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Why SPI Energy Stock Soared Today

TheMotleyFool

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Shares of SPI Energy (NASDAQ: SPI) have soared today, up by 18% as of 11:05 a.m. EST, after the company hired early Tesla employee Edmund Shen to be an executive to oversee product management and the supply chain for its Phoenix Motorcars subsidiary. Shen spent seven years at Tesla starting in 2009.

SPI notes that Shen worked on many product development projects at Tesla, contributing to vehicle programs as well as energy storage offerings and the powertrain supply partnerships that Tesla had at the time with traditional automakers like Daimler and Toyota.

Image source: Getty Images.

Source Fool.com

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