Initial order for multiple 400 kW e-Boost
units and a transaction value of approximately $1 million
FORT LEE,
N.J., June 2, 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 an autonomous
driving division of a major global automaker has transacted for
multiple e-Boost units to support the initial rollout of autonomous
electric vehicles in several cities. Deliveries are expected to
begin in September 2023 and be
complete by the end of the current fiscal year.
"This represents another significant use-case for
our e-Boost solution, facilitating a rapid rollout of autonomous
electric vehicles in a flexible way," commented Geo Murickan, head of Pioneer Power's e-Mobility
business. "The existing charging infrastructure cannot meet the
current demand for these deployments, and adoption is accelerating
rapidly. Pioneer Mobility is addressing this shortfall with the
most innovative, flexible, and rapidly deployable solution for
anytime, anywhere EV charging. We are thrilled to play a critical
role in the growing adoption of smart, autonomous EV transportation
options."
"This order further evidences how e-Boost is
evolving into the solution of choice for rapid, mobile fast
charging independent of any grid connection," added Nathan Mazurek, Pioneer Power's Chairman and
Chief Executive Officer. "We expect that our e-Boost product
offering will contribute between 5 to 10% to Pioneer's top-line
during the current fiscal year and between 10 to 20% during the
fiscal year ending December 31,
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.
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 and
(xii) 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, 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
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SOURCE Pioneer Power Solutions, Inc.