• SPI Energy shares rose 4,345 per cent on Wednesday after the solar company announced it would start an electric vehicle business.
• EV Business “will focus on the design and development of new EV technologies and plans to partner with major manufacturers as needed,” it said in a press release.
• SPI Energy Solar manufactures and distributes photovoltaic energy solutions to businesses and residential customers around the world.

SPI Energy It rose 4,345% on Wednesday after announcing it would start an electric vehicle business.

The solar company has announced the launch of a subsidiary, Edison Future Inc., which designs and develops electric vehicles. Edison Future is headquartered in Silicon Valley and will “focus on the design and development of new EV technologies”. Says in a press release. “It also plans to partner with major manufacturers as needed.”

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“As Tesla has proven, an end – to – end business model can create significant value in the renewable energy space.

SPI supplies solar photovoltaic energy solutions to energy manufacturers, businesses and residential customers in the US, Europe, Japan and Australia. The company’s shares have risen 800% year-on-year. The stock traded at $ 24.31 on Wednesday afternoon after gaining some ground.