Tops Off Strong 2023 with Additional Sales to Further Bolster Growth in 2024
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 four new orders, as further described below, valued in excess of $10 million in the aggregate for its e-Bloc and related products.
The Company expects to deliver and install these orders beginning in the second quarter of 2024.
Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, said, “Increasingly, we are converting our pipeline of new business opportunities into sales, and these orders announced today further increase our expected revenue for 2024 and into 2025. The distributed power generation market is lacking solutions that can meet the consumption needs of industrial and commercial customers. Demand is extremely robust, and we continue to evolve our platforms to address the increasing demand.”
EV Charging Infrastructure Developer
An EV charging infrastructure developer awarded Pioneer Power a contract to provide the double ended substation for the EV charging platform at a site located in Rialto, California. The customer is expected to deploy the solution at additional sites over the course of the next 12 months. This customer provides turnkey solutions for charging infrastructure and services to enable fleets to transition to electric transportation. We believe Pioneer’s distributed power grid solution will allow for easy installation and access to power the EV charging platform. The Company expects the order will be completed and delivered in the second quarter of 2024.
An additional order was received from a developer of solar microgrids for Pioneer’s e-Bloc Low Voltage Power Distribution system. The order will be used in support of a solar microgrid installation at a major international U.S. airport located in the northeast. Pioneer will deliver its e-Bloc to the developer. This system is expected to provide power for EV charging needs in airport parking facilities. The Company expects to deliver the solution during the second half of 2024.
Large Titanium Smelter
A third order was received from one of the largest titanium smelters in the world, which is the only supplier with production facilities in both the United States and Europe. This customer is building a new castings plant in West Virginia. Pioneer will provide the main power switchgear for the new casting facility. The Company expects to complete and deliver the order in the third quarter of 2024.
Large Utility Provider
A fourth order was awarded to Pioneer by one of the nation’s largest natural gas distribution providers serving the western U.S. Pioneer will provide multiple IPC’s (electrical buildings) with paralleling switchgear for low voltage distribution. The Company expects to complete and deliver the order in 2025.
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.
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.
Brett Maas, Managing Partner