SPI Energy Soars as Subsidiary Brings New Electric Drivetrain to Market

Shares of solar energy and electric vehicle solutions provider SPI Energy  (SPI) - Get Report soared pre-market Wednesday after the company's Phoenix Motorcars division started production on its third-generation drivetrain products. 

The first three units were completed out of the company's Ontario, California facility and are ready for delivery to customers. 

"With our third generation coming to market, we are confident in our ability to offer the best and most customizable options to our extensive lists of customers including fleets ranging from municipalities, cities, transit agencies, airports, parking companies," said Phoenix Motorcars CEO Joe Mitchell. 

SPI shares jumped 36.3% to $8.49 in pre-market trading on Wednesday on the news. 

Phoenix launched its first electric drivetrain in 2009 and sold its first commercial electric vehicle in 2014. The shuttles and trucks the company made were built on the Ford E-450 platform, the industry's leading large vehicle. 

The third-generation drivetrain product has the largest battery pack and longest range currently available in class 4 vehicles, which will allow the product to be available in an extended range of vehicle types and serve a wider swath of companies. 

Phoenix's customer base includes shuttle buses, service trucks, utility trucks, flatbed trucks, cargo trucks and delivery vehicles.

"The amazing team here at Phoenix has worked incredibly hard to deliver this best-in-class product and inspire the transition to commercial electrification. We look forward to continued growth and expansion of our product lines with the support of SPI," Mitchell said. 

SPI also recently announced a partnership with Shaanxi Tongjia, a maker of all-electric logistic vehicles in China.