and IPO of our Solar Juice subsidiary," said Xiaofeng Peng, Chairman and CEO of SPI Energy.

Mr. Wang has been CEO of Redwood Group International since February 2017 and senior partner of SAIF Xinhuihuang Asset Management Co., Ltd since December 2018. Mr. Wang previously served as the President of Fushi Copperweld, Inc from 2009 to 2016 and the CFO of Fushi Copperweld from 2005 to 2010. Prior to that, Mr. Wang worked for Cornerstone China Opportunities Fund, Redwood Capital, Credit Suisse and VCChina in various capacities. Mr. Wang holds a bachelor's degree in English from the University of Science and Technology Beijing and an MBA degree in Finance and Corporate Accounting from University of Rochester.

"I am excited to join the SPI executive team as the Company moves to rapidly capitalize on the high-growth opportunities within the EV market globally," commented Mr. Wang.

About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.

For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.

Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 20-F filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com

Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
dave@redchip.com

SOURCE: SPI Energy Co., Ltd

View source version on accesswire.com:
https://www.accesswire.com/618095/SPI-Energy-Appoints-New-SVP-Finance-to-Support-Phoenix-Motorcars-Subsidiary-and-Solar-Juice-IPO

FAQ

What is the role of Wenbing Chris Wang in SPI Energy?

Wenbing Chris Wang has been appointed Senior Vice President of Finance at SPI Energy to assist in financial strategies and operations.

What does the appointment of Chris Wang mean for SPI Energy's future?

His appointment is expected to strengthen SPI's financial operations and support growth initiatives like the IPO of Solar Juice and the acquisition of Phoenix Motorcars.

When was Chris Wang appointed as Senior VP of Finance at SPI Energy?

Chris Wang was appointed as Senior Vice President of Finance on November 24, 2020.

How will SPI Energy benefit from Chris Wang’s experience?

With extensive experience in finance and leadership, Chris Wang is expected to bring valuable insights and support SPI's strategic financial initiatives.