Thursday, November 26, 2020
Home Business SPI Energy skyrockets 4,300% after announcing launch of EV business | Markets

SPI Energy skyrockets 4,300% after announcing launch of EV business | Markets

Drew Angerer/Getty Images

  • Shares of SPI Energy soared as high as 4,345% on Wednesday after the solar company announced the launch of an electric vehicle business. 
  • The EV business will “focus on the design and develop 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 globe. 

SPI Energy skyrocketed as high as 4,345% on Wednesday after announcing the launch of an electric vehicle business.

The solar company said it’s 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, as necessary.”

Read more: Legendary trader Randy McKay turned $2,000 into $70,000 in just 7 months. Here are the 8 trading rules that contributed to his multiyear run of million-dollar returns.

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

SPI Energy manufacturers and distributes solar photovoltaic energy solutions for businesses and residential customers, with operations in the US, Europe, Japan, and Australia. The company’s stock has risen over 800% year-to-date. It traded around $24.31 per share Wednesday afternoon after paring some gains.

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Google’s ‘Hold for Me’ Assistant feature appears first on new Pixel phones

When the Pixel 5 and Pixel 4a 5G arrive, they’ll include an early preview of Google’s new feature for the Phone app, the Duplex-powered “Hold for Me.” Mentioned during the Launch Night presentation and explained in a blog post, it lets Google Assistant wait around and wait for someone to pick up when a business…

Anthony Davis, Lakers take Game 1 of NBA Finals over hobbled Heat

The old saying in basketball goes – you live by the three and you die by the three. The Los Angeles Lakers and Miami Heat took note of that Wednesday night in Game 1 of the NBA Finals.The Lakers defeated the Heat, 116-98, to take an early series lead.CLICK HERE FOR NBA FINALS COVERAGE ON…

After lengthy delays, ULA’s most powerful rocket poised to launch classified spy satellite

After many weeks of delays due to faulty equipment and bad weather, the United Launch Alliance is set to launch its most powerful rocket from Cape Canaveral, Florida, lofting a classified spy satellite for the National Reconnaissance Office. The mission is finally ready to fly a full month after the rocket’s first launch attempt, which…

Neanderthal genes may be to blame in some severe coronavirus cases

(CNN)Genes inherited from Neanderthal ancestors may be involved in some cases of severe Covid-19disease, researchers in Germany reported Wednesday. A team of experts on Neanderthal genetics examined…

Recent Comments