SANTA CLARA, CA / ACCESSWIRE / December 6, 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 its SPI Solar business acquired the existing lease for the original 140,000 square foot Sunergy PV solar plant in Sacramento, California. Sunergy filed Chapter 11 bankruptcy in January 2021.
“This represents a significant value add for SPI and our growing solar business,” stated Mr. Denton Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. “With a two-decade history, we are one of the global pioneers in solar manufacturing. Now with this facility, we can further support our growth and the expanding green economy with a California-based solar module manufacturing facility that enables us to deliver Made-in-USA products.”
SPI plans to start serving the U.S. market in Q1 2022, while upgrade the facility with new technology and equipment, ramping to full solar module production capacity of 1.1 gigawatt (GW) in the second half of 2022.
The state-of-the-art facility will be designed using advanced manufacturing equipment already established by SPI Solar. Combining California’s highly skilled workers and with machine-to-machine connectivity, it will feature a high degree of precision automation and continuous improvement for manufacturing PV modules.
“California is an attractive market for SPI Solar,” continued Peng. “It is an inherently sustainable market, underpinned by a growing economy and appetite for energy, with a well-defined PV goal that will need over 1.1 GW of solar to be produced from our factory for the foreseeable future.Our industrial policy is designed to enable this domestic PV manufacturing facility to make high quality and efficient panels for the local markets here in the US. Since California stands apart in the PV solar supply chain, we’re very pleased to be able to support the sustainable energy ambition with our American-designed and manufactured solar technology.”
The U.S. 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.
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 its global headquarters is 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 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 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 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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