SPI Energy (NASDAQ:SPI) is in the news Thursday after a deal with Shaanxi Tongjia Automobile sent SPI stock soaring higher.
According to a news release from SPI Energy, the company is teaming up with Shaanxi Tongjia for the creation of a new generation of “smart electric pickup trucks and electric logistics vehicles.”
The agreement between the two companies will have Shaanxi Tongjia working alongside EdisonFuture, a subsidiary of SPI Energy. It will provide the company with parts and support in the assembly of the vehicles at its Fresno, Calif., plant.
As part of the deal, EdisonFuture will also be acting as the exclusive North American distributor of electric last-mile delivery trucks that Shaanxi Tongjia currently makes.
Xiaofeng Peng, chairman and CEO of SPI Energy, said the following about the news.
“We are very excited to advance our new EV business with a strong partner such as Tongjia. As the multi-billion-dollar last mile delivery market in North America continues to see rapid growth, logistic operators are looking to EV solutions to lower costs and increase profits. Through our partnership with Tongjia we believe we can meet this growing demand.”
It’s worth noting that financial details of the deal between SPI Energy and Shaanxi Tongjia were not revealed.
SPI Energy is a renewable energy company that focuses on photovoltaic and electric vehicle (EV) solutions. Shaanxi Tongjia is a Chinese company that focuses on the creation of electric logistic vehicles.
SPI stock was up 32.8% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.