e-Boost Selected to Charge Fleet of New Buses
for One of the Largest U.S. Metros; Accelerating Metro’s Transition
to All EVs by 2028
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 an order valued over $5 million for its e-Boost mobile
electric vehicle charging solutions from a major U.S. metro transit
authority.
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the full release here:
https://www.businesswire.com/news/home/20240607946767/en/
e-Boost Mobile with extended skid mounted
EV Chargers (Photo: Business Wire)
With this order and its current backlog, the Pioneer eMobility
business unit is expected to surpass the 2024 guidance of $10
million in revenue of mobile off-grid EV charging solutions in
2024. The Company expects to deliver and commission this specific
order in the fourth quarter of 2024.
Serving one of the largest metro cities in the U.S., the Transit
Authority is led by visionary city leadership that is on a mission
to decarbonize and sustainably electrify its fleet of transit buses
by 2028. Pioneer eMobility was selected and awarded the contract
based on several critical criteria including sustainability,
product mobility, experience, power delivery capacity, product lead
time, design optimization and consultative solution. The contract
includes the purchase, installation, and maintenance of four
e-Boost Mobile units in two transit depot locations to enable EV
charging of the Transit Authority’s first 24 EV buses.
These e-Boost Mobile units, each with 240kW of onboard power,
will be delivered with six offboard mobile EV chargers on connected
skids. The units are designed with the flexibility to relocate
transit depot operations to a secondary, safety site during natural
disaster events including wildfires or flooding. Pioneer’s robust
off-grid, mobile design offers the Transit Authority 8.4MWh of
onboard energy at each site for EV charging during normal
operations and the assurance of continuous operation during
unexpected weather-related events or grid congestion at a remote
location.
“By providing advanced high-capacity mobile EV charging
solutions that balance sustainability, economy and practicality, we
are supporting environmentally progressive cities as they adopt and
acquire EV transit buses and help to secure the health and safety
of the local citizens and bus operators,” said Geo Murickan,
President of Pioneer eMobility."
This order also marks one of the first e-Boost units to be
purchased through Sourcewell, a national, nonprofit service
cooperative that serves as a bridge between government, education,
and nonprofit agencies and suppliers that offer qualified products
and solutions. The e-Boost product line is now available to all
municipal and government agencies on Sourcewell through its
alliance partner INF Associates Energy Solutions, based in New York
and operating throughout the U.S.
"The notable size of this order, coupled with our visibility on
additional sizable orders in the sales pipeline, clearly
demonstrates the traction Pioneer is achieving for our e-Boost
product line," added Nathan Mazurek, CEO and Chairman of Pioneer.
"Transit bus and transportation electrification has been one of the
top priorities and challenges in the last few years, and this
project further validates how robust and expansive the e-Boost
solution is nationwide. This will be the second transit depot to be
powered up by e-Boost in 2024 and underscores the broader future
for e-Boost within the transit industry in the U.S."
The timeline for this project, from approval to funding to
execution, is extremely short and one of the main reasons e-Boost
was selected. Pioneer eMobility maintains all critical components
with long lead times in inventory, which has allowed for the
fastest lead time for product deployment in the market. This
provides e-Boost with a clear market edge and makes Pioneer a
reliable partner for customers with critical grid gap
challenges.
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.
About INF Associates LLC
INF Associates is a turnkey energy solutions firm that offers
decarbonization services in building and transportation management.
With a team of licensed engineers, experienced project managers,
and operations professionals that provide comprehensive services
for Electric Vehicle Charging Infrastructure, EV Fleet Transition
consultation and implementation, Vehicle to Grid EVSE, MicroGrid
and Battery Storage solutions, Energy Efficiency Systems, LED
lighting, and many more services. With in-depth experience in
federal and state funding programs to help reduce the net cost of
capital (energy) projects to owners and property managers, the team
helps reduce their carbon footprint while meeting federal and local
requirements for a future powered by green energy and
sustainability. To learn more about INF Associates, please visit
its website at https://www.infassociates.com/
About Sourcewell
Sourcewell is a nonprofit cooperative that supports educators
and leaders in local government and nonprofit organizations by
providing professional development, contracted services, funding,
internship reimbursement, facility construction, and other needs
identified in collaboration. Sourcewell combines the buying power
of more than 50,000 government, education, and nonprofit
organizations to save its participants time and money. The
cooperative’s purchasing program manages the solicitation
requirements and offers members easy access to an established
network of awarded contracts. To learn more about Sourcewell,
please visit its website at https://www.sourcewell-mn.gov/
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 or surpass
guidance, (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,
(xiii) risks associated with litigation and claims, which could
impact our financial results and condition and (xiv) the Company’s
ability to regain and maintain compliance with the continued
listing requirements of the Nasdaq Capital Market.
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/20240607946767/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
Pioneer Power Solutions (NASDAQ:PPSI)
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