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SPI Energy Soars More Than 1,200% on Electric Vehicle Plans

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The hunt for renewable energy stocks sent one obscure firm soaring more than 4,000% in a single day, albeit with a tiny amount of shares on the market.

SPI Energy Co., which was trading around a buck Tuesday, rocketed as high as about $47 per share after launching a unit to design and develop electric vehicles and charging solutions Wednesday. The new unit was dubbed EdisonFuture, seemingly inspired by Thomas Edison and his rivalry with the scientist whose name has been invoked by two companies in the electric vehicle sector, Nikola Corp. and Tesla Inc.