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Sep 23, 2020

EV craze sends SPI Energy shares soaring more than 4,000%

Canada 'needs to put the infrastructure in place' for electric vehicles: Unifor president

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The hunt for renewable energy stocks sent one obscure firm soaring more than 4,000 per cent, albeit with a tiny amount of shares on the market.

SPI Energy Co. jumped after launching a unit, EdisonFuture, to design and develop electric vehicles and charging solutions. The shares have also experienced volatilty trading halts.

The company has about 14.8 million shares outstanding, along with a float of about 7.4 million, according to data compiled by Bloomberg.

“With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy,” Xiaofeng Peng, the company’s chief executive offer said in a statement.

EVs have garnered extra attention after Nikola Corp.’s founder recently stepped down amid allegations of misleading investors.

SPI’s operating headquarters are in Santa Clara, California, with operations in Asia, Europe, North America and Australia.

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