SANTA CLARA, CA / ACCESSWIRE / January 12, 2021 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced a business update on its 2020 operations and outlook for 2021.
"We achieved key transformational milestones in 2020 that provide a strong foundation for unlocking value and accelerating growth in the quarters ahead," stated Xiaofeng Peng, Chairman and CEO of SPI Energy. "With $53 million in new capital raised in the second half of the year, we are in a great position to execute on our comprehensive growth strategy across high-growth segments of the global renewable energy markets, including our latest expansion into EVs and EV charging."
2020 Business Highlights:
Solar & Battery Storage Solutions Business
- Increased battery storage sales 326% to 33.4 megawatt hours
- Increased solar panel sales 50% to 150 megawatts (MW)
- Increased inverter sales to 251MW
- Completed sale of five solar projects in Oahu, Hawaii totaling 3.3MW
- Completed sale of Sun Roof I solar project in Italy for €1.1 million
- Completed sale of the 3.5MW Tissington solar project to Marina Energy
- Completed full repayment of $1.3 million convertible promissory note
- Completed sale of 1.015MW solar project in Maui, Hawaii
- Acquired the 1.89MW Cork solar project in Oregon
EV Solutions Business
- Launched new electric vehicle (EV) subsidiary, EdisonFuture
- Wholly owned EdisonFuture subsidiary acquired Phoenix Motorcars, a leader in medium-duty electric fleet vehicles, adding turnkey US-based EV drivetrain design and production capabilities and meaningful order backlog
- Subsequently announced delivery of its second all-electric ZEUS Z-400 shuttle to the City of Santa Cruz
- Delivered two all-electric Z500 utility trucks to the Port of Oakland, one of California's largest ports
- Partnered with EasyMile, an industry leader in autonomous technology, to jointly develop and deploy zero emission trucks as well as autonomous shuttle buses
- Strengthened EV supply chain and sales infrastructure through joint agreement with Liuzhou Liancheng Industrial Co., Ltd. and Guangxi Dazhou Automobile Sales Co., Ltd.
- Signed strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd., a leading manufacturer of all-electric logistic vehicles in China
- Regained compliance with Nasdaq bid price rule and minimum market value requirement
- Completed $35 million registered direct offering in December 2020
- Completed $2.1 million convertible bond deal in November 2020
- Completed $16 million registered direct offering in September 2020
- Appointed SVP Finance to support Phoenix Motorcars subsidiary and Solar Juice IPO
- Announced board approval for spinoff of Solar Juice in IPO
- Announced board approval for spinoff of Orange Power in IPO
"We expect revenue of $132 million to $142 million for 2020, driven primarily by our solar storage segment," continued Mr. Peng. "Moving forward, we expect our solar storage business will continue to be a primary revenue driver in 2021, while growing EV sales help to drive overall revenue to $200 million to $240 million for the year."
The Company will host a conference call to provide an overview of business highlights and upcoming milestones. A question and answer session will follow the presentation.
Thursday, January 14, 2021
4:15 p.m. Eastern Time
+1- 877-425-9470 (U.S. Toll-Free) or +1- 201-389-0878 (International)
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until January 28, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll-Free) or +1-412-317-6671 (International) and entering replay pin number: 13714978.
About SPI Energy
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third-party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
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 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.
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SOURCE: SPI Energy Co., Ltd.