Secured production equipment delivery from expanded manufacturing line expected in mid-May with full capacity expected in second half of 2022
SANTA CLARA, CA / ACCESSWIRE / February 18, 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 Solarjuice Technology, the Company’s solar manufacturing division, signed agreements to upgrade its Sacramento, California manufacturing facility with cutting edge technology expected to increase the existing solar module manufacturing capacity to 1.1 gigawatts (GW) by the second half of 2022.
“We start the production of Made-in-California solar modules at the current capacity of 200MW, and expect to expand the capacity from this new signed production line in Q3,” stated Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy. “The state-of-the-art solar module manufacturing facility, which combines California’s highly skilled workers with machine-to-machine connectivity, will feature a high degree of precision automation and continuous improvement for manufacturing PV modules.”
The U.S. installed 5.4 GW of solar PV capacity in Q3 2021 to reach 113.5 GW of total installed capacity, enough to power 21.8 million American homes, from the source of SEIA (Solar Energy Industries Association). It is expected that U.S. solar generating capacity to grow by 21.5 GW in 2022. 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 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.
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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