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SPI Energy Groups - Investor Deck December 2020


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SPI Energy (NASDAQ: SPI) is an established green energy player with global operations in key markets in Australia, Europe, Japan and the United States. It is leveraging its sizable solar platform and industry expertise to make strategic investment opportunities in green industries with significant growth and earnings potential and/or industries than can benefit from green power. Learn more at

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SPI Energy Groups - Investor Deck December 2020

  1. 1. SPI Energy Co., Ltd. (NASDAQ GS: SPI) Investor Overview / Dec 2020
  2. 2. This presentation contains certain “forward-looking statements” relating to the business of the Company, its subsidiaries and the industries the Company operates in. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions. The forward-looking statements contained in this presentation include statements regarding the Company’s ability to execute its growth plan and meet revenue and sales estimates, and market acceptance of its products and services. These statements involve known and unknown risks and uncertainties, including, but not limited to, general business conditions, managing growth, and political, regulatory and other risks. 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 U.S. 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. FORWARD-LOOKING STATEMENTS
  3. 3. Key Stats (as of December 2, 2020) Recent Price $10.10 Market Cap $179.8M Shares Outstanding 17.8M Float 10.1M Avg. Volume (90-day) 10.4M
  4. 4. Company Overview SPI Energy is a renewable energy company delivering competitive, clean energy solutions to customers across the world for more than 15 years, recently acquired 100% ownership of Phoenix Motorcars, and operates in five business segments, providing end-to-end solutions: 1. Smart EV & EV charger solution (EdisonFuture & Phoenix Motorcars subsidiary) 2. Renewable energy project development, design, build & Transfer 3. Renewable energy production and sales (Orange Power subsidiary) 4. Renewable energy system solutions for residential and small commercial market (Solarjuice subsidiary) 5. Other Renewable energy related investment Our Vision: Smart Power to Innovate a Renewable Greener World Renewable Energy Production & Sales Smart EV and EV Charging Solutions Renewable Energy Solution for Residential Solar / Storage / EV / EV Charger
  5. 5. Business Structure SPI Energy Co., Ltd. EdisonFuture SolarJuiceOrange PowerSPI Solar Strategic Inv. 100% 100% 100% 51% Today Future 51% to 100%  Smart EV Pickup  Smart EV Charger  Battery Technology  Solar + Battery + EV Charger Project Development  Design, Build & Transfer  Renewable Energy Production &Sale  Renewable Energy Solutions to Residentials & Small Comercials  Renewable Energy Related Strategic Investment 80% 51% Today Future EV Sell Projects Sell Electricity Sell Products Investment  EV Bus  EV Truck
  6. 6. Investment Highlights 1. Well Positioned in Fast Growing Electric Vehicle (EV) and Renewable Energy Market 2. Leading Manufacturer of Medium-Duty EV Bus & Truck, made in California with 2.3 million+ miles of on-road experience 3. Proven Record of Delivering Renewable Energy Solutions to Global Market 4. Strong Revenue Base and Trend Towards Near-Term Operational Profitability 5. Established & Profitable Subsidiary, Orange Power & Solarjuice, Ready to IPO, with SPI Retaining Controlling Ownership 6. Leading Renewable Energy Solution Provider for Residential Market in Australia 7. Strong, Experienced International Management 8. Trading at Huge Discount vs. Peer Group Multiples
  7. 7. Smart EV and EV Charging Solutions - EdisonFuture Business EdisonFuture, Inc., toDesign and Develop EV and EV Charging Solutions R&D Center set up in Silicon Valley and Plans to Partner with Major Manufacturers Partner with TONGJIA, LIANCHENG, DAZHOU and Others to Launch SmartEV Pickup, Logistics and Agriculture Applications First Assembling base in Fresno County,California By Market 1 2 3 US Market: Parts Import from China, Assemble in California China Market: US Brand & Technology, OEM & Sales in China Other Markets: US Brand & Technology, OEM in China, Whole Vehicle Export By Vehicle Go-To-Mkt Strategy Current EV Bus & Truck, currently assembling in California; OEM in China in plan; Sales in US Market and Export to other markets with Phoenix Brand from China Last Mile EV Logistic Truck, EV parts imported China and Assemble in California; Sales in Asia & South America Markets In Progress Long Term Design a US Applicable Smart EV pickup; Sales in USA, and the most demanded regions in China
  8. 8. Introduction of Phoenix Motorcars  Phoenix Motorcars (“Phoenix”) is an electric drivetrain manufacturer for medium-duty commercial vehicles  Final Stage manufacturer integrating its electric drivetrains into new commercial vehicle chassis  2.3 million+ miles of on-road experience and the most deployments in its class  Phoenix has built a trusted EV brand for the medium-duty commercial market American-made with the majority of key components sourced locally and with final assembly in California
  9. 9. CAGR: 45% 100% OF 2020 PRODUCTION ALREADY SECURED** Source: IHS Market Data, Phoenix Management, Bloomberg New Energy Outlook** Pre COVID-19 Substantial Multiyear Growth Opportunity Significant Market Opportunity EV penetration for this segment will reach 16% by 2030 Rapid Growth in EV Penetration of the Medium Duty (Class 4-6) Market
