SPI Energy Signs Letter of Intent for 1.5GW Solar Wafer Manufacturing Equipment for USA Manufacturing
SPI Energy Co., Ltd. has signed a letter of intent to secure 1.5GW solar wafer manufacturing equipment, aiming for U.S. production by 2023. The company plans to expand manufacturing capacity to 3GW by 2024. The Inflation Reduction Act of 2022 promotes U.S. solar production by offering incentives of $12 per square meter for solar wafers. Chairman Xiaofeng Denton Peng highlighted the bill's potential to lower energy costs, boost U.S. manufacturing, and create jobs.
- Securing a letter of intent for 1.5GW solar wafer equipment enhances production capacity.
- Plans to increase manufacturing capacity to 3GW by 2024.
- The Inflation Reduction Act provides incentives that could improve profitability.
- Positioning in the U.S. market aligns with national energy goals and job creation.
- Dependence on government incentives may pose risks if policy changes occur.
- Execution of manufacturing plans could face supply chain or regulatory hurdles.
MCCLELLAN PARK, CA / ACCESSWIRE / August 23, 2022 / 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, today announced it has signed a letter of intent to secure a 1.5GW solar wafer manufacturing equipment.
Solar wafer is a key component used for manufacturing solar cells, which are used as a base for the manufacturing of solar panels. The Company is targeting delivery and production of the solar wafers in the U.S. by 2023. The Company also plans to further increase its solar wafer manufacturing capacity to 3GW by 2024.
A recent bill signed by President Biden (The Inflation Reduction Act of 2022) has created incentives for companies to produce solar wafers and solar modules in the United States. Solar wafer manufacturer will receive
"I am very grateful to see the bill passed, as it will not only lower energy prices and help the country meet its climate goals, but boost U.S. manufacturing and create jobs. All of us at SPI are focused on scaling as fast as possible to provide customers with a more affordable, clean and resilient way to power their homes and lives," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "As a global expert in renewable energy industry and solar wafer mass production pioneer, we are able to start the state of art solar wafer manufacturing facility in USA with leading technologies."
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 headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice solar wholesale distribution, residential solar and roofing installation, and solar module manufacturing, the SPI Solar and Orange Power commercial & utility solar division, 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 regions, 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, 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.
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SOURCE: SPI Energy Co., Ltd.
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