SANTA CLARA, CA / ACCESSWIRE / August 30, 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 that its wholly owned subsidiary has filed a design patent for a solar retractable roof in an electric motor vehicle. This new patent allows a moveable, retractable roof portion of the vehicle to generate solar power in a novel design approach.
Xiaofeng Peng, Chairman and CEO of SPI Energy, commented, "We are very excited about this new retractable solar design technology. In addition to providing a stunning visual signature, our technology solves an unmet challenge of EVs, harnessing the power of the sun to continuously recharge vehicle batteries while operating in the field, making this patent useful for a number of EV applications. As solar manufacturing processes are evolving and the need for solar on a vehicle increases, this patent can create solar energy while still being capable of a moveable design. This invention and type of system is a significant enhancement to the existing new suite of technology we are launching with our vehicles. Additionally, we strongly believe that this technology will create a new standard in this arena of solar panel devices on a vehicle."
The retractable solar roof technology is being incorporated into the Company's wholly owned EdisonFuture subsidiary's new electric pickup truck, EF1-T. Developed in partnership with Icona and leading automaker partners, EF1-T is the first product in a line of advanced all-electric pickup trucks incorporating EdisonFuture and Phoenix Motorcars' vision for human-centered future transportation and revolutionize how customers and vehicles interact.
Approximately 2.9 million pickup trucks were sold in the US in 2020, representing nearly 20% of the entire US auto market. According to data from Cox Automotive, nearly 2-in-5 consumers in the market for a pickup truck over the next two years are considering an electric pickup truck. The North American EV market is estimated at $16 billion in 2021 and is expected to grow to $148 billion in 2028, according to Grandview Research.
California has recently mandated that by 2035 all new cars and passenger trucks sold in California be zero-emission vehicles. Since transportation currently accounts for more than 50 percent of California's Greenhouse Gas Emissions, zero-emission vehicles are a key part of California's clean, innovation economy - already California's second largest global export market. Phoenix supports this initiative through the design, sales, manufacturing and design of EV vehicles.
There is no guarantee that the Company will be successful in implementing this system or achieve a granted patent for this design. In order to successfully implement this system - other than getting the patent approved by the USPTO, the Company will also need to raise adequate capital to support its efforts. Additionally, it will need to obtain development tools and enter into a strategic relationship with a third party that has experience in manufacturing this product. There is no guarantee that the Company will be successful in any or all of these critical steps.
About EdisonFuture Motor
Founded in 2020, EdisonFuture Motor Inc., the subsidiary of SPI Energy, is designing new lines of zero-emission vehicles that incorporate a vision for human-centered future transportation and revolutionize how customers and vehicles interact. For more information, please visit https://edisonfuture.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 is headquartered in Santa Clara.
The company has three core divisions: SolarJuice residential solar, the commercial 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 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 Motor 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
[email protected]
Dave Gentry
RedChipCompanies, Inc.
Phone:(407) 491-4498
[email protected]
SOURCE: SPI Energy Co., Ltd.