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SPI Energy Stock Jumps After Appointing Former Tesla Employee

Updated: 20 Jan 2021

Shares of SPI Energy (NASDAQ: SPI) are trading higher on Wednesday after the global renewable energy company and provider of solar storage and electric vehicle solutions said its subsidiary, Phoenix Motorcars, has appointed Edmund Shen as its Vice President of Product Management and Supply Chain.

Shen worked for Tesla when the company was just a startup in 2009, leading projects including Tesla EV product development and global launch programs, contributing to Tesla's Roadster, Model S, Model X, Model 3, Powerwall, and Powerpack programs during his seven years at the company.

Shen was also a founding member of SERES EV, a Silicon Valley electric vehicle maker.

“Edmund has a proven track record specializing in leading new product development and new technology startups with experience taking products from concept to market launch, with limited resources and in fast-paced environments,” stated Tarek Helou, COO of Phoenix Motorcars.

SPI Energy shares are up 294% at $11.70 at the time of writing, following Tuesday’s close at $9.42.

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