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SPI Energy Co. (SPI) stock rises during current market trading. What has happened?

SPI Energy Co. (NASDAQ: SPI) stock gains by 6.68% in the current market trading session.SPI Energy Co. is a renowned international renewable energy firm that offers solar storage and electric vehicle (EV) solutions to clients and investors in the commercial, residential, government, logistics, and utility sectors.

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Significant Development

SPI today revealed the launch of Apollo which is a new cloud-based online inspection and management solution for solar systems, energy storage, and smart power management, by Solar4America, a subsidiary of SPI’s SolarJuice Co. and one of the largest solar and roofing contractors in the US.

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Solar systems, optimizers, inverters, energy storage devices, and power distribution panels deployed at client sites are all fed into the Apollo cloud-based software system. The Apollo system will evaluate data and system status provided by cellular or online, showing pertinent information to end users, installers, or regional distributors, and optimizing energy consumptions. Remote diagnostics of integrated equipment using proprietary complex algorithms can solve most technical problems without engaging end users, resulting in dramatically enhanced customer experiences.

As per the Solar Energy Industries Association, 19.2 gigawatts (GW) of solar PV capacity will be built in the United States by 2020, bringing the total installed capacity to 97.7 GW, enough to power 17.7 million households. For the second year in a row, solar resulted for 43 percent of all new electricity-generating capacity added in the United States in 2020, signifying solar’s highest ever proportion of new generating capacity and placing it top among all technologies. In the next ten years, the US solar sector is predicted to build more than 324 GW of capacity, massively increasing the present amount of installed solar capacity.

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Xiaofeng Peng, Chairman and CEO of SPI Energy stated:

This is a fantastic addition to Solar4America’s growing product and service portfolio. SPI thinks that by providing easy-to-use desktop and mobile apps, this new cloud-based surveillance and servicing platform will help Solar4America differentiate itself in the industry and drive new sales growth.

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