SHANGHAI,
July 5, 2016 /PRNewswire/ -- SPI
Energy Co., Ltd. ("SPI Energy" or the "Company") (Nasdaq: SPI), a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors, today
announced that it has signed a non-binding framework agreement with
private equity firm GSR GO Scale Capital Advisors, Ltd. ("GSR GO
Scale Capital") for the issue of US$500
million convertible bonds by the Company. GSR GO Scale
Capital will act as an investment advisor to bond holders in order
to build the largest capacity expansion and potential M&A of
electric vehicle (EV) battery products in China and globally. Pursuant to the agreement,
the five-year convertible bonds will bear interest at the rate of
5% per annum and the initial conversion price will be calculated as
the weighted average share price of SPI Energy during the previous
30 trading days.
As part of the proposed transaction, SPI Energy also plans to
enter into a strategic cooperation with GSR Ventures invested
company Boston-Power Inc. ("Boston-Power"), a developer and manufacturer
of next generation lithium-ion cell and battery technologies.
Founded in 2005 in Boston,
Massachusetts, Boston-Power
is a global supplier of lithium-ion battery products that improve
the quality and safety of sustainable energy storage technologies.
It counts Hewlett-Packard and ASUS as customers who offered
Boston-Power "green" battery
solutions with long life warranties for the first time in the
notebook industry. Boston-Power also manufactures batteries
for the EV market and is currently selling these into the Chinese
market. Beyond EVs, Boston-Power
also fuels a wide range of transportation applications and
industrial and consumer electronics products such as e-bikes,
e-scooters, medical equipment, robotics, aerospace, stationary
power, electric lawnmowers, specialty lighting, tracking devices
and remote sensing. Boston-Power
is a global company with R&D centers of excellence in
Westborough, Massachusetts, and
Beijing, China, and mass
manufacturing operations based in Asia.
"The net proceeds from the convertible bonds will be used as
general working capital to strengthen the financial position of the
Company and for potential acquisitions," said Xiaofeng Peng, Chairman and CEO of SPI Energy.
"We look forward to forming a partnership with Boston-Power and exploring win-win
opportunities in the energy storage and EV markets. Working
together, SPI Energy and Boston-Power will create a powerful clean
energy chain for the transportation industry in China, spanning power generation, power
storage, EV rentals and financial services."
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of photovoltaic (PV)
solutions for business, residential, government and utility
customers and investors. SPI Energy focuses on the downstream PV
market including the development, financing, installation,
operation and sale of utility-scale and residential solar power
projects in China, Japan, Europe
and North America. The Company
operates an innovative online energy e-commerce and investment
platform, www.solarbao.com, which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as www.solartao.com, a B2B e-commerce
platform offering a range of PV products for both upstream and
downstream suppliers and customers. The Company has its operating
headquarters in Shanghai and
maintains global operations in Asia, Europe,
North America and Australia.
For additional information visit: www.spisolar.com ,
www.solarbao.com or www.solartao.com .
Safe Harbor Statement
This release contains certain "forward-looking statements."
These statements are forward-looking in nature and subject to risks
and uncertainties that may cause actual results to differ
materially. All forward-looking statements included in this release
are based upon information available to the Company as of the date
of this release, which may change, and the Company undertakes no
obligation to update or revise any forward-looking statements,
except as may be required under applicable securities law.
Contact:
Tairan Guo
ir@spisolar.com
+86 21 8012 9135
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SOURCE SPI Energy