Expands Placements in Utilities and
Transportation Verticals
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer”,
“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 received three new orders valued at $3.1 million in the
aggregate for its e-Boost mobile electric charging solutions. With
these orders and the current backlog, the Pioneer e-Mobility
business unit is expected to deliver a record number of mobile
off-grid EV charging solutions in 2024 that will significantly
contribute to the revenue and operating margin of Pioneer Power
Solutions in 2024.
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e-Boost High-Speed Charging Pod (Photo:
Business Wire)
The Company expects to deliver and install these orders
beginning in the first quarter of 2024.
“These orders, valued at $3.1 million in the aggregate, reflect
the continued acceleration we are experiencing in the adoption of
our e-Boost solutions,” commented Geo Murickan, head of Pioneer
Power’s e-Mobility business. “These orders are of particular
significance for two reasons. First, two are from new customers and
one is a re-order from an existing customer who has already
experienced the benefits of our e-Boost solution.
“Secondly, each customer chose a different e-Boost platform –
Pod, Mobile and Mini, for the application that best suits its
needs. We believe this reflects the breadth and versatility of the
e-Boost solutions. Each of these customers considered various
options and, in the end, selected e-Boost given our proven
capabilities in delivering a solution that meets their EV
transition timeline with the most sustainable and energy dense
solution that is also economically viable.”
North American Utility
One of the largest North American utility companies awarded
Pioneer Power a contract to purchase and install five e-Boost Pod
units in five remote site locations to enable EV charging for
consumers. The e-Boost Pod platform is designed for less mobile
applications but offers the highest capacity of EV charging through
the integration of the power asset and EV chargers into a
completely enclosed and customized container like ones utilized in
shipping cargo. The Company expects the order will be completed in
the first and second quarters of 2024. e-Boost was selected as the
solution of choice after extensive and careful consideration of
multiple EV charging technologies and providers. These locations
are critical for the customer as they are located along a key,
nationally identified “charging corridor” and are impractical and
cost prohibitive to be served by fixed charging infrastructure.
Pioneer’s e-Boost Pod will provide consumers with the most
reliable method of EV charging given the remote locations and
seasonally harsh weather conditions. Consumers will have access to
two high speed DCFC chargers, with up to 75 KW. Each remote site
will be equipped with lighting and camera monitoring that will be
integrated with e-Boost to provide a safer environment for
consumers.
In addition to the delivery and installation of the units,
Pioneer will provide preventative maintenance through its national
network of partners in conjunction with local service partners. The
service team plans to utilize e-Boost RealM, a real-time remote
monitoring online dashboard portal, and provide expert assistance
for local technicians to support maximum uptime for EV
charging.
Northeastern Transportation Authority
An additional order was also received from an existing customer,
a major Northeastern transportation agency that manages air, land,
rail and seaport assets. This purchase order expands its charging
capabilities for its employee shuttle buses. Pioneer will deliver
its e-Boost Mobile, a trailer unit that is often referred to as the
“Flex” model, to provide 60KW of fast, Level-3 direct-current
charging, and four Level-2 chargers, providing charging options for
multiple vehicles at the same time. This system is expected to help
expand operations of the transportation authority’s EV shuttle
buses and other EV vehicles at several operating facilities. The
Company expects to deliver the solution during the first quarter of
2024.
Truck Dealership
A third order was received from a major Northeastern U.S. truck
dealership and truck upfitter with 14 locations. The dealership
carries an inventory of trucks including a variety of EV truck
models. This customer understands that mobile EV charging services
are an integral part of its offering. Delivery of e-Boost Mini, a
skid-based unit that can be easily loaded on to a truck bed or
trailer with a forklift for mobility was selected to accelerate its
customers’ adoption of EV trucks and help ease the transition to
EV. Under the terms of the purchase order, Pioneer will design and
customize an e-Boost solution with 30KW Level-3 direct-current
charger that can be placed in any truck depot or various locations
for on-demand EV charging. The dealership also plans to load it
into a customized and upfitted truck from the dealership to provide
emergency mobile EV charging and support pilot deployments of EV
trucks.
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 electric charging solutions for
applications in the utility, industrial and commercial markets. To
learn more about Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Forward-Looking Statements:
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, (xii)
an outbreak of disease, epidemic or pandemic, such as the global
coronavirus pandemic, or fear of such an event, and (xiii) risks
associated with litigation and claims, which could impact our
financial results and condition.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231219710504/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
Pioneer Power Solutions (NASDAQ:PPSI)
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