Addressing a Global Market Expected to Reach $1.9 Billion by 2027

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 and investors, today announced that they have rolled out the first prototype of the EdisonFuture e-pickup truck, EF1-T, produced by EdisonFuture Motor ("EdisonFuture") subsidiary.

In early September, EdisonFuture eagerly celebrated a large milestone: the delivery of the prototype EF1-T e-pickup truck in Orange County, California. The EF1-T is the first product in a line of advanced all-electric pickup trucks incorporating EdisonFuture's vision for human-centered future transportation, revolutionizing how customers and vehicles interact. The prototype unveil and celebration allowed a hands-on experience of the EF1-T while showcasing the unique and innovative design elements incorporated into the conceptualization of this future pickup truck.

An ideal solution for utility and commercial customers, the EF1-T e-pickup trucks use a uniquely designed and patented solar mosaic technology that provides a stunning visual signature while also harnessing the power of the sun to recharge the batteries, enabling work vehicles to continuously charge while in the field.

The EF1-T standard model comes equipped with total power of 350 kilowatts (kW), or 470 horsepower (HP), while EdisonFuture's top of the line "Super" model offers 600kW, or 816HP. Investors can learn more about the EF1-T e-pickup truck here: www.edisonfuture.com.

"I'm very excited that we've produced our first prototype of the EF1-T, which we believe is the most innovative and efficient electric pickup truck ever designed. Our goal is to be a leader in sustainable transportation. We are addressing a global market growing at a CAGR of 25.8% that is expected to reach $1.9 billion by 2027, according to Allied Market Research. We also have filed multiple patents to protect this exciting new technology," stated Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy.

Mr. Xiaofeng Denton Peng, Chairman & Chief Executive Officer of SPI Energy with the EdisonFuture EF1-T

Approximately 2.9 million pickup trucks were sold in the U.S. in 2020, representing nearly 20% of the entire U.S. auto market. According to data from Cox Automotive, nearly 2-in-5 consumers in the market for a pickup truck over the next two years are considering an electric pickup truck.

About EdisonFuture Motor

Founded in 2020, EdisonFuture Motor Inc., a subsidiary of SPI Energy, is designing new lines of zero-emission vehicles that incorporate a vision for human-centered future transportation and revolutionize how customers and vehicles interact. For more information, please visit https://edisonfuture.com/.

About SPI Energy Co., Ltd.

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:
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Randy Conone, SVP of Investor Relations & Finance
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Dave Gentry
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