SPI Energy Stock Jumps After Appointing Former Tesla Employee

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.

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

“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.