SPI Energy skyrockets 4,300% after announcing launch of EV business

• Shares of SPI Energy soared as high as 4,345% on Wednesday after the solar company announced the launch of an electric vehicle business.
• The EV business will "focus on the design and develop of new EV technologies and plans to partner with major manufacturers, as necessary," according to a press release.
• SPI Energy manufactures and distributes solar photovoltaic energy solutions for businesses and residential customers around the globe.

• Watch SPI Energy trade live here.

SPI Energy skyrocketed as high as 4,345% on Wednesday after announcing the launch of an electric vehicle business.

The solar company said it's launching a subsidiary called EdisonFuture Inc., which will design and develop electric vehicles. EdisonFuture will be based in Silicon Valley and will "focus on the design and development of new EV technologies," according to a press release. It also "plans to partner with major manufacturers, as necessary."

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"As Tesla has demonstrated, an end-to-end business model in the renewable energy space can generate significant value. With the addition of EV and EV charging segments to our diverse solar business, we are positioning SPI Energy for the future of renewable energy," CEO Xiaofeng Peng said.

SPI Energy manufacturers and distributes solar photovoltaic energy solutions for businesses and residential customers, with operations in the US, Europe, Japan, and Australia. The company's stock has risen over 800% year-to-date. It traded around $24.31 per share Wednesday afternoon after paring some gains.