Pioneer Power’s Momentum Continues, Winning $7 Million in E-Bloc and Other Related Equipment Orders during August, Supporting Increased Growth Expectations for 2024
Additional Purchase Orders from a Variety of Customers for Diverse Use-Cases including Electric Vehicle Supercharging Stations, Demonstrating Broad-Based Adoption of Pioneer’s Unique Distributed Generation Solution
Fort Lee, NJ, September 5, 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 vehicle (“EV”) charging solutions, today announced that it has received purchase orders for $7 million during the month of August for its E-Bloc distributed generation solution and other related custom control and protection equipment.
The orders, which are from several customers and address a diverse set of verticals and use-cases, are scheduled for delivery starting in the second quarter of 2024 with the majority to be recognized in the second half of 2024. Use-cases include EV supercharging stations, electrical utility customers, and aerospace customers.
“The distributed generation trend is here, with more and more customers taking steps to provide energy resilience, especially in light of severe weather events, and to efficiently utilize renewable energy sources like solar and wind,” noted Nathan Mazurek, Pioneer Power’s Chairman and Chief Executive Officer. “Our E-Bloc solution addresses these business needs, ensuring a secure supply of electricity without exclusively relying on the grid. E-Bloc also enables our customers to achieve an improved carbon footprint through the use of renewable sources and energy storage to augment the utility grid. Finally, and importantly, E-Bloc helps customers more efficiently manage their energy costs through peak shaving and other strategies.”
“The growth we are seeing is broad-based, not isolated to a single customer or region, and from a diverse set of industry verticals,” added Mr. Mazurek. “This demand reinforces our confidence for another year of notable rapid revenue growth and operating leverage as we continue to build backlog for the full year and the second half of 2024.”
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.
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Brett Maas, Managing Partner