SPI Energy has accounted for 4,300% since announcing the launch of the EV business

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  • Shares of SPI Energy rose 345 %% on Wednesday after the solar company announced the start of an electric vehicle business.
  • The EV business “will focus on the design and development of new EV technologies and plans to partner with larger manufacturers as needed,” a press release said.
  • SPI Energy manufactures and distributes solar photovoltaic energy solutions for businesses and residential customers around the world.

After announcing the start of the electric vehicle business, SPI Energy on Wednesday skyrocketed to 345%.

The solar company said it is launching a subsidiary called AddisonFuture Inc., which will design and develop electric vehicles. AddisonFuture will be based in Silicon Valley and a press release states that “will focus on the design and development of new EV technologies.” It also “plans to partner with larger manufacturers, as needed.”

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“As Tesla has demonstrated, the end-to-end model can generate significant value in a renewable energy space space. With the addition of EV and EV charging segments to our diverse solar business, we are creating SPI Energy space conditions for the future of renewable energy space. ., “Said CEO Xiaofeng Peng.

SPI Energy produces and distributes solar photovoltaic energy solutions to businesses and residential customers with operations in the US, Europe, Japan and Australia Australia. Shares of the most advanced company of the year have risen more than 800%. It traded at around .3 24.31 per share on Wednesday afternoon after surpassing some gains.