Why SPI Energy's Stock Is Trading Higher By 1800% Today

SPI Energy SPI shares are trading higher on Wednesday after the company launched a new electric vehicle subsidiary.

SPI Energy offers photovoltaic solutions for business, residential, government and utility customers and investors. The company provides a range of engineering, procurement and construction services to third-party project developers.

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It's also engaged in the development, manufacture, and marketing of various PV modules. It procures PV modules and other equipment for project construction from independent suppliers and contracts work to third-party EPC contractors in areas, such as logistics, installation, construction, and supervision.

SPI Energy shares were trading up 440% at $5.73 at the time of publication Wednesday.

Editor's note: As of 3 p.m. ET, the stock was up about 1,800% at $20.43 per share. The stock hit an intraday high of $41.76.