SPI Energy’s Phoenix Motorcars Deploys Two Electric Shuttle Buses to the City of Santa Cruz

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ:SPI) announced the delivery of its second all-electric ZEUS Z-400 shuttle to Santa Cruz, enhancing the city's sustainability efforts. Funded by the Monterey Bay Air Resources District, the shuttle reduces emissions by approximately 61 tons annually and cuts maintenance and fuel costs by 75% and 80%, respectively. The shuttle features a 105-kWh battery, offering a 110-mile range. SPI aims to expand its zero-emission vehicle offerings through its subsidiary, Phoenix Motorcars, promoting clean energy solutions.

Positive

• Delivery of second all-electric ZEUS Z-400 shuttle improves sustainability in Santa Cruz.
• Shuttle reduces annual emissions by ~61 tons, significantly improving air quality.
• Cuts maintenance costs by 75% and fuel costs by 80%, providing financial benefits.

Negative

• None.

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 Phoenix Motorcars, which was recently acquired by the Company's wholly owned subsidiary, EdisonFuture, delivered its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz.

The two ZEUS shuttles, built on the Ford E-450 chassis with a Starcraft Bus body by Phoenix Motorcars, will serve the Santa Cruz trolley, replacing their existing wooden trolleys and helping to promote the City's sustainability goals. The all electric zero emission shuttle bus was funded in part by the Monterey Bay Air Resources District (MBARD) Clean Air Management Program and the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) program.

"MBARD is proud to be working with our local municipalities like the City of Santa Cruz to help clean the air quality in our coastal communities. Through our Air Bill 2766 Funding, we have helped Santa Cruz adopt these Phoenix Motorcars ZEUS Shuttles into their fleet and look forward to future deployments," said Alan Romero, Air Quality Planner at Monterey Bay Air Resources District.

The shuttle bus is equipped with a 105-kWh battery pack offering up to 110 mile range and can be fully charged in about three hours with a 50 kW Level III charger. Staying in harmony with the old trollies, the new electric shuttle buses from Phoenix Motorcars feature faux wooden interiors, while being equipped with 16 seats and two wheelchair accessible seats. The ZEUS shuttle bus, as compared to its equivalent fossil fueled alternatives, will reduce atmospheric emissions by ~61 tons annually, reduce maintenance costs by 75% and fuel costs by 80%.

"We are thrilled to be receiving our two electric shuttles from Phoenix Motorcars. They will replace the old trolleys and we are certain customers will love the quiet, smooth and emission free ride. It has been a pleasure working with the Phoenix team," says Amanda Rotella, Economic Development Coordinator at The City of Santa Cruz.

"Zero emission transportation is an integral part of building a sustainable future and it's great to see the City of Santa Cruz being an early adopter. Operating the ZEUS all-electric shuttle bus from Phoenix will provide significant emission savings and cost saving opportunities to the customer. At SPI, our focus has always been sustainable development and we look forward to expanding Phoenix's range of zero emission products to meet varied fleet requirements," stated Xiaofeng Peng, Chairman and CEO of SPI Energy.

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

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.

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FAQ

What did SPI Energy announce on November 24, 2020?

SPI Energy announced the delivery of its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz.

How much can the ZEUS Z-400 shuttle reduce emissions?

The ZEUS Z-400 shuttle can reduce atmospheric emissions by approximately 61 tons annually.

What are the cost savings associated with the ZEUS shuttle?

The ZEUS shuttle reduces maintenance costs by 75% and fuel costs by 80%.

What is the battery capacity and range of the ZEUS Z-400 shuttle?

The ZEUS Z-400 shuttle is equipped with a 105-kWh battery pack, offering up to a 110-mile range.

Who funded the shuttle buses delivered to Santa Cruz?

The shuttle buses were funded in part by the Monterey Bay Air Resources District's Clean Air Management Program.