SPI - SPI Energy acquires California-based provider of medium duty EVs

SPI Energy (SPI) jumps 10% in premarket, after announcing the acquisition of Phoenix Motorcars, via its EdisonFuture subsidiary.Deal value includes $11.5M in stock, $1M in cash, a $4.5M commitment for working capital, and up to $10M in future earnouts.With over 2.3M miles driven on its Class 4 electric fleet vehicles, this acquisition provides the company, a strong foothold in the US electric vehicle ((EV)) sector.Phoenix is on target to have over 100 vehicles delivered by the end of 2020 and has over 70 vehicles in backlog. Moving forward, it plans to introduce a Class 5 and 6 vehicle and, ultimately, develop its own truck chassis, as well as will be able to accelerate work on potentially the first autonomous shuttle bus under development in partnership with EasyMile, as part of the Federal Transit Authority 2020 AIM Grant.

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SPI Energy acquires California-based provider of medium duty EVs