Wins from Major Aviation and Solar Customers Support
Expectations of At Least 50% Year-Over-Year Revenue Growth
for 2023
FORT LEE, N.J., July 13, 2023 /PRNewswire/ -- Pioneer Power
Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"),
a leader in the design, manufacture, service and integration of
electrical power systems, distributed energy resources, power
generation equipment and mobile electric vehicle ("EV") charging
solutions, today announced that it has won approximately
$6.2 million in E-Bloc orders from
several new customers, for new use-cases during the second
quarter.
A major global designer and manufacturer of aerospace products
and services is deploying Pioneer Power's E-Bloc solution at its
services and maintenance facility in the Southeastern United States. The customer
ordered a customized E-Bloc solution, enabling the utilization of
supplemental power sources, such as solar, to support the
customer's premier U.S. facility.
Additionally, three solar-centric developers will utilize E-Bloc
to support applications ranging from pure microgrids to enabling
supplemental solar power for EV charging.
"Our innovative and highly customizable E-Bloc solution
continues to expand its customer base and power new use-cases,"
commented Nathan Mazurek, Pioneer's
Chairman and Chief Executive Officer. "Customers like these come to
Pioneer Power with unique challenges and energy needs, and we can
utilize E-Bloc's modular design to quickly design, deliver and
support specialized, complex, and large electrical applications.
E-Bloc's design also allows us to seamlessly control multiple
sources of power, including green energy. These wins, all booked
during the second quarter, support our expectation of continued
revenue growth throughout 2023 and 2024 and speak to consistent
strong demand, especially from solar customers."
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design,
manufacture, integration, refurbishment, service and distribution
of electric power systems, distributed energy resources, power
generation equipment and mobile EV charging solutions for
applications in the utility, industrial and commercial markets. To
learn more about Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. Such statements may be
preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims,"
"believes," "hopes," "potential" or similar words. Forward-looking
statements are not guarantees of future performance, are based on
certain assumptions and are subject to various known and unknown
risks and uncertainties, many of which are beyond the Company's
control, and cannot be predicted or quantified and consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with (i) the Company's ability to successfully increase
its revenue and profit in the future, (ii) general economic
conditions and their effect on demand for electrical equipment,
(iii) the effects of fluctuations in the Company's operating
results, (iv) the fact that many of the Company's competitors are
better established and have significantly greater resources than
the Company, (v) the Company's dependence on two customers for a
large portion of its business, (vi) the potential loss or departure
of key personnel, (vii) unanticipated increases in raw material
prices or disruptions in supply, (viii) the Company's ability to
realize revenue reported in the Company's backlog, (ix) future
labor disputes, (x) changes in government regulations, (xi) the
liquidity and trading volume of the Company's common stock and
(xii) an outbreak of disease, epidemic or pandemic, such as the
global coronavirus pandemic, or fear of such an event.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company's filings with the U.S. Securities and
Exchange Commission ("SEC"), including the Company's Annual and
Quarterly Reports on Form 10-K and Form 10-Q, respectively.
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at www.sec.gov. The Company
assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise.
Contact:
Brett Maas,
Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE Pioneer Power Solutions, Inc.