Additional Purchase Orders from a Variety of
Customers for Diverse Use-Cases including Electric Vehicle
Supercharging Stations, Demonstrating Broad-Based Adoption of
Pioneer's Unique Distributed Generation Solution
FORT
LEE, N.J., Sept. 5, 2023 /PRNewswire/ -- 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
purchase orders for $7 million during
the month of August for its E-Bloc distributed generation solution
and other related custom control and protection equipment.
The orders, which are from several customers and address a
diverse set of verticals and use-cases, are scheduled for delivery
starting in the second quarter of 2024 with the majority to be
recognized in the second half of 2024. Use-cases include EV
supercharging stations, electrical utility customers, and aerospace
customers.
"The distributed generation trend is here, with more and more
customers taking steps to provide energy resilience, especially in
light of severe weather events, and to efficiently utilize
renewable energy sources like solar and wind," noted Nathan Mazurek, Pioneer Power's Chairman and
Chief Executive Officer. "Our E-Bloc solution addresses these
business needs, ensuring a secure supply of electricity without
exclusively relying on the grid. E-Bloc also enables our customers
to achieve an improved carbon footprint through the use of
renewable sources and energy storage to augment the utility grid.
Finally, and importantly, E-Bloc helps customers more efficiently
manage their energy costs through peak shaving and other
strategies."
"The growth we are seeing is broad-based, not isolated to a
single customer or region, and from a diverse set of industry
verticals," added Mr. Mazurek. "This demand reinforces our
confidence for another year of notable rapid revenue growth and
operating leverage as we continue to build backlog for the full
year and the second half of 2024."
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 Private Securities Litigation Reform Act of
1995, as amended. 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.
Contact:
Brett Maas,
Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE Pioneer Power Solutions, Inc.