SACRAMENTO, CA / ACCESSWIRE / May 9, 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 SolarJuice Co., Ltd. ("SolarJuice") subsidiary signed a 2GW (gigawatt) supply agreement with Sungrow, the global leading inverter solutions supplier for renewables. The 2GW capacity of the supply contract, which includes PV inverters, storage systems, batteries, and other accessories, makes this the largest and most comprehensive contract of its kind in the Australian solar market. The parties announced the agreement at the Smart Energy Conference & Exhibition (Smart Energy 2022), Australia's premier event for solar, storage, and energy management, on May 6.
"Sungrow is a market leader with reputation for quality and reliability of product, backed with excellent support from a mature local team," commented Rami Fedda, Director of Solar Juice: "We are thrilled to strengthen our relationship with Sungrow while ensuring we have a steady supply of product to meet the continued growing demand of our residential and commercial customers. As the largest and most comprehensive supply contract ever signed for the Australian market, this agreement represents a major boost for both brands."
Jou Zhou, Country Manager for Sungrow Australia, commented, "This milestone demonstrates our proactive strategy to maintain leadership in the Australia solar market. This 2GW supply agreement will help Sungrow capture the market opportunities in advance and strengthen our involvement in Australia".
The global solar power market was valued at $184 billion in 2021 and is projected to reach $293 billion by 2028, growing at a CAGR of 6.9% in the forecast period, according to Fortune Business Insights. The Australian solar energy market surpassed $7 billion in 2019, up 100-fold in just 10 years, according to the Australian Photovoltaics Institute.
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 now headquartered in Sacramento, 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 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 forklifts, 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.
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.
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