New solar wafer manufacturing business addresses increasing demand for locally sourced solar wafers
MCCLELLAN PARK, CA / ACCESSWIRE / January 24, 2023 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced its wholly owned subsidiary, SEM Wafertech, Inc., appointed Yuepeng Wan, PhD, as its Chief Technology Officer.
Dr. Wan is a leading expert in the silicon wafer industry and brings more than 20 years of experience to his role at SEM Wafertech, including nearly 15 years as CTO of world leading silicon material producer GCL-Poly Holdings Ltd. and Jiangxi LDK Solar Hi-Tech Inc. Co. In addition, Dr. Wan has provided consulting services to investment firms, consulting firms, and manufacturers on photovoltaic manufacturing technologies for polysilicon, silicon crystals, wafers, solar cells and modules. Dr. Wan has previously worked as R&D manager and senior engineer in US crystal material and equipment companies.
"We are excited to welcome Dr. Wan to SEM Wafertech," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "His wealth of experience should prove invaluable as we seek to rapidly expand our solar wafer manufacturing capacity to 3GW by 2024."
Solar wafers are a key component used for manufacturing solar cells, which are used in the manufacturing of solar panels. The Company is targeting delivery and production of solar wafers in the U.S. by 2023 with an initial capacity of 1.5GW. This new, high-margin revenue generating business segment is expected to mitigate potential future supply chain issues from oversees suppliers.
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution, as well as residential solar and roofing installation and solar module manufacturing, SPI Solar and Orange Power which operates a commercial & utility solar division, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The SPI Solar commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
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