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BEIJING, July 5, 2016 - (ACN Newswire) - GSR GO Scale Capital today announced it has signed a non-binding framework agreement with SPI Energy Co., Ltd. ("SPI Energy") (Nasdaq: SPI) for the issuance of US$500 million worth of convertible bonds (CB) by SPI Energy, addressing investment opportunities in the alternative energy industry. Pursuant to the agreement, GSR GO Scale Capital will act as an investment advisor to bond holders in order to build the largest capacity expansion and potential M&A of electric vehicle (EV) battery products in China and globally. The net proceeds of the CB will be used as SPI Energy's general working capital to build a leading multinational battery business that serves the automotive industry in China and overseas.
The agreement also includes a potential strategic cooperation between Boston-Power Inc. ("Boston-Power") and SPI Energy. Founded in 2005 in Boston, Massachusetts, and invested in 2011 by GSR Ventures, Boston-Power is a global supplier of lithium-ion battery products that can improve the quality and safety of sustainable energy storage technologies. It has R&D centers in Westborough, Massachusetts, and Beijing, China, and mass manufacturing operations in Asia.
Mr. Sonny Wu, Founder and Managing Director of GSR GO Scale Capital said, "GSR Capital has more than 10 years' investment experience in alternative energy. The team has a proven track record in transnational investment operations, especially with cutting-edge technology sectors. Together with SPI, we will establish a global platform to acquire assets in the clean energy sector."
"We look forward to forming a partnership with Boston-Power and exploring win-win opportunities in the energy storage and EV markets," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "Working together, SPI Energy and Boston-Power will create a powerful clean energy chain for the transportation industry in China, spanning power generation, power storage, EV rentals and financial services."
GSR GO Scale Capital, boasting a forward-looking investment strategy and resources accumulated over the years from investments made locally and globally, expects to see the birth of a world-leading automotive battery company with its partner. It also sees the strategic partnership continuing to develop and invest in the alternative energy sector, especially in the electric automotive value chain.
About GSR GO Scale Capital
GO Scale Capital is a technology-focused private equity fund in the GSR Capital fund family. It has offices in Beijing, Hong Kong and the Silicon Valley. The fund is managed by a team with years of cross border operating experience and a successful co-investment history in cutting-edge technologies. Its goal is to take advantage of China as a global economic powerhouse to build world-class companies that can transform and reshape global industries. Learn more through its website http://www.gsrventures.cn/en/.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. Focusing on the downstream PV market, SPI Energy specialises in the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company operates an innovative online energy e-commerce and investment platform www.solarbao.com for individual and institutional investors to purchase innovative PV-based investment and other products and the B2B e-commerce platform www.solartao.com to offer a range of PV products to both upstream and downstream suppliers and customers. The Company has its operating headquarters in Shanghai and maintains global operations in Asia, Europe, North America and Australia. Please visit http://www.spisolar.com/.
Topic: Issue of Stocks/Bonds
Source: GSR Ventures
Sectors: Daily Finance, Automotive, Energy, Alternatives, Alternative Energy, Engineering, Funds & Equities, PE, VC & Alternatives
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From the Asia Corporate News Network
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