SPI’s Phoenix Motorcars Commences Delivery of Lithium-Ion Forklifts

Rhea-AI Summary

SPI Energy Ltd. (NASDAQ: SPI) has announced that its subsidiary, Phoenix Motorcars, has begun deliveries of lithium-ion powered electric forklifts, with the first 15 units delivered to a major logistics provider in Southern California. These forklifts, which feature a capacity of 5,000 lbs., are designed for enhanced efficiency and come with long-lasting, maintenance-free battery packs. The company aims to expand its offerings in the material handling sector as demand increases throughout 2022 and beyond.

Positive

• Commencement of deliveries of lithium-ion powered electric forklifts.
• First delivery of 15 units to a leading logistics service provider, indicating strong initial demand.
• Forklifts offer improved operational efficiency and do not require additional battery packs.
• Long warranty of 10 years or 20,000 hours for lithium-ion batteries enhances product attractiveness.

Negative

• None.

SANTA CLARA, CA / ACCESSWIRE / April 7, 2022 / 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, is pleased to announce that its wholly owned Phoenix Motorcars subsidiary commenced delivery of the lithium-ion powered electric forklifts with the first 15 units to a leading trucking, distribution, and logistics service provider in Southern California.

Powered by advanced lithium-ion technology, the 5,000 lbs. capacity forklifts offer significantly better operating efficiency with faster time and longer run time and also eliminate the need for additional battery packs, as is common with lead acid battery forklifts. The fully sealed battery packs are maintenance free, thereby eliminating any health and safety concerns associated with refueling and maintaining conventional forklifts. The lithium-ion batteries come with a 10-year or 20,000-hour warranty.

Phoenix Motorcars also offers lithium-ion powered forklifts with 4,000 lbs. and 7,700 lbs. capacities and a range of electric pallet trucks.

"This is an important milestone for Phoenix Motorcars and marks our entry in the advanced material handling industry," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "We offer a compelling product portfolio, and we will further expand this to offer a complete range of solutions. Growing interest from customers throughout 2022 and beyond is expected as we ramp our sales and marketing initiatives for these product lines."

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. (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 Santa Clara, 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 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.

Contact:

SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com

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

SOURCE: SPI Energy Co., Ltd.

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FAQ

What is SPI Energy's recent announcement regarding electric forklifts?

SPI Energy announced that its subsidiary, Phoenix Motorcars, has started delivering lithium-ion powered electric forklifts, with an initial batch of 15 units.

What benefits do the new electric forklifts from SPI Energy offer?

The new forklifts provide better operating efficiency, longer run time, and eliminate the need for additional battery packs.

Who is the first customer for SPI Energy's electric forklifts?

The first 15 electric forklifts were delivered to a major trucking, distribution, and logistics service provider in Southern California.

What is the capacity of the electric forklifts delivered by SPI Energy?

The delivered electric forklifts have a capacity of 5,000 lbs.

What warranty do the lithium-ion batteries in SPI Energy's forklifts come with?

The lithium-ion batteries come with a warranty of 10 years or 20,000 hours.