SHANGHAI, September 1, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that it has entered into an agreement to invest RMB30 million for a 60% stake in Beijing Yiwei New Energy Technology Development Company ("Yiwei"), which will employ an Internet-based platform to provide electric vehicle ("EV") rentals in China.
In connection with the investment, SPI will leverage green energy produced by projects funded through Solarbao.com, the Company's innovative online energy e-commerce and investment platform, to construct a network of Solarbao.com-branded EV charging stations in key metropolitan areas in China and to power Yiwei's fleet of electric vehicles. Furthermore, Solarbao.com is expected to serve as a financing platform for EVs and EV charging stations, providing sustainable financing for the growth of Yiwei's business.
"By leveraging the rapidly increasing generation capacity of Solarbao.com-funded projects, this partnership will help power Yiwei's pioneering fleet of electric vehicles through clean solar energy, creating a closed-loop solar energy ecosystem from power generation, power storage and efficiency management to electricity resale," said Xiaofeng Peng, Chairman of SPI. "With China's market for high quality rental cars growing daily, we are confident that consumers will appreciate the cost advantages of Yiwei's solar-powered rental cars, the convenience of booking EV rentals anytime through their Internet-connected mobile devises, as well as the opportunity to participate in China's green vehicle revolution through 'green commuting'."
"Combined with SPI's existing sub-charging stations business, the EV rental business will provide an additional resale channel for the sale of Solarbao.com eco-friendly energy. It will also further Solarbao.com's strategy to operate under an asset-light business model and to construct an Internet-based distribution network for sustainable green power to be delivered to residential, commercial, transportation and other end users in a cost-effective manner."
Since its launch in early 2015, Solarbao.com has offered Chinese investors access to more than 100 green energy projects and financing products, bringing new financing solutions to China's ambitious target of 100 gigawatts of solar PV installations by 2020 as outlined by China's National Energy Administration.
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI 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, www.solarbao.com.hk or www.solartao.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Contact:
Amy Liu
Solar Power, Inc.
+1 (800) 548-8767
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