Multi-Million Dollar Order Significantly
Expands E-Bloc Backlog; Will Support Its Full-Service, Ultra
High-Speed Charging Locations in California
FORT
LEE, N.J., Aug. 7, 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 will provide an E-Bloc system
and other related custom control and protection equipment to Rove,
a full-service charging center operator in Southern California on a mission to make
charging EVs fast, safe, and reliable.
Pioneer Power's innovative E-Bloc will help Rove develop one of
its first full-service EV charging centers, which will include 40
direct-current ultra-fast chargers ("DCFC"), capable of reaching
speeds up to 350 kW – making a full charge possible in as little as
15 minutes. Rove plans to utilize renewable energy, integrating
onsite solar panels and battery storage, supported by E-Bloc, to
supplement the use of electricity from the grid during peak times
and support more sustainable energy use. Rove's centers will
include onsite amenities like a fresh market, lounge, free Wi-Fi,
and car wash. Future Rove centers will be located in Santa Ana, Corona, and Torrance, with plans to open 20 by 2026.
"Rove is a true innovator, creating a state-of-the-art,
re-imagined EV charging experience that utilizes renewable energy
and creates a compelling consumer experience," commented
Nathan Mazurek, Pioneer Power's
Chairman and Chief Executive Officer. "We believe that Rove's
customer-centric centers will make EV charging not just safe,
quick, and reliable but also convenient. We are proud to support
this important initiative and believe that our highly flexible
E-Bloc solution will help Rove to harness solar and other renewable
energy sources and optimize environmental benefits. Rove has an
aggressive growth strategy, and we hope to grow with them on this
important journey."
Rove CEO Nathan McDonnell added,
"We are setting the standard for better public charging for all
EVs. With dedicated, clean, and convenient amenities, we hope our
full-service centers become a destination for chargers in the
region. The flexibility of Pioneer Power's E-Bloc helps make
this possible."
"This order, booked during August and scheduled for delivery in
2024, supports our expectation of continued revenue growth," added
Mazurek.
About Rove
Rove is a full-service charging station operator in Southern California on a mission to make
charging electric vehicles (EV) fast, safe, and reliable. Using a
customer-centric approach, Rove plans to build EV charging stations
that transform EV charging and encourages EV ownership. Each
location will host more than 40 direct-current fast chargers
(DCFC), an onsite market, a car wash, a 24/7 lounge, a dog walk,
and restrooms. For more information, please visit
www.RoveCharging.com.
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
Kristi Ochoa, VP of Marketing
Rove
(828) 337-6793
press@rovecharging.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pioneer-power-to-provide-e-bloc-solution-to-support-rove-full-service-ev-charging-centers-in-california-301894500.html
SOURCE Pioneer Power Solutions, Inc.