SPI Energy’s Phoenix Motorcars Appoints Auto Industry Veteran Joe Mitchell as its New CEO

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ: SPI) has appointed auto industry veteran Joseph R. Mitchell as its new CEO, effective February 15, 2021. With over 30 years in the automotive sector, including 20 years in the electric vehicle market, Mitchell brings extensive experience from companies such as Ford and UQM Technologies. His appointment is part of an effort to bolster management ahead of anticipated growth. Other key appointments include Frank Jenkins as VP of Business Partnerships and Edmund Shen as VP of Product Management, signaling a strategic focus on expanding within the renewable energy and electric vehicle markets.

Positive

• Appointment of Joseph R. Mitchell brings extensive experience in the EV market, likely enhancing leadership and strategic direction.
• Strengthened management team with notable figures from the automotive industry may drive growth and innovation.
• Focus on expanding within renewable energy and electric vehicle sectors aligns with market trends and potential opportunities.

Negative

• None.

SANTA CLARA, CA / ACCESSWIRE / February 16, 2021 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), 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 board of directors has appointed auto industry veteran Joseph R. Mitchell as its new chief executive officer, effective on Feb 15, 2021.

Mitchell's 30 years of automotive industry experience includes 20 years directly in the EV market. He started his career with Ford Motor Company of Canada in Operations and Quality and had a number of positions of increasing responsibility throughout the US, Canada, and Mexico. In 1999, Mitchell entered the EV and fuel cell vehicle market, taking on a position to run the electric powertrain operations for a newly formed JV between Ford, Daimler and Ballard Power to develop a fuel cell electric powertrain system for this emerging market. Through a number of mergers and restructurings, Mitchell continued with this organization, leading the electric powertrain group under the ownership of Ballard, Siemens VDO and Continental Automotive.

In 2012, Mitchell joined UQM Technologies, a leading global developer of electric powertrains for the automotive and commercial vehicle markets. In 2015, he took over as President and CEO of UQM and led the company to win a number of major commercial EV contracts globally. In 2019 Joe led the merger of UQM with Danfoss, a large Danish based global industrial company looking to enter the EV market and supported the formation of Danfoss's Editron division whose main focus was on the development of electric powertrains for the commercial on- and off-highway EV markets along with the marine EV market. Mitchell served as VP of this newly formed division and supported the integration of UQM into Danfoss.

Mitchell has an MBA from Vanderbilt University along with a BSc from Niagara University and diploma in Operations and Industrial Management from Niagara College in Canada.

"We are excited to welcome Joe to the Phoenix Motorcars team," stated Mr. Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. "Joe is a great addition to an already impressive management team, and I have total confidence in his ability to lead the organization to major success in the quarters ahead."

In preparation for rapid growth in 2021 and beyond, Phoenix Motorcars has significantly strengthened its management team since being acquired by SPI's EdisonFuture subsidiary. In addition to appointing Mitchell as CEO, other management additions include 35-year auto industry veteran Frank Jenkins as VP of Business Partnerships and Development, early Tesla employee Edmund Shen as VP of Product Management and Supply Chain, inventor of the first working all-electric school bus, Edward Monfort, as Senior VP, and finance veteran Wenbing Chris Wang as Senior VP of Finance. Most recently the company appointed Dr. Tom Zhang, a former HR executive with Tesla and Google, as VP of Human Resources.

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.

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

SOURCE: SPI Energy Co., Ltd.

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FAQ

Who is Joseph R. Mitchell, the new CEO of SPI Energy?

Joseph R. Mitchell is an auto industry veteran with over 30 years of experience, including significant roles in the electric vehicle market. He was previously CEO of UQM Technologies.

What is the impact of Joseph R. Mitchell's appointment on SPI Energy?

Mitchell's appointment is expected to strengthen the company's leadership and strategic direction in the renewable energy and EV sectors, potentially driving growth.

When did Joseph R. Mitchell become CEO of SPI Energy?

Joseph R. Mitchell officially became CEO of SPI Energy on February 15, 2021.

What recent changes occurred in SPI Energy's management team?

Along with Mitchell's appointment, SPI Energy added several experienced executives, including Frank Jenkins as VP of Business Partnerships and Edmund Shen as VP of Product Management.