Pioneer Power Announces e-Bloc and Related Product Orders in Excess of $10 Million
December 27 2023 - 9:15AM
Business Wire
Tops Off Strong 2023 with Additional Sales to
Further Bolster Growth in 2024
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 four new orders, as further described below, valued in
excess of $10 million in the aggregate for its e-Bloc and related
products.
The Company expects to deliver and install these orders
beginning in the second quarter of 2024.
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer,
said, “Increasingly, we are converting our pipeline of new business
opportunities into sales, and these orders announced today further
increase our expected revenue for 2024 and into 2025. The
distributed power generation market is lacking solutions that can
meet the consumption needs of industrial and commercial customers.
Demand is extremely robust, and we continue to evolve our platforms
to address the increasing demand.”
EV Charging Infrastructure Developer
An EV charging infrastructure developer awarded Pioneer Power a
contract to provide the double ended substation for the EV charging
platform at a site located in Rialto, California. The customer is
expected to deploy the solution at additional sites over the course
of the next 12 months. This customer provides turnkey solutions for
charging infrastructure and services to enable fleets to transition
to electric transportation. We believe Pioneer’s distributed power
grid solution will allow for easy installation and access to power
the EV charging platform. The Company expects the order will be
completed and delivered in the second quarter of 2024.
Solar Microgrid
An additional order was received from a developer of solar
microgrids for Pioneer’s e-Bloc Low Voltage Power Distribution
system. The order will be used in support of a solar microgrid
installation at a major international U.S. airport located in the
northeast. Pioneer will deliver its e-Bloc to the developer. This
system is expected to provide power for EV charging needs in
airport parking facilities. The Company expects to deliver the
solution during the second half of 2024.
Large Titanium Smelter
A third order was received from one of the largest titanium
smelters in the world, which is the only supplier with production
facilities in both the United States and Europe. This customer is
building a new castings plant in West Virginia. Pioneer will
provide the main power switchgear for the new casting facility. The
Company expects to complete and deliver the order in the third
quarter of 2024.
Large Utility Provider
A fourth order was awarded to Pioneer by one of the nation’s
largest natural gas distribution providers serving the western U.S.
Pioneer will provide multiple IPC’s (electrical buildings) with
paralleling switchgear for low voltage distribution. The Company
expects to complete and deliver the order in 2025.
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/20231227942836/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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