Signed new lease for adjacent facility to current Sacramento location
Additional capacity will enable S4A to ramp production to 2.4GW in 2023
SACRAMENTO, CA / ACCESSWIRE / September 13, 2022 / 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, signed a new lease for additional property and facilities at McClellan Park, CA located adjacent to the Company's Solar4America (S4A) subsidiary's current solar module manufacturing facility. The expansion will enable S4A to meet the strong demand for its American-made solar modules.
"Leasing property at the same location as our current operations provides tremendous scale advantages," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "As demand for S4A solar modules continues to grow, we can leverage our experienced team in Sacramento to train new employees, and the economies of scale and enhanced logistics will enable us to quickly expand operations."
The S4A module manufacturing facility in Sacramento is currently in production and began delivering S4A-brand modules to customers weekly during the third quarter. The latest expansion of operations is expected to increase our California module production capacity to 2.4GW in 2023, and coupled with new sites that we expect to procure on the east coast will further increase our module production capacity to 5.0GW by 2024. We are relatedly exploring the establishment of a 1.5GW wafer manufacturing facility in the United States.
The S4A team will be in Booth 4060, Hall D at the RE+ Solar conference in Anaheim, CA on September 19-22 and company executives will be present to discuss all of our exciting operations and growth opportunities.
About SPI Energy
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 McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a commercial & utility solar division, 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 SPI Solar commercial & utility 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 regions, 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 forklifts, 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 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 10-K 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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