SPI Energy’s Phoenix Motorcars Appoints Early Tesla Employee - Edmund Shen - as New VP of Product Management and Supply Chain

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ:SPI) announces the appointment of Edmund Shen as Vice President of Product Management and Supply Chain for its subsidiary, Phoenix Motorcars. Shen brings extensive experience from Tesla, where he led notable EV projects. His previous roles include senior positions at SERES EV and leading semiconductor firms. This strategic hire is expected to enhance product development and market positioning for Phoenix Motorcars in the growing electric vehicle sector, aimed at commercial markets with a focus on clean transportation.

Positive

• Appointment of Edmund Shen enhances leadership in product management.
• Shen's extensive experience in EVs from Tesla could drive innovation and market competitiveness.

Negative

• Potential concerns over continuity and experience gaps during the transition.

SANTA CLARA, CA / ACCESSWIRE / January 20, 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 Phoenix Motorcars, a wholly owned subsidiary of the Company's EdisonFuture subsidiary, appointed Edmund Shen as its new Vice President, Product Management and Supply Chain.

Shen was interviewed and hired by Elon Musk as an early Tesla employee when the company was still as small startup in 2009. During his seven years at Tesla, he led many key projects of Tesla EV product development and global launch programs, contributing to Tesla's Roadster, Model S, Model X, Model 3, Powerwall, and Powerpack programs, as well as OEM programs for Mercedes Benz B-Class EV, and Toyota Rav 4 EV programs. In 2016, Shen became one of the earliest founding members of SERES EV as the company's Senior Director of Product Management, Supply Chain Development & Management, and Product Marketing.

Previously, Shen held product manager, new product development program leader, marketing manager, electrical engineer, and systems engineer roles at leading global semiconductor companies, including Applied Materials, Lam Research, and KLA.

"Edmund has a proven track record specializing in leading new product development and new technology startups with experience taking products from concept to market launch, with limited resources and in fast-paced environments," stated Tarek Helou, COO of Phoenix Motorcars. "He intuitively sees the threads of opportunity that wind through a market, brings them together into a coherent whole, and drives technology, productization, and business advantages. We are excited to welcome him to the Phoenix Motorcars team."

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.

About Phoenix Motorcars
Phoenix Motorcars is a leader in developing medium-duty electric vehicles for commercial markets with a primary focus on class 3 & 4 vehicles. Phoenix Motorcars strives to provide fleets with clean transportation and renewable energy through advanced technology solutions and remains committed to excellence in electric vehicle innovation. Phoenix Motorcars offers a range of vehicle configurations, including shuttle buses, utility trucks, service trucks, flatbed trucks, walk-in vans, cargo trucks and school buses. For more information, please visit www.phoenixmotorcars.com.

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 Edmund Shen and what is his role at SPI Energy?

Edmund Shen is appointed as the Vice President of Product Management and Supply Chain at SPI Energy's subsidiary, Phoenix Motorcars.

What previous experience does Edmund Shen have that benefits SPI Energy?

Shen has significant experience from Tesla, where he contributed to EV product development and launches, as well as roles at SERES EV and leading semiconductor companies.

How might Edmund Shen's appointment impact SPI Energy's stock?

Shen's expertise in electric vehicle development may strengthen market positioning and innovation, potentially positively impacting SPI Energy's stock performance.

What is the focus of Phoenix Motorcars under Edmund Shen's leadership?

Phoenix Motorcars focuses on developing medium-duty electric vehicles for commercial markets, emphasizing clean transportation and advanced technology solutions.

When was Edmund Shen appointed at Phoenix Motorcars?

Edmund Shen was appointed as Vice President on January 20, 2021.