SPI Energy (SPI) Stock Is Climbing On Electric Vehicle Subsidiary

SPI Energy SPI Stock News

SPI Energy Co Ltd (NASDAQ: SPI) is running for the top, trading on gains that are better stated than multiples than percentages. Investors are excited following an announcement that the company will be breaking into the electric vehicle market. Here’s what’s going on:

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SPI Stock Rockets On Electric Vehicle News

In a press release issued this morning, SPI Energy announced the launch of EdisonFuture, Inc. The new company is a wholly owned subsidiary of SPI and will be centered around the design and development of electric vehicles and the charging solutions that keep them on the road.

The new subsidiary, EdisonFuture, is based in the heart of the Silicon Valley and complements the company’s current suite of PV solutions. Current solutions include solar and battery storage technology.

In the release, SPI said that EdisonFuture will focus on the design and development of new EV technologies. Throughout the process, the company will partner with major manufacturers as necessary.

In a statement, Mr. Xiaofeng Peng, CEO at SPI, had the following to offer:

This is an important milestone for SPI Energy. 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.

This Is Big News

The news released by SPI Energy this morning proved to be overwhelmingly positive. After all, the company is breaking into a massive market. In 2019, the market generated more than $162 billion in revenue for the players within it. Some experts argue that the industry will be worth more than $802 billion by the year 2027.

Keep in mind, when we talk about SPI, we’re talking about a stock that, even after today’s tremendous run, trades with a market cap of around $15 million.

Considering the massive size of the EV market and relatively small size of SPI Energy, all the company needs to do is tap into a very small percentage of the electric vehicles market to see a significant difference in revenue. All in all, this news makes SPI stock one that’s hard to ignore.

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