SPI's Phoenix Motorcars Launches Long-Life Cycle Lithium-ion Electric Forklift

Rhea-AI Summary

SPI Energy Co., Ltd. announced the launch of its new line of electric forklifts through its subsidiary, Phoenix Motorcars, with sales now underway and deliveries expected to start in Q4 2021. These forklifts utilize advanced lithium-ion batteries, offering improved efficiency, reduced maintenance costs, and a total cost of ownership estimated at less than 50% of traditional models. The forklifts come with warranties of up to 10 years or 20,000 hours and are available in two configurations. The global forklift market is projected to reach $19.1 billion by 2026.

Positive

• Launch of new electric forklifts with advanced lithium-ion batteries.
• Estimated total cost of ownership is less than 50% of traditional forklifts.
• Government incentives support the transition to eco-friendly forklifts.

Negative

• None.

Sales now underway with delivery beginning in Q4 2021

ANAHEIM, CA / ACCESSWIRE / September 21, 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, today announced its wholly owned Phoenix Motorcars ("Phoenix Motorcars") subsidiary launches its new line of Phoenix Motorcars-branded electric forklifts.

The new Phoenix Motorcars electric forklifts use advanced lithium-ion batteries, providing improved efficiency over traditional battery-powered forklifts which require regular battery changes during normal operations. Phoenix Motorcars lithium-ion batteries provide a long-life cycle and remain highly reliable throughout the entire battery life, as well as improved cold-weather performance, reduced maintenance costs, and a total cost of ownership estimated at less than 50% of currently available products.

"We continue to see strong government support in California and beyond with incentives in place to replace outdated forklifts with new, safe, and environmentally friendly products," commented Xiaofeng Denton Peng, Chairman & CEO of SPI Energy. "We are now accepting both sale and lease orders for our new branded electric forklifts and expect to begin deliveries in the fourth quarter this year."

The Phoenix Motorcars-branded electric forklifts come with up to 10-year or 20,000-hour warranties and are currently available in 2,500KG (5,500 LBS) and 2,000KG (4,400LBS) configurations.

The global forklift market is forecasted to reach $19.1 billion by 2026, according to a 2021 report from Global Industry Analysts, a premier market research company.

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, and EV charging solutions. 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, and full range of residential and commercial EV charging solutions. For more information, please visit www.phoenixmotorcars.com.

About SPI Energy Co., Ltd.

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 has its operations headquarters is 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 EdisonFfuture/Phoenix Motorcars 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 Motorcars is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, 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 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
Randy Conone, SVP of Investor Relations & Finance
randy.conone@spigroups.com

Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
dave@redchip.com

SOURCE: SPI Energy Co., Ltd.

View source version on accesswire.com:
https://www.accesswire.com/664907/SPIs-Phoenix-Motorcars-Launches-Long-Life-Cycle-Lithium-ion-Electric-Forklift

FAQ

What new product has SPI Energy launched as of September 2021?

SPI Energy launched a new line of electric forklifts through its subsidiary, Phoenix Motorcars.

When will deliveries of SPI Energy's electric forklifts begin?

Deliveries of SPI Energy's electric forklifts are expected to begin in Q4 2021.

What is the estimated total cost of ownership for SPI Energy's electric forklifts?

The total cost of ownership for SPI Energy's electric forklifts is estimated to be less than 50% of traditional forklifts.

What are the warranty details for SPI Energy's new electric forklifts?

The new electric forklifts come with warranties of up to 10 years or 20,000 hours.

What is the projected market value for the global forklift market by 2026?

The global forklift market is projected to reach $19.1 billion by 2026.