SPI Energy's Solar American Appoints 13-Year Solar Industry Veteran Chad Pricolo as SVP of Consumer Operations

Rhea-AI Summary

SPI Energy has appointed Chad Pricolo as the Senior Vice President of Consumer Operations for its subsidiary, Solar American Inc., effective immediately. Pricolo brings over 13 years of experience in the solar industry, previously serving as Director of Northern California Solar Operations for Semper Solaris and holding various leadership positions at PetersenDean. The company aims to enhance its sales and marketing initiatives under his leadership. The U.S. solar market shows strong growth, having installed a record 19.2 GW in 2020, setting the stage for SPI's expansion plans.

Positive

• Appointment of Chad Pricolo with over 13 years of solar industry experience expected to strengthen SPI's consumer operations.
• Anticipated acceleration in sales and marketing initiatives under new leadership.
• U.S. solar market set for significant growth, with projections of over 324 GW of new capacity in the next decade, potentially benefiting SPI.

Negative

• None.

SANTA CLARA, CA / ACCESSWIRE / April 26, 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 Solar American Inc., a subsidiary of the Company's SolarJuice Co., Ltd. ("SolarJuice") subsidiary, appointed Chad Pricolo as its SVP of Consumer Operations.

Prior to joining Solar American, Mr. Pricolo was Director of Northern California Solar Operations for Semper Solaris, a residential solar power installation company based in San Diego, California. Previously, Pricolo held a variety of roles with increasing responsibility at PetersenDean, from Division Manager to Vice President to the Senior Vice President - Consumer Operations Division. Prior to his seven years at PetersenDean, Mr. Pricolo spent five years as a construction manager on solar projects for RGS Energy.

Xiaofeng Peng, Chairman and CEO of SPI Energy, commented, "We are excited to welcome Chad to our rapidly growing team at Solarjuice American Inc. His wealth of industry experience and deep knowledge of key west coast markets will be a great asset as we accelerate sales and marketing initiatives in the months ahead. I am confident he will do a great job leading our consumer solar business and introduce national franchise program in the US."

According to the Solar Energy Industries Association, 19.2 gigawatts (GW) of solar PV capacity was installed in the US in 2020, reaching 97.7 GW of total installed capacity, enough to power 17.7 million American homes. Solar accounted for 43% of all new electricity-generating capacity added in the US in 2020, representing solar's largest ever share of new generating capacity and ranking first among all technologies for the second year in a row. The US solar industry is expected to install more than 324 GW of capacity over the next 10 years, quadrupling the current amount of installed solar capacity.

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 SolarJuice

SolarJuice Co., Ltd. ("SolarJuice") is the leader in renewable energy system solutions for residential and small commercial markets. Established in 2009, the Company is headquartered in Sydney, Australia and delivers a one-stop global solution for solar panels, inverters, and battery systems. Since inception, the Company has served over 3,000 B2B accounts and 400 customers. SolarJuice also plans to grow its supply chain, enhance its technology platform and looks to expand its product delivery throughout the Asia Pacific Region and the North America markets. With the recent acquisition of Solar4America, one of the largest privately held solar and roofing installers in the United States, this will allow the Company to serve more customers in the growing California, Nevada, Texas, Florida, and Colorado markets. With more than a million solar systems and roofs under its belt, the Pleasanton, CA-based company now employs hundreds of installers and operates in five states: California, Florida, Nevada, Colorado and Texas.

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

Who is Chad Pricolo and what role will he play at SPI?

Chad Pricolo has been appointed as the Senior Vice President of Consumer Operations at SPI's subsidiary, Solar American Inc. He brings over 13 years of experience in the solar industry.

What impact is expected from Chad Pricolo's appointment at SPI?

Chad Pricolo's appointment is expected to enhance SPI's sales and marketing efforts, leveraging his extensive knowledge of key west coast markets.

What recent developments indicate growth in the U.S. solar market?

The U.S. solar market installed a record 19.2 GW in 2020, and the Solar Energy Industries Association projects over 324 GW of additional capacity to be installed in the next 10 years.

What is SPI Energy's strategic focus following the management change?

SPI Energy aims to accelerate growth in consumer solar operations and expand its offerings, potentially introducing a national franchise program in the U.S.

What previous roles did Chad Pricolo hold before joining SPI?

Chad Pricolo previously served as Director of Northern California Solar Operations for Semper Solaris and held various roles at PetersenDean, including Vice President.