SPI Energy (Phoenix Motorcars) Spin-off Notes

January 28, 2021 – Notes

  • SPI Energy announced it will spin off its Phoenix Motorcars business unit through an IPO.
  • This is a good article that summarizes SPI Energy’s history.
  • They basically chaise anything that is hot.
  • Earlier this year, they announced that they were getting into electric vehicles and the stock went nuts, jumping from under a dollar to over $40 at one point.
  • But here is the long term chart. Doesn’t look pretty:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • So I think the stock is univestable, but I’m going to track it nonetheless.
  • It’s a Chinese company so you also don’t know if its a fraud.
  • The company guided to $200MM to $240MM of sales in 2021, up from $137MM in sales in 2020.
  • According to Ycharts, it has an EV of $300MM so it doesn’t look expensive if the sales are real.
  • The company is going to be busy with spin-offs.
  • In addition to the spin-off of Phoenix Motorcars, it is also going to spin off Solar Juice through separate IPOs:
    • SolarJuice sells Solar PV panels, solar inverters, energy storage, EV charger, and complete solar systems & renewable energy solution for residential and small commercial markets, targeting Asia pacific and American region.
    • OrangePower is an independent power producer targeting European markets with 43.12megawatts of photovoltaic assets in Italy, Greece, and the UK.