SPI Energy (SPI) Stock Rockets On EdisonFuture News

SPI Energy SPI Stock News

SPI Energy Co Ltd (NASDAQ: SPI) is rocketing in the premarket hours this morning, gaining more than 90% early on. The gains come after the company announced an update with regard to its EdisonFuture electric vehicle subsidiary. Here’s what’s going on:

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SPI Stock Heads Up On Edison Future News

In the press release, SPI Energy said that its EdisonFuture subsidiary has entered into a strategic cooperation and framwork agreement. The agreement was signed with Shaanxi Tongjia Automobile, a leading manufacturer of all-electric logistic vehicles in China.

The agreement stipulates that EdisonFuture and Tongjia will work together to customize design, development, production, and sales of a new generation of smart electric pickup trucks and electric logistics vehicles.

As part of the agreement, Tongjia will supply parts to support EdisonFuture’s assembly facility. Assembly will be completed in Fresno, California, which will include the addition of software and other parts produced locally.

SPI said that EdisonFuture will also be the exclusive North American distributor of all-electric “last-mile” delivery box trucks and pickup trucks currently produced by Tongjia. In a statement, Xiaofeng Peng, Chairman and CEO at SPI Energy, had the following to offer:

We are very excited to advance our new EV business with a strong partner such as Tongjia. As the multi-billion-dollar last mile delivery market in North America continues to see rapid growth, logistic operators are looking to EV solutions to lower costs and increase profits. Through our partnership with Tongjia we believe we can meet this growing demand.

This Is Big News

The fact that SPI Energy has teamed up with Tongjia is overwhelmingly positive news. First and foremost, the company’s components will be included in all logistics vehicles in China moving forward. That’s a massive statement that opens the door to a massive revenue opportunity.

Furthermore, with the United States looking for further logistics transportation options, specifically options that are more environmentally friendly, an SPI now controlling the sale of the team’s vehicles in the United States, yet another massive revenue opportunity exists. All in all, SPI stock is one to watch closely.

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