Pioneer Power Announces New $1.4 Million Distributed Generation Order
February 08 2021 - 8:00AM
Business Wire
Equipment Will Support Additional Store
Locations for Mass-Market Retailer
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or
the "Company"), a company engaged in the manufacture, sale and
service of electrical transmission, distribution and on-site power
generation equipment, today announced that it has been awarded a
$1.4 million equipment order for its distributed generation
equipment from CleanSpark, Inc. (Nasdaq: CLSK), Pioneer Power’s
channel partner. This order represents equipment for additional
store locations for one of the nation’s largest mass-market
retailers. The original award for a pilot program was awarded to
Pioneer Power at the end of 2019.
The Company will provide Automatic Transfer Switches, specialty
controls and circuit protective equipment. The order is expected to
ship by the third quarter of 2021.
Nathan Mazurek, Pioneer Power's Chairman and Chief Executive
Officer, said, “Together with CleanSpark, our channel partner, we
successfully completed testing for this distributed generation
system at five locations in early 2020, and this order is the first
in what we hope is a broad, national rollout. The success and the
initiation of a larger footprint with this retailer is a testament
to our ability to engineer and provide high quality solutions that
meet their peak shaving and distributed generation needs. This
order increases our backlog of orders, which was $11.3 million at
September 30, 2020, and reinforces our confidence for a strong 2021
for our business.”
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. manufactures, sells and services a
broad range of specialty electrical transmission, distribution and
on-site power generation equipment for applications in the utility,
industrial, commercial and backup power markets. The Company’s
principal products include switchgear and engine-generator
controls, complemented by a national field-service network to
maintain and repair power generation assets. 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 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
a single customer 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 fact that the Company’s chairman, who
controls a majority of the Company’s voting power, may develop
interests that diverge from yours, (xii) the liquidity and trading
volume of the Company’s common stock and (xiii) an outbreak of
disease, epidemic or pandemic, such as the global coronavirus
pandemic, or fear of such an event.
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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210208005039/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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