SPI Energy's Solarjuice Signs 2GW Supply Contract with Sungrow

Rhea-AI Summary

SPI Energy Co., Ltd. (NASDAQ: SPI) announced a significant milestone with its subsidiary, SolarJuice, signing a 2GW supply agreement with Sungrow, a leading inverter solutions supplier. This contract, the largest of its kind in the Australian solar market, includes PV inverters, storage systems, batteries, and accessories. The agreement was unveiled during the Smart Energy Conference & Exhibition on May 6, 2022. This partnership is expected to address the growing demand from residential and commercial customers in Australia.

Positive

• 2GW supply agreement with Sungrow, the largest in Australia's solar market.
• Includes comprehensive offerings: PV inverters, storage systems, and batteries.
• Strengthens SPI's market position and customer support capabilities in Australia.

Negative

• None.

SACRAMENTO, CA / ACCESSWIRE / May 9, 2022 / 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, today announced its SolarJuice Co., Ltd. ("SolarJuice") subsidiary signed a 2GW (gigawatt) supply agreement with Sungrow, the global leading inverter solutions supplier for renewables. The 2GW capacity of the supply contract, which includes PV inverters, storage systems, batteries, and other accessories, makes this the largest and most comprehensive contract of its kind in the Australian solar market. The parties announced the agreement at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia's premier event for solar, storage, and energy management, on May 6.

"Sungrow is a market leader with reputation for quality and reliability of product, backed with excellent support from a mature local team," commented Rami Fedda, Director of Solar Juice: "We are thrilled to strengthen our relationship with Sungrow while ensuring we have a steady supply of product to meet the continued growing demand of our residential and commercial customers. As the largest and most comprehensive supply contract ever signed for the Australian market, this agreement represents a major boost for both brands."

Jou Zhou, Country Manager for Sungrow Australia, commented, "This milestone demonstrates our proactive strategy to maintain leadership in the Australia solar market. This 2GW supply agreement will help Sungrow capture the market opportunities in advance and strengthen our involvement in Australia".

The global solar power market was valued at $184 billion in 2021 and is projected to reach $293 billion by 2028, growing at a CAGR of 6.9% in the forecast period, according to Fortune Business Insights. The Australian solar energy market surpassed $7 billion in 2019, up 100-fold in just 10 years, according to the Australian Photovoltaics Institute.

About SPI Energy

SPI Energy Co., Ltd. (NASDAQ: SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is now headquartered in Sacramento, California.

The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, electric scooters, and other EV products.

SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.

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

SOURCE: SPI Energy Co., Ltd.

View source version on accesswire.com:
https://www.accesswire.com/700573/SPI-Energys-Solarjuice-Signs-2GW-Supply-Contract-with-Sungrow

FAQ

What is SPI Energy's recent contract with Sungrow about?

SPI Energy's subsidiary, SolarJuice, signed a 2GW supply agreement with Sungrow, which is the largest in the Australian solar market.

How does the 2GW supply agreement impact SPI Energy's business?

The agreement strengthens SPI Energy's position in the growing Australian solar market and ensures a steady supply for residential and commercial customers.

When was the supply agreement between SolarJuice and Sungrow announced?

The supply agreement was announced on May 6, 2022, during the Smart Energy Conference & Exhibition.

What products are included in the supply agreement between SPI Energy and Sungrow?

The agreement includes PV inverters, storage systems, batteries, and other accessories.

What is the significance of the 2GW supply agreement for the Australian solar market?

It represents the largest and most comprehensive contract in the Australian solar market, addressing increasing demand.