New CFO, Ning "Clare" Cai, will lead Solarjuice's spinoff IPO process
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 the appointment of Ning "Clare" Cai as its Chief Financial Officer of the Company's SolarJuice Co., Ltd. ("Solarjuice") subsidiary.
Ms. Cai has 24 years of experience in corporate finance and investment banking, joining Solarjuice from Synutra (previously NASDAQ: SYUT), where she served as CFO from December 2012, including overseeing Synutra's going private transaction in May 2017 and leading several equity or equity related transactions.
Previously, Ms. Cai served as the controller of System Group & China region at Trina Solar Limited (formerly NYSE: TSL) from April 2010 to December 2012. Prior to Trina Solar, Ms. Cai worked for nine years at Scotia Capital, the investment banking arm of Bank of Nova Scotia (NYSE: BNS). Ms. Cai worked in Scotia Capital's San Francisco office where she held progressive positions as an Associate from 2001 to 2003, an Associate Director from 2003 to 2006, and as a Director from 2006 to 2009, covering the portfolio management for real estate, gaming & leisure, and technology industries. Ms. Cai started her career with Ernst & Young's Shanghai office where she was a tax accountant from 1997 to 1999. Ms. Cai earned a bachelor's degree in economics from Shanghai International Studies University and an MBA from University of Iowa Tippie Business School. Ms. Cai holds the Chartered Financial Analyst ("CFA") designation.
"We are excited to welcome Clare to the Solarjuice team," stated Mr. Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy. "Clare's wealth of experience in the financial markets, raising hundreds of millions of dollars in capital will be a tremendous asset for Solarjuice as she leads it through the planned spinoff and IPO."
About SPI Energy
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.
SolarJuice Co., Ltd. ("SolarJuice") is the leader in renewable energy system solutions for residential and small commercial markets. Established in 2009, the Company is headquartered in Sydney, Australia and delivers a one-stop global solution for solar panels, inverters, and battery systems. Since inception, the Company has served over 3,000 B2B accounts and 400 customers. SolarJuice also plans to grow its supply chain, enhance its technology platform and looks to expand its product delivery throughout the Asia Pacific Region and the North America markets. With the recent acquisition of Solar4America, one of the leading solar and roofing installers in the United States, this will allow the Company to serve more customers in the growing California, Nevada, Texas, Florida, and Colorado markets. With more than a million solar systems and roofs under its belt, the Pleasanton, CA-based company now employs hundreds of installers and operates in five states: California, Florida, Nevada, Colorado and Texas.
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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