SPI Energy Launches New Electric Vehicle Company Subsidiary

Rhea-AI Summary

SPI Energy has launched a new subsidiary, EdisonFuture, Inc., aimed at developing electric vehicles (EVs) and EV charging solutions. This initiative marks a significant milestone for the company, as CEO Xiaofeng Peng emphasized the value of a comprehensive approach in the renewable energy market, akin to Tesla's model. Located in Silicon Valley, EdisonFuture will enhance SPI Energy's existing photovoltaic solutions, which include solar and battery storage technologies. The global EV market saw over 2.1 million sales in 2019, indicating strong growth potential for SPI Energy's new venture.

Positive

• Launch of EdisonFuture, expanding SPI Energy's portfolio into the EV market.
• Strong growth trend in the global EV and charging infrastructure, with a 40% YOY sales increase in 2019.

Negative

• None.

SANTA CLARA, CA / ACCESSWIRE / September 23, 2020 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global provider of photovoltaic ("PV") solutions for business, residential, government and utility customers and investors, today announced the launch of EdisonFuture, Inc., a wholly owned subsidiary of SPI Energy, to design and develop electric vehicles ("EV") and EV charging solutions.

Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "This is an important milestone for SPI Energy. As Tesla has demonstrated, an end-to-end business model in the renewable energy space can generate significant value. With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy."

EdisonFuture is based at Silicon Valley in Santa Clara, California and complements the Company's current suite of PV solutions, including solar and battery storage technologies. EdisonFuture will focus on the design and development of new EV technologies and plans to partner with major manufacturers, as necessary.

Sales of EVs topped 2.1 million globally in 2019, surpassing record sales in 2018. EVs, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.

The infrastructure for EV charging grew to 7.3 million chargers globally in 2019. Publicly accessible chargers accounted for 12% of global light-duty vehicle chargers in 2019, most of which are slow chargers. Globally, the number of publicly accessible chargers (slow and fast) increased by 60% in 2019 compared with the previous year, higher than the electric light-duty vehicle stock growth.

About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. (the "Company") is a global provider of photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. The Company develops solar PV projects that are either sold to third party operators or owned and operated by the Company for selling of electricity to the grid in multiple countries in Asia, North America and Europe. The Company's subsidiary in Australia primarily sells solar PV components to retail customers and solar project developers. The Company has its operating headquarter in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia.

For inquiries, please contact:

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

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

SOURCE: SPI Energy Co., Ltd.

View source version on accesswire.com:
https://www.accesswire.com/607418/SPI-Energy-Launches-New-Electric-Vehicle-Company-Subsidiary

FAQ

What is the significance of SPI Energy's launch of EdisonFuture?

The launch of EdisonFuture is significant as it expands SPI Energy's business model into the electric vehicle market, positioning the company for future growth in renewable energy.

What market trends support SPI Energy's new EV subsidiary?

The global EV market saw over 2.1 million sales in 2019, indicating strong demand, while the charging infrastructure grew significantly, providing a favorable environment for SPI Energy's new venture.

Where is EdisonFuture based?

EdisonFuture is based in Silicon Valley, California, which is a hub for technology and innovation in the electric vehicle sector.

Who is the CEO of SPI Energy?

Xiaofeng Peng is the CEO of SPI Energy and played a key role in the launch of EdisonFuture.

What technologies will EdisonFuture focus on?

EdisonFuture will focus on the design and development of new electric vehicle technologies and accompanying EV charging solutions.