  10. 10. Vision For Medium-Duty Zero Emission Transportation Market SHORT TERM - INTEGRATORS MEDIUM TERM – GLIDERS / IN LINE PRODUCTION LONG TERM – GROUND UP DESIGNS Preferred by Transit Agencies, School Buses, Utility Truck Fleets & Custom Truck Bodies Preferred by Last Mile Delivery Fleets & Few Shuttle Fleets A MIX OF LEGACY CHASSIS & GROUND UP EV CENTRIC DESIGNS
  11. 11. Largest EV Suite of Ford E-Series in the Market
  12. 12. Flatbed TruckParcel / Cargo Truck High Roof - Utility Truck Short Roof - Utility Truck VERSATILITY OF THE FORD E-450 COMBINED WITH POWERTRAINS ZEUS 500 – Electric Truck OptionsZEUS 400 – Electric Shuttle Bus & ZEUS 600 Electric Type A School Bus Service Truck Box Truck Custom Bodies & Accessories Collaboration with various body manufactures including: Electric Type A School Bus Configuration Options  MFSAB  Interior and exterior camera system  Integrated child booster seats  GPS  WIFI for passengers Electric Shuttle Bus Configuration Options  Perimeter seating  Forward facing seats  ADA wheelchair access  Luggage racks  All accessories available on ICE shuttles
  13. 13.  Large Fleet Deployments:  Selected by one of the largest truck fleets in the US to develop and integrate electric drivetrains for their trucks  Working closely with large fleets to enable their transition to zero emission vehicles  Autonomous E-450 Shuttle Bus:  Awarded FTA grant to develop a Level 4 Autonomous all-electric shuttle bus in partnership with a leading AV technology company  New Products: Development of New Drivetrains:  Develop drivetrains for other Class 4, 5 & 6 chassis  Develop Own Chassis / Ground-up Products:  In discussions with a top-10 global OEM & other technology partners to further accelerate growth and EV adoption in the US 2020 & Beyond  Collaboration with Global OEMs for new EV launches in the US Market:  In discussion with one of the top global auto OEMs to potentially launch their medium duty electric vehicles in the US market  Also in discussions with European EV manufacturer to launch their range of vehicles in the North America market  The above would enable Phoenix to offer new EV products, while capitalizing on its manufacturing capabilities, partnerships and customer relations  Delivery Fleet Deployment:  Phoenix is working with various large last-mile delivery and service fleets to help them switch to zero emission trucks
  14. 14. Renewable Energy Project Development – BT (Build & Transfer) Business Data Collection & Opportunity Assessment Strategy & Detail, and Planning & Development Financing & Construction Operation & Transfer
  15. 15. Community Solar • 18MW-DC portfolio in Greater Portland Area. • Projects have been submitted to the State of Oregon Community Solar Program in Portland General Electric (PGE) Territory. • Community Solar allows homeowners and businesses to subscribe to an offsite solar farm for their electricity. • Creates demand for developers like SPI to build solar farms at utility rates and sell at commercial utility rates, allowing for a high margin business. Renewable Energy Project Development – BT (Build & Transfer) Business
  16. 16. Hawaii Tranche 1 projects (Total 6.9MW) • Completes the sales of 5 projects in Oahu Island, with total 3.3MW Hawaii Tranche II projects (Total 4.7MW) • Continues to provide positive cashflow • PV System Completed • Substation construction being finalized • Substation completion expected in Q2 2020 Hawaii Tranche III projects (Total 10.27MW) • Latest system size from 9.4MW to 10.27MW. • Final completion in Q4 2021 • More potential to increase to 10.27 MW system size Renewable Energy Project Development – BT (Build & Transfer) Business
  17. 17. 0.71MW in Sacramento, CA 0.51MW in Los Angeles, CA 0.53MW in New Jersey, NJ 6.35MW in Japan 47.73MW in UK 5.88MW in Italy Renewable Energy Project Development – BT (Build & Transfer) Business
  18. 18. Renewable Energy Production & Sales – Orange Power Business Independent Power Producer (IPP) Sell energy Sell energy PowerGrid
  19. 19. Renewable Energy Production & Sales – Orange Power Business Greece* 12 Projects 34.1 MW U.K. 2 Projects 8.1 MW Italy 1 Project 1.0 MW Hawaii 29 Projects 12.2 MW Oregon 6 Projects 17.5 MW In Operation (43.2 MW) Current Pipeline (29.7 MW) • Initial focus on European and U.S. markets. • Target markets feature established and relatively stable regulatory environments for solar. • Over $100M of equity invested in these projects • Plan to spinoff Orange Power subsidiary in IPO (future target pipeline) U.S.A. Timeframe: 2023-2025 30 Projects 420.0 MW * There are legal dispute of 4 Sinsin Projects which have been de-consolidated from year 2017
  20. 20. Renewable Energy Solution for Residential - SolarJuice Business One of the largest providers of solar and clean energy products and solutions in the Pacific region:  Gained significant market share in Australia since launch in 2009  5,000+ B2B accounts since established and 700 active customers ordering monthly  Delivered 600+ MW Panels, 1400+MW Inverters, and 40+MW Batteries
  21. 21. Renewable Energy Solution for Residential - SolarJuice Business Opal Solar is a premium product made by Tier 1 manufacturer on the basis of the local support, independent quality control, independent factory acceptance testing and technical support in Australia. Opal Solar is locally supported through Solar Juice Pty Ltd, the leading supplier of PV products in the Australian market. You can be assured that it is a trusted brand that does not compromise on quality. The panels are produced by ISO 9001 and ISO 14001 certified production facilities. Back to back warranty agreements are in place to provide peace of mind.
