SPI Energy soars 4,300% after announcement of EV business launch

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  • Shares of SPI Energy climbed to 4345% on Wednesday after the solar company announced it was launching an electric vehicle business.
  • The EV business “will focus on the design and development of new EV technologies and plans to partner with major manufacturers as necessary,” according to a press release.
  • SPI Energy manufactures and distributes solar photovoltaic energy solutions for businesses and residential customers around the world.

SPI Energy soared to 4,345% on Wednesday after announcing the launch of an electric vehicle business.

The solar company has announced that it is launching a subsidiary called EdisonFuture Inc., which will design and develop electric vehicles. EdisonFuture will be based in Silicon Valley and “will focus on the design and development of new EV technologies,” according to a press release. It also “plans to partner with major manufacturers, if necessary.”

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“As Tesla has demonstrated, an end-to-end renewable energy business model can generate significant value. With the addition of EV and EV charging segments to our various solar businesses, we are positioning SPI Energy for the future of renewable energy. “Said CEO Xiaofeng Peng.

SPI Energy manufactures and distributes solar photovoltaic energy solutions for businesses and individuals, with operations in the United States, Europe, Japan and Australia. The company’s stock has risen more than 800% since the start of the year. It traded around $ 24.31 per share on Wednesday afternoon after cutting a few gains.

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