SANTA CLARA, CA / ACCESSWIRE / February 28, 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 a business update on its 2021 operations and outlook for 2022.

“Despite very challenging logistic and supply chain challenges globally, especially in the second half of 2021, which resulted in delays of solar projects and EV deliveries, we expect to report revenue growth of approximately 20 percent for 2021, with revenues in the range of $163 million to $168 million,” stated Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy.

2021 Business Highlights

Solar & Battery Storage Business

  • Completed acquisition of assets from Petersen-Dean, one of the largest full-service, privately held roofing and solar companies in the US
  • Started construction of a 712kW Oahu 101-1 solar carport project in Oahu, Hawaii with loan financing secured through Orange Power
  • Solarjuice subsidiary signed contract with Australia’s Aboriginal Housing Office to supply up to 2600 properties with solar PV systems
  • Launched new Solar4America website showcasing solar/battery/smart roofing products and services
  • Signed agreement to acquire 6.5MW solar PV and 5.45Mwh energy storage project in Massachusetts
  • Launched Solar4America high-efficiency solar module for US residential solar market
  • Partnered with Common Energy to connect new community solar projects to the Oregon electrical grid
  • Launched Solar4America residential battery storage solution and commercial/industrial outdoor energy storage cabinet
  • Launched Solar4America cloud-based solar monitoring and maintenance program
  • Solarjuice surpasses 2GW of string inverter sales in Australia
  • Launched Solar4America store on Amazon

EV Business

  • Partnered with Icona Design to collaborate on all-electric passenger and commercial vehicle designs
  • Announced board approval and filed with SEC to spinoff Phoenix Motor in an IPO
  • Deployed first two all-electric service trucks to City of Woodland, California in collaboration with Pacific Gas & Electric
  • Launched full range of EV charging solutions for US market
  • Surpassed three million all-electric miles milestone for Phoenix Motorcar EVs
  • Entered electric scooter market through EdisonFuture’s acquisition of Shared Technologies assets
  • Launched Zoomer 2 scooter through RideZoomers subsidiary
  • Launched Amazon store for RideZoomers electric scooters
  • Launched EdisonFuture next-generation electric pickup truck
  • Filed design patent for solar retractable roof for EdisonFuture electric pickup truck
  • Launched EdisonFuture next-generation all-electric solar delivery van
  • Launched long-life cycle lithium-ion electric forklift
  • Secured long-term supply agreement with leading global battery manufacturer

Corporate

  • Issued four $4.21 million 10% convertible promissory notes, each with $20 per share conversion price
  • Completed $14.7 million at-the-market registered direct offering
  • Fully repaid $13.4 million convertible promissory note issue to Union Sky Holding Group in 2014
  • Key management appointments:
    • Janet Jie Chen, 20+ year finance veteran, as CFO of SPI
    • Randolph Conone, 30+ year finance and law veteran, as SVP Investor Relations and Finance of SPI
    • Former Tesla employee, Edmund Shen, as VP of Product Management and Supply Chain for Phoenix Motor
    • Auto industry veteran Joe Mitchell as CEO of Phoenix Motor
    • Auto tech veteran Ron Iacobelli as CTO of Phoenix Motor
    • Former General Motors technical specialist Tony Zhou as SVP Autonomous Driving of Phoenix Motor
    • Solar industry veteran Kemp Qiu as Chief Products Officer of Solar4America
    • 24-year finance industry veteran Clare Cai as CFO of Solarjuice
    • Former Tesla/Solar City sales director Jason Lally as VP of Sales and Franchise Development of Solar4America
  • Signed office/warehouse lease in Preston Tech Center in Livermore, California for Solar4America
  • Expanded R&D and production capabilities of Phoenix Motor with move to larger facility in Anaheim, California
  • Relocated SPI corporate headquarters to Santa Clara, California
  • Acquired 140,000 sq. ft. Sunergy PV solar facility in Sacramento, California

2022 Guidance

Management expects revenue of $190 million to $210 million in 2022, despite ongoing logistics and supply chain issues, which are expected to persist in the short term.

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 operation 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.

Forward-Looking Statements

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.

SPI Energy Co., Ltd. Contact:

IR Department
ir@spigroups.com

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