  22. 22. Australia’s favorite opal storage  Opal Storage is an advanced Battery Energy Storage System (BESS+)  The storage system is specifically designed for customers  The unique design includes not only the battery, BMS and inverter in the cabinet but also the solar array DC switch, battery DC circuit breakers and all AC circuit breakersinbuilt Renewable Energy Solution for Residential - SolarJuice Business
  23. 23. Accomplished Management Team Hoong KhoengCheong Chief Operating Officer & Director  Ex-Chairman of the Management Board and Chief Executive Officer of a publicly- listed company  30 years of engineering and operation experience in the solar and electronics industries  Master of Science in computer integrated manufacturing from Nanyang Technological University, Singapore DentonPeng Chairman & CEO  Founded LDK in 2005 and was the chairman of the board and its CEO till 2014  Graduated from Beijing University Guanghua School of Management with an executive MBA degree Jack Lee (Singapore) Vice President of Global Project Development  Jack has vast experience in various industries especially in electrical and infrastructure for the last 25 years.  Experienced manager in energy, industry infrastructure project/maintenance and solar PV construction.  Well-versed in project transaction with numerous successful deals and project financing in Southeast Asia, the UK and the US.
  24. 24. Accomplished Management Team Vassilis Orfanos (Greece) Vice President of European Assets Management  October 1996 - August 2011, Technical Consultant of the Chairman and Maintenance Manager at Th. Vassilakis Groupof companies (AEGEAN Airlines, HERTZ, SEAT, SAAB, OPEL, FORD).  January 2012 - today, Construction Manager and Operation Manager of SPI in Greece, managing 34MWp solar projects  12+ years of Management Experience in Renewable Energy Industry  Formerly responsible for M&A and EPC for Panasonic’s Eco Solutions  Oversaw $900MM+ of renewable energy generating projects that have been placed-in service across the US since 2010  MBA w/ a focus in Renewable Energy Kevin White VP of Solar Development & CEO of Orange Power  His career started in 1998 with Solarex in sales, which later merged with BP Solar.  Worked in BP Solar for more than a decade in sales profile.  He became a co-founder of Solar Juice in late 2009.  He specializes in Handling Sales, Stock Movement, Contracts and Supply management Andrew Burgess (Australia) Managing Director of Solar Juice Rami Fedda (Australia) Managing Director of Solar Juice  He started to work as a process worker and moved to the purchasing department at Solarex, which later merged with BP Solar in 2000.  He worked there in various roles for almost a decade.  He became a co-founder of Solar Juice in late 2009 which is now the largest solar wholesale and distribution company in Australia.  He specializes in Manufacturing, Procurement, Planning & Logistics.
