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Sept. 23, 2020, 2:40 p.m. EDT

Stock of tiny SPI Energy skyrockets 3,100% on Wednesday as it announces EV venture

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By Mark DeCambre

Shares of SPI Energy on Wednesday were soaring an astonishing 3,100% on the session, following an announcement by the company that it was starting an electric-vehicle subsidiary. SPI Energy /zigman2/quotes/207301620/composite SPI -4.54% , which is described as offering photovoltaic solutions for business, residential, government and utility customers and investors, saw its shares trade at $33.53 a share after closing on Tuesday at $1.05, according to FactSet data. The surge in the company's shares, has pushed its market value from roughly $15 million to around $460 million, the data show. The company on Wednesday said it launched its wholly owned subsidiary, EdisonFuture, which is intended to design and develop electric-vehicles and EV charging solutions. That would pit the company against the likes of Tesla Inc. /zigman2/quotes/203558040/composite TSLA -3.07% , which is one of the most popular EV makers on the planet and a manufacturer of its own EV batteries. Xiaofeng Peng, CEO of SPI Energy, in a statement said: "As Tesla has demonstrated, an end-to-end business model in the renewable energy space can generate significant value. With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy."

/zigman2/quotes/207301620/composite
US : U.S.: Nasdaq
$ 8.42
-0.40 -4.54%
Volume: 467,651
Oct. 28, 2020 10:57a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$157.01 million
Rev. per Employee
N/A
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/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 411.66
-13.02 -3.07%
Volume: 9.85M
Oct. 28, 2020 10:58a
P/E Ratio
826.87
Dividend Yield
N/A
Market Cap
$402.55 billion
Rev. per Employee
$439,627
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