SPI Energy’s EdisonFuture Enters Electric Scooter Market with Acquisition of Shared Technologies Assets
SPI Energy has announced that its subsidiary, EdisonFuture, has acquired the assets of Shared Technologies, expanding its footprint in the electric scooter market with RideZoomers.com. This move is aimed at capitalizing on a rapidly growing segment expected to reach $644.5 billion by 2028, with a CAGR of 29.4%.
The acquisition is timely, as RideZoomers has transitioned to a profitable direct-to-consumer model, featuring its premium all-electric Zoomer scooter.
- Acquisition of Shared Technologies enhances SPI Energy's portfolio in the growing electric scooter market.
- RideZoomers is cash flow positive and poised for revenue growth.
- The electric scooter market is projected to reach $644.5 billion by 2028, indicating high growth potential.
- None.
SANTA CLARA, CA / ACCESSWIRE / July 1, 2021 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced its wholly owned EdisonFuture, Inc. ("EdisonFuture") subsidiary acquired the assets of Shared Technologies, Inc, with website RideZoomers.com, expanding the company's offerings into the growing electric scooter market.
Established in Seattle in 2019 as a scooter-sharing startup, RideZoomers pivoted to a direct-to-consumer and hardware business model in 2020 in the wake of the COVID-19 outbreak. Its Zoomer scooter, a premium, all-electric, long-range, bike-lane legal scooter with a timeless design, is best-in-class with a 30-mph top speed, 30 miles range per charge, and six-hour full-recharge time. This company is now cashflow positive and on track to generate more revenue with that growing business.
"This is an exciting new market and significant growth opportunity," stated Mr. Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. "With our vast industry knowledge, strong relationships, and significant financial capabilities, I am confident we can rapidly scale operations around this great product while producing the best customer experience."
The electric scooter market is expected to reach
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of solar storage 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.
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.
SPI Energy Co., Ltd. Contact:
IR Department
ir@spigroups.com
Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
dave@redchip.com
SOURCE: SPI Energy Co., Ltd.
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FAQ
What was the acquisition announced by SPI Energy on July 1, 2021?
What is the expected market growth for electric scooters?
How does the acquisition of Shared Technologies benefit SPI Energy?
What is the significance of RideZoomers' business model change?
What product does RideZoomers offer after the acquisition?
