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SPI Energy Shares Surged 66.2% Today, Here’s Why

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Simon Mugo

Shares of SPI Energy Co Ltd (NASDAQ: SPI) today surged 66.2% after the company announced that its wholly-owned subsidiary EdisonFuture Inc. had signed a strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd. (“Tongjia”).

The renewable energy company revealed that EdisonFuture and Tongjia would cooperate on in the customized design, development, production, and sales of a new generation of smart electric pickup trucks and electric logistics vehicles.

Tongjia will supply parts and support to EdisonFuture’s assembly facility in Fresno, California, where EdisonFuture will complete assembly of the vehicles, including the addition of software and other parts produced locally.

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EdisonFuture will also be the exclusive North American distributor of all-electric “last-mile” delivery box trucks and pickup trucks currently produced by Tongjia.

“We are very excited to advance our new EV business with a strong partner such as Tongjia,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy.

“As the multi-billion-dollar last-mile delivery market in North America continues to see rapid growth, logistic operators are looking to EV solutions to lower costs and increase profits. Through our partnership with Tongjia we believe we can meet this growing demand.”

SPI Energy share price

Tradingview chart of SPI Energy share price 15102020

SPI Energy shares today surged 66.2% to trade at $11.93 having rallied from Wednesday’s closing price of $7.18.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.