SPI's Phoenix Motorcars Appoints Former Blink Charging COO as its SVP & Global Head of EV Charging Solutions

Rhea-AI Summary

SPI Energy Ltd. (NASDAQ:SPI) announces the appointment of Ira Feintuch as SVP & Global Head of EV Charging Solutions for its subsidiary, Phoenix Motorcars. Feintuch, former COO of Blink Charging, brings extensive experience in EV infrastructure. Under his leadership, Phoenix aims to scale its EV charging solutions, capitalizing on a growing market expected to reach $145 billion by 2028. CEO Joe Mitchell expresses confidence in Feintuch's ability to enhance market solutions. This strategic move aligns with SPI's focus on renewable energy and EV solutions.

Positive

• Ira Feintuch's appointment is expected to bring valuable expertise and fresh perspectives to Phoenix Motorcars.
• The EV charging infrastructure market is projected to grow significantly, which may benefit SPI Energy's new initiatives.

Negative

• Concerns about potential continuity and experience gaps following a managerial change.

ONTARIO, CA / ACCESSWIRE / June 14, 2021 / SPI Energy Ltd. (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 its wholly owned Phoenix Motorcars subsidiary appointed Ira Feintuch, the former COO of Blink Charging Co. (previously known as CarCharging Group), as its new SVP & Global Head of EV Charging Solutions.

Feintuch joined CarCharging Group as VP of Operations and was one of its first employees in 2009, ultimately becoming COO in 2015 and playing a key role in the company's 2018 listing on Nasdaq and concurrent $18 million capital raise. As COO of Blink Charging, the largest owner/operator of L2 charging services in the US, Feintuch oversaw all infrastructure deployment, partner contract negotiations, engineering and software roadmaps, and supported Executive Chairman and the CEO in designing and delivering the company's second-generation charger.

"I am excited to join the Phoenix Motorcars team as the shift to electrification intensifies and I see a tremendous opportunity for us to build and scale our infrastructure business as we support our exciting fleets.", said Ira Feintuch.

"I am excited to welcome Ira to the Phoenix Motorcars team," said Joe Mitchell, Phoenix Motorcars CEO. "Last month we introduced our own proprietary line of EV charging solutions that fulfill customer needs from residential applications to high-volume commercial installations. I am confident Ira will be a great asset as we bring these solutions to market and scale sales."

According to Grandview Research, the global EV charging infrastructure market was estimated at $15.1 billion in 2020 and is expected to reach $19.3 billion in 2021 and $145.0 billion by 2028, growing at a 33.4% compound annual growth rate.

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

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.

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 the new SVP & Global Head of EV Charging Solutions for SPI Energy?

Ira Feintuch has been appointed as the new SVP & Global Head of EV Charging Solutions for SPI Energy's subsidiary, Phoenix Motorcars.

What experience does Ira Feintuch bring to SPI Energy?

Ira Feintuch was previously the COO of Blink Charging, where he managed infrastructure deployment and partner negotiations, playing a key role in the company's Nasdaq listing.

What is the expected growth of the EV charging market?

The global EV charging infrastructure market was estimated at $15.1 billion in 2020 and is projected to grow to $145 billion by 2028.

How might the new appointment impact SPI Energy's stock?

The appointment of Ira Feintuch may enhance SPI Energy's market solutions and operational capabilities, potentially positively impacting investor confidence and stock performance.

What is SPI Energy's focus in the renewable energy market?

SPI Energy is focused on providing solar storage and electric vehicle solutions as well as developing infrastructure for EV charging.