SPI Energy up as EV unit expands R&D, production capacity in California

SPI Energy Co

23/08/2021 11:26

** Shares of renewable energy co  SPI.O  up 3.3% at $4.96 in
premarket trade
    ** Co's wholly owned Phoenix Motorcars subsidiary expands
R&D and production capabilities  urn:newsml:reuters.com:*:nACSPVfmDa
    ** Phoenix Motorcars signed a long-term lease agreement for
the facility located in Anaheim, California
    ** Phoenix Motorcars develops medium-duty electric vehicles
for commercial markets with a primary focus on class 3 and 4
vehicles, and EV charging solutions
    ** "The new facility is ideally located with convenient
access to key ports and transportation arteries, providing
improved access to EV supply partners and customers" - SPI
    ** Co says the new location represents "a strategic
commitment to the burgeoning California EV market"
    ** Phoenix Motorcars anticipates completing the move from
its existing facilities in Ontario to the new facility in
Anaheim by August
    ** Up to Friday's close, stock had fallen 39% YTD

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))