SPI Energy (SPI) Acquires Phoenix Motorcars
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SPI Energy, through its EdisonFuture Subsidiary, Acquires Phoenix Motorcars, a Leader in Medium Duty Electric Fleet Vehicles – Adds Turnkey US-based EV Drivetrain Design and Production Capabilities
November 13, 2020 4:31 AM ESTSANTA CLARA, CA / ACCESSWIRE / November 13, 2020 / SPI Energy Co., Ltd., (NASDAQ: SPI) (the "Company"), a global renewable energy company and provider of photovoltaic (PV) and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced the acquisition of Phoenix Motorcars ("Phoenix"), based in Ontario, California. With over 2.3 million miles driven on its Class 4 electric fleet vehicles, this acquisition provides SPI, through its EdisonFuture Subsidiary, a strong foothold in the US EV sector.
Consideration consisted of $11.5 million in stock, $1 million in cash, a $4.5 million commitment for working... More