  25. 25. 25 $114.60 $121.50 $125.60 $97.88 $0 $20 $40 $60 $80 $100 $120 $140 2016 2017 2018 2019 Revenue Historical Key Financials $12.07 $10.09 $11.06 $7.19 $0 $2 $4 $6 $8 $10 $12 $14 2016 2017 2018 2019 Gross Profit $(220.97) $(90.96) $(12.26) $(15.15) -$250 -$200 -$150 -$100 -$50 $0 2016 2017 2018 2019 Net Profit Note: • SPI completed the disposition of China business on Dec 10, 2018 • $16M raised in direct equity offering in September 2020 and $2.1M CB on Nov 3, 2020 10.53% 8.30% 8.80% 7.35% 0% 2% 4% 6% 8% 10% 12% 2016 2017 2018 2019 Gross Margin
  26. 26. Historical Income Statements Consolidated Statements of Operations Data 2016 2017 2018 2019 ($ in thousands, except share and per sharedata) Revenue 114,602 121,520 125,582 97,883 Total cost 102,532 111,428 114,525 90,693 Gross profit 12,070 10,092 11,057 7,190 Total operating expenses 103,670 19,371 14,009 26,361 Operating income (loss) -91,600 -9,279 -2,952 -19,171 Total other income (expense) -9,823 -17,098 -2,853 4,115 Loss from continuing operations before income taxes -101,423 -26,377 -5,805 -15,056 Income taxes expense 606 137 332 92 Loss from continuing operations -102,029 -26,514 -6,137 -15,148 Loss from discontinued operations, net of tax -118,939 -64,445 -6,122 - Net loss -220,968 -90,959 -12,259 -15,148 Net loss per common share: Basic and Diluted -34 -13 -2 -1.20
  27. 27. Historical Income Statements Consolidated Statements of Operations Data Six Months Ended June 30: 2017 2018 2019 2020 ($ in thousands, except share and per sharedata) Revenue 67,535 50,637 49,727 56,364 Total cost 59,159 45,089 44,148 53,221 Gross profit 8,376 5,548 5,579 3,143 Total operating expenses 19,310 5,504 12,057 (292) Operating income (loss) -10,934 44 -6,478 3,435 Total other income (expense) -2,542 -2,462 -1,124 -300 Loss from continuing operations before income taxes -13,476 -2,418 -7,602 3,135 Income taxes expense 909 82 205 390 Income (loss) from continuing operations -14,385 -2,479 -7,848 2,745 Loss from discontinued operations, net of tax - -3,009 - - Net income (loss) -14,381 -5,488 -7,848 2,662 Net income (loss) per common share: Basic and Diluted -1.00 -0.30 -0.70 0.18
  28. 28. Balance Sheet Snapshot 2019 2020 Six Months Ended June 30: ($ in thousands) Assets Total Cash 8,662 3,261* Total Current Assets 75,845 57,452 Net property, plant and equipment 24,470 28,538 Total non-current assets 114,845 122,215 Total Assets 192,861 179,667 Liabilities & stockholders’ equity Total Current Liabilities 174,001 164,734 Total non-current liabilities 27,655 14,686 Total stockholders’ equity 1,205 247 Total liabilities and stockholders’ equity 192,861 179,667 * Cash does not reflect approx. $18.1M raised
  29. 29. SPI Energy Co., Ltd. (NASDAQ GS: SPI) US Operation Headquarter 4677 Old Ironside Drive, Suite 190, Santa Clara, CA 95054 Investor Contact Dave Gentry, CEO RedChip Companies 407-491-4498 Investor Presentation
  30. 30. Appendix
  31. 31. Solar – Storage Market Overview Planned 620,242 MW of solar 55,300 MW of storage 765,175 MW of storage 10,000,000 MW of solar Solar-storage Potential = MW = MW Operating Solar PV generation increased 22% (+131 TWh) in 2019 and represented the second-largest absolute generation growth of all renewable technologies. As competitiveness continues to improve, solar PV is still on track to reach the levels envisioned in the IAE’s Sustainable Development Scenario, which will require average annual growth of 15% between 2019 and 2030. SOURCE: IAE World Energy Outlook (October 2020)
  32. 32. Smart EV Market Overview 1,200,000 1,100,0 0 0 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 2019201820172016201520142011 2012 2013 NumberofEVsontheRoadinthe U.S. M O R E T H A N 1.18 million E L E C T R I C V E H I C L E S are on the road in the U.S. as of March 31, 2019. T O T A L E V S A L E S for 2018 were up 81% compared to 2017. E L E C T R I C V E H I C L E S O N T H E R O A D I N T H E U . S . G L O B A L E V S A L E S f o r 2 0 1 9 w e r e u p 46% compared to 2018. Majority of US Tier 1 automotive suppliers support more electric cars, and disagree with recent rollback of emissions standards, according to CALSTART survey. A majority of suppliers surveyed support a national 100% zero- emission vehicle (ZEV) sales target for 2035-2040. Source: Green Car Reports (October 2020)
  33. 33. EV Charging Market Overview • Huge market and growth potential: Global EV charging stations market is expected to grow at a 23.24% CAGR from $39.70 Billion in 2019 to $100.96 Billion by 2027. (1) • Key Market Drivers • Government funding for charging station build outs • Increasing focus on developing faster charging stations • Electrification of automotive industry and rising number of electric vehicles on the road (1) Source: Fortune Business Insights (August2020) Key Market Participants