SANTA CLARA, CA / ACCESSWIRE / January 10, 2022 / 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 subsidiary SPI Solar Inc plans to showcase Solar & Renewable energy products, including solar panels, residential energy storage systems, and EV chargers, as well as EdisonFuture's light-duty solar electric vehicles, at the Intersolar Show at Long Beach Convention Center in Long Beach, California, January 13-15, 2022. SPI Solar will showcase at Booth 2159.
"With the recent acquired 140,000 square foot factory in Sacramento, California, we can further support our growth and the expanding green economy with a California-based solar module manufacturing facility," commented Denton Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. "The new Sacramento facility enables us to deliver ‘Made-in-USA' clean energy products, from solar panels and energy storage systems to EV chargers."
SPI Solar plans to begin solar panel manufacturing in the first quarter of 2022 using the existing production lines at the former Sunergy PV solar plant. Concurrently, SPI Solar will upgrade the facility with new technology and state-of-the-art equipment, ramping to full solar module production capacity of 1.1 gigawatt (GW) in the second half of 2022. In addition, SPI Solar plans to add battery pack and EV charger assembly lines at the facility in the near future.
"Given the current logistics issues around the world, these production facilities will ensure our US-based customers receive stable and consistent supplies," continued Peng. "Our showcasing of solar, energy storage, EV charging, and solar EV products at Intersolar highlights the main strategy of SPI and our subsidiaries of embracing the broader clean energy revolution happening across today's marketplace."
The US installed 3.8 GW of solar PV capacity in Q3 2020 to reach 88.9 GW of total installed capacity, enough to power 16.4 million American homes. Wood Mackenzie forecasts 43% annual growth in 2020, with more than 19 GW of installations expected. In total, the U.S. solar market will install more than 107 GW of solar over the next five years.
The global EV battery market is projected to grow at a CAGR of 25.3% from $27.3 billion in 2021 to $67.2 billion by 2025, according to MarketsandMarkets, a B2B researcher.
Approximately 2.9 million pickup trucks were sold in the US in 2020, representing nearly 20% of the entire US vehicle 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 global last-mile delivery market was valued at $18.7 billion in 2020 and is expected to grow to $62.7 billion by 2027, according to AllTheResearch. The World Economic Forum recently reported increasing last-mile delivery demands will drive a 36% increase in the number of delivery vehicles in the world's top 100 cities by 2030. With fleet operators pursuing environmentally friendly logistic practices, such as Amazon's ordering of 100,000 electric delivery vans and FedEx's plans to completely electrify its entire pickup and delivery fleet by 2040, demand for last-mile EV solutions is expected to increase significantly.
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 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 American 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 Motorcars 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 www.sec.gov.
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 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 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:
RedChip Companies, Inc.
Phone: (407) 491-4498
SOURCE: SPI Energy Co., Ltd.