FORT LEE, N.J.--(BUSINESS WIRE)--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.
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.
