SPI Energy Sees 3,100% Gain Overnight As Company Announces EV Plans

The electric vehicle revolution is booming and one company is feeling the affects as its share price skyrocketed as much as 4,345% on Wednesday after it announced an EV venture.

SPI Energy was soaring after the company announced that it was starting an electric-vehicle subsidiary.

SPI Energy , which is described as offering photovoltaic solutions for business, residential, government and utility customers and investors, saw its shares trade at $33.53 a share after closing on Tuesday at $1.05, according to FactSet data.

The big jump pushed the company’s market value from roughly $15 million to around $460 million.

The new wholly owned EV subsidiary is called EdisonFuture, and is intended to design and develop electric-vehicles and EV charging solutions.

Xiaofeng Peng, CEO of SPI Energy, in a statement said: “As Tesla has demonstrated, an end-to-end business model in the renewable energy space can generate significant value. With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy.”

Shares also gained 105% on Thursday before crashing.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.