SPI Energy Co., Ltd.: SPI Energy Announces Board Approval to Spin Off Phoenix Motorcars
SANTA CLARA, CA / ACCESSWIRE / January 27, 2021 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), 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 Board of Directors approved the Company's plan to spin off Phoenix Motorcars, a wholly owned subsidiary of the Company's EdisonFuture subsidiary, through an initial public offering. EdisonFuture will own 70 million shares of Phoenix Motorcars after the spinoff.
Phoenix launched its first electric drivetrain in 2009 and sold its first commercial EV shuttle bus in 2014. Built on the Ford E-450 platform, Phoenix is introducing its third-generation drivetrain by year end, which includes its next-generation battery offering with size modularity of 63, 94, 125, & 156 kWh. Phoenix provides vehicles in a range of configurations, including shuttle buses, utility trucks, service trucks, flatbed trucks, walk-in vans, cargo trucks and school buses. The company's customers include, and have included, major airports, airport shuttle operators, hotel chains, seaports, universities, municipalities, and large corporations, among others.