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SPI Energy (NASDAQ: SPI) shares are trading higher on Wednesday after the company launched a new electric vehicle subsidiary.
SPI Energy offers photovoltaic solutions for business, residential, government and utility customers and investors. The company provides a range of engineering, procurement and construction services to third-party project developers.
It's also engaged in the development, manufacture, and marketing of various PV modules. It procures PV modules and other equipment for project construction from independent suppliers and contracts work to third-party EPC contractors in areas, such as logistics, installation, construction, and supervision.
SPI Energy shares were trading up 440% at $5.73 at the time of publication Wednesday.
Editor's note: As of 3 p.m. ET, the stock was up about 1,800% at $20.43 per share. The stock hit an intraday high of $41.76.
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