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, announced its wholly owned RideZoomers, Inc. subsidiary has expanded its inventory of electric scooters.
Established in Seattle in 2019 as a scooter-sharing startup, the business pivoted to a direct-to-consumer and hardware business model in 2020 in the wake of the COVID-19 outbreak. SPI's acquired the RideZoomers assets in July 2021. The electric scooter market is expected to reach $644.5 billion globally by 2028, growing at a CAGR of 29.4%, according to a June 2021 report from Meticulous Research.
"In the short time since completing the acquisition we have taken steps to revamp our customer service, product development, and inventory management as well as expand our product lines and related services," commented Xiaofeng Peng, Chairman and CEO of SPI Energy. "With significant resources available to leverage up and dramatically grow and improve our brand, I believe we are in a great position to grow sales as we remain committed to providing consistent, quality customer service and Zoomers availability."
The new inventory is in stock this month, available through the remainder of the year, and includes a new yellow scooter starting in September alongside our existing colors of black, white, red and teal.
The Zoomers model boasts some of the highest caliber stats in its category. With a 60v 2,000W rear hub motor, 1200W battery for over an hour of continuous ride time, and 30mph top speed, it's an incredible ride with thrilling performance.
RideZoomers, Inc., is a premium, all electric, long range scooter provider, designed from the ground up with safety in mind, serving customers of nearly every shape and size with a variety of products. The Zoomer is built from the ground up to offer an exceptional riding experience with a 30mph top speed and over 30 miles of range for a charge. Zoomers also offer a wide range of accessories to fit the lifestyle needs of any customer, including front baskets, rear cargo racks, golf bag carriers and more.
Zoomers offer a quality customer experience and arrive ready to ride with minimal setup. The Zoomer has also been designed for easy and cheap maintenance costs over its lifetime of ownership thanks to an isolated electric rear hub motor, high quality disc brakes, a 1,200W lithium ion battery and advanced charging technologies. Learn more at ridezoomers.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 is headquartered in Santa Clara.
The company has three core divisions: SolarJuice residential solar, the commercial 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 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.
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 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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