SPI Energy skyrocketed 4,300% after announcing the launch of the EV business

• Shares of SPI Energy rose 4,345 per cent on Wednesday after the solar company announced the launch of its electric vehicle business.
• EV Business “focuses on the design and development of new EV technology and plans to partner with major manufacturers as needed,” it said in a press release.
• SPI Energy manufactures and distributes solar photovoltaic solutions for businesses and residential customers worldwide.

SPI Energy It hit a 4,345% high on Wednesday after announcing the launch of the electric vehicle business.

The solar company said it was launching a subsidiary, Edison Future Inc., which will design and develop electric vehicles. Edison Future is based in Silicon Valley and “focuses on the design and development of new EV technologies” According to a press release. It “plans to partner with major manufacturers, as needed.”

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“As Tesla demonstrates, the end-to-end business model in the renewable energy space produces significant value. With the inclusion of EV and EV charging units in our diverse solar business, we are keeping SPI energy for the future of renewable energy,” said CEO Xiafeng Peng.

With operations in the US, Europe, Japan and Australia, SPI Energy distributes solar photovoltaic solutions to manufacturers and businesses and residential customers. The company’s stock has grown over 800% year-over-year. It was down per share after making some gains on Wednesday afternoon. Traded at 24.31.