Break Out Ahead? Spi Energy Co Ltd (NASDAQ:SPI) Stock Soars

Spi Energy Co Ltd (NASDAQ:SPI) is one of the biggest gainers in the pre-market session on Wednesday after announcing the launch of  full range of EV charging solutions. The stock gained fall 25% over the past month.

Major Trigger:

SPI’s Phoenix Motorcars Launches Full Range of EV Charging Solutions for US Market

Key Highlights:

  • Spi Energy announced its wholly owned Phoenix Motorcars subsidiary launched a full range of EV charging products for the US market.
  • The powerful, compact, all-in-one EV charging solutions come in a variety of configurations to serve both residential and commercial customer needs, with 24/7 network support, two-year warranties, and extended warranty options.
  • According to Grandview Research, the global EV charging infrastructure market was estimated at $15.1 billion in 2020 and is expected to reach $19.3 billion in 2021 and $145.0 billion by 2028, growing at a 33.4% compound annual growth rate.

Key Quote:

“The EV industry is scrambling to build out enough chargers to handle the expected wave of EV adoption,” said Joe Mitchell, Phoenix Motorcars CEO. “We are thrilled to introduce our own proprietary line of EV charging solutions that fulfill customer needs from residential applications to high-volume commercial installations.”

Market Reaction

As of 7:43, SPI is trading at $8.22, up 24.39%. So far more than 2.10 million shares have exchanged hands.

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