First Low Carbon Flare Gas Technology-Powered
Order Significantly Expands e-Boost Installation in South Central
Region; Will Support MACAW's Low Carbon LNG to Ultra High-Speed EV
Charging In Texas
FORT LEE,
N.J., Nov. 17, 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 charging
solutions, today announced that it will provide an e-Boost electric
vehicle ("EV") charging solution to MACAW Energies, an integrated
company that will power the system with its low-carbon liquefied
natural gas ("LNG") produced with natural gas that otherwise would
be flared or wasted. The e-Boost solution will be deployed at
MACAW's pilot project in Texas,
which aims to accelerate EV adoption of fleet customers through an
ultra high-speed charging hub for MACAW's EVs powered on
low-carbon, flare gas technology.
Pioneer Power's innovative e-Boost solution will
help MACAW develop its first EV charging hub, including
direct-current ultra-fast chargers ("DCFC"), capable of reaching
power levels up to 300 kW for a single vehicle – making a full
charge possible for large EVs in less than an hour. Alternatively,
e-Boost can charge up to four EV vehicles at one time, delivering
360 KW of combined power, exceeding the standards set by NEVI for
highway EV charging requirements. The LNG to power the e-Boost
solution will be delivered to MACAW's EV charging hub as an
affordable and clean energy source. MACAW will utilize its industry
leading liquefaction technology to treat natural gas that would
otherwise be flared and wasted to produce LNG and efficiently
transport the fuel to deliver low carbon energy that will power the
e-Boost solution for off-grid EV charging. Future MACAW EV charging
hubs are planned for various locations throughout the US later in
2024.
"MACAW is a pioneer in creating and delivering
affordable low carbon, flare gas to EV charging hubs that are much
needed to help large fleets accelerate EV adoption and help lower
the carbon footprint for the transportation industry," commented
Nathan Mazurek, Pioneer's Chairman
and Chief Executive Officer. "We believe that MACAW's commitment to
convert wasted flare gas to sustainable energy for EV charging is
not just innovative but also underscores the need for investment to
capture and re-use wasted resources for energy for a better path to
Net Zero. We are proud to support this important initiative and
believe that our highly flexible e-Boost solution will help MACAW
to harness this wasted resource and deliver meaningful
environmental benefits. MACAW has an aggressive growth strategy,
backed by committed investors, and we are well suited to support
their needs both from an energy delivery and EV charging
outlook."
MACAW CEO Slim Hbaieb added, "Our strategic
collaboration with the e-Boost team is poised to address two key
areas of the energy sector; a comprehensive solution for US
producers grappling with natural gas flaring and the transportation
sector looking to decarbonize and electrify their fleets. By
leveraging MACAW's gas treatment units and proprietary,
cost-efficient liquefaction units, we aim to eliminate natural gas
waste and convert it to low carbon LNG, reduce emissions, and allow
producers to focus on their core business. The availability of
centrally located EV charging hubs is expected to be a game-changer
for the transportation industry and fleet owners who are currently
struggling with EV charging infrastructure and represents a
significant step forward in the journey towards a sustainable
energy future. The flexibility of Pioneer Power's e-Boost solution
helps make this possible."
Mazurek added, "This order, scheduled for
delivery in the second quarter of 2024, supports our expectation of
accelerating e-Boost revenue growth translating into a quadrupling
of our 2023 e-Boost revenue.
About MACAW Energies Limited
Macaw Energies Limited, a subsidiary of Golar LNG
Limited (NASDAQ: GLNG), is a pioneering company that bridges vision
and technological ingenuity to unlock the business proposition to
convert stranded and wasted flare gases and deliver sustainable
power to the energy consumers. Golar LNG is one of the most
innovative and successful companies in the LNG sector, being
responsible for the evolution of the industry with the development
of Floating Regasification Units (FSRUs), Floating Liquefaction
Units (FLNGs), and for the Small-Scale shipping sector. For more
information, please visit www.macawenergies.com
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.
Safe Harbor Statement:
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.
Contact:
Brett
Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pioneer-to-provide-e-boost-solution-to-launch-macaw-energies-low-carbon-lng-to-ev-charging-in-texas-301991666.html
SOURCE Pioneer Power Solutions, Inc.