Pioneer Announces New E-Bloc Orders Totaling $7.2 Million in the Month of June for Multiple Infrastructure Markets – Airports, Military Installations and EV Charging
09 July 2024 - 10:30PM
Business Wire
Bulk of deliveries expected in the first half
of 2025
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240709098385/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
Pioneer Power Solutions (NASDAQ:PPSI)
Historical Stock Chart
From Sep 2024 to Oct 2024
Pioneer Power Solutions (NASDAQ:PPSI)
Historical Stock Chart
From Oct 2023 to Oct 2024