FORT LEE, N.J.--(BUSINESS WIRE)--Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” 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 orders from multiple entities for its E-Bloc products valued at $7.2 million in the aggregate. The E-Bloc product line integrates circuit protection, controls, automatic transfer schemes and power management in a compact, outdoor and unitized system. Launched in 2021, Pioneer currently has more than 1,500 E-Bloc site deployments across a wide spectrum of market verticals, including distributed generation, EV charging and solar micro grids.
Jay Johnson, GM of Sales & Marketing for Pioneer’s Grid Infrastructure Division, commented, “These orders demonstrate the wide application range of the E-Bloc product line and the strength of the underlying demand for Pioneer’s unique solutions. We continue to see robust demand across many verticals for these solutions and consistent repeat opportunities from our existing partners as they continue to choose E-Bloc for their growing needs.”
Notable selections from June’s purchase orders include:
- A $725,000 order from one of the largest solar power generation developers in the United States to be deployed at JFK International airport in New York City. The project is part of the Port Authority’s plan to increase solar power capacity at JFK and protect and control various renewable energy sources at once. This project is a follow-on order to an initial $500,000 order Pioneer delivered to JFK on behalf of the same developer earlier in the year.
- A $3.4 million order from a Southern California utility as part of the “future proofing” of its electrical grid for anticipated growth in EV electrical demand. The order consists of multiple medium voltage products expected to be delivered and commissioned throughout 2025.
- A $1.9 million order from one of the largest distributed generation developers in the United States. The medium voltage E-Bloc system will protect and control all primary power sources for a U.S. military installation in the southeast of the United States. This order is the first for Pioneer with this customer and is expected to be delivered in early 2025.
- A $1.2 million order for an electric truck charging depot in Southern California. This E-Bloc system will incorporate an Automatic Transfer Switch capability and medium voltage transformers into the compact E-Bloc design. The unitized composition of E-Bloc allows the customer to save space in addition to initial and installation costs. This system is expected to be delivered in the first quarter of 2025.
Nathan Mazurek, CEO and Chairman of Pioneer, commented, “Sales momentum for our E-Bloc solution continues to accelerate as utilities, governments and commercial enterprises are all seeking alternative, reliable electrical energy solutions that can be quickly deployed to address the increasing need for more power. Our E-Bloc solution allows additional power capacity to be added safely and reliably, directly addressing the energy demand requirements for advanced technologies such as cloud computing and artificial intelligence, EV charging infrastructure and the planned expansion of industrial and manufacturing facilities.”
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.
Forward-Looking Statements:
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, (xiii) risks associated with litigation and claims, which could impact our financial results and condition, (xiv) the Company’s ability to deliver its orders to customers on a timely manner and (xv) 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 Securities and Exchange Commission, 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.