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 its wholly owned Phoenix Motorcars subsidiary signed a long-term lease agreement for the facility located at 1500 Lakeview Loop, Anaheim, CA 92807.
The new facility is ideally located with convenient access to key ports and transportation arteries, providing improved access to EV supply partners and customers. The new location represents a strategic commitment to the burgeoning California EV market.
"We are proud of our new operation headquarters for Phoenix Motorcars," commented Xiaofeng Peng, Chairman and CEO of SPI Energy. "The increase of our space in the California market and will allow us to ramp new hiring while meeting our manufacturing and R&D needs to accommodate our growing EV sales in the greater Southern California market for years to come."
Phoenix Motorcars anticipates completing the move from its existing facilities in Ontario, CA to the new facility in Anaheim by August 2021.
California has recently mandated that by 2035 all new cars and passenger trucks sold in California be zero-emission vehicles. There were more than 635,000 registered zero-emission vehicles in California at year-end 2020, according to the California Energy Commission.
With transportation currently accounting for more than 50 percent of California's greenhouse gas emissions, zero-emission vehicles are a key part of California's clean, innovation economy and already California's second largest global export market. Phoenix Motorcars is proud to support this initiative through the design, sales, manufacturing and design of EV vehicles.
The North American EV market is estimated at $16 billion in 2021 and is expected to grow to $148 billion in 2028, according to Grandview Research.
About Phoenix Motorcars
Phoenix Motorcars is a leader in developing medium-duty electric vehicles for commercial markets with a primary focus on class 3 & 4 vehicles, and EV charging solutions. Phoenix Motorcars strives to provide fleets with clean transportation and renewable energy through advanced technology solutions and remains committed to excellence in electric vehicle innovation. Phoenix Motorcars offers a range of vehicle configurations, including shuttle buses, utility trucks, service trucks, flatbed trucks, walk-in vans, cargo trucks and school buses, and full range of residential and commercial EV charging solutions. For more information, please visit www.phoenixmotorcars.com.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (SPI) is 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. The Company provides a full spectrum of EPC services to third-party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., the U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
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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