SPI Energy (SPI) Surges on Agreement with Tongjia

SPI Energy (NASDAQ: SPI) is gaining 76% in pre-open trade after the company announced that its wholly-owned subsidiary, EdisonFuture Inc, has entered into a strategic cooperation framework agreement with Shaanxi Tongjia Automobile Co., Ltd., a leading manufacturer of all-electric logistic vehicles in China.

Under the terms of the agreement, EdisonFuture and Tongjia will cooperate in the customized design, development, production, and sales of a new generation of smart electric pickup trucks and electric logistics vehicles. Tongjia will supply parts and support to EdisonFuture’s assembly facility in Fresno, California, where EdisonFuture will complete assembly of the vehicles, including the addition of software and other parts produced locally. EdisonFuture will also be the exclusive North American distributor of all-electric “last-mile” delivery box trucks and pickup trucks currently produced by Tongjia.

“We are very excited to advance our new EV business with a strong partner such as Tongjia,” stated Xiaofeng Peng, Chairman and CEO of SPI Energy. “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.”

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