Extends and Expands Relationship with
CleanSpark; Declares One-Time Special Cash Dividend of $0.12 per
Common Share
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 extended and
expanded its agreement with CleanSpark, Inc. (Nasdaq: CLSK)
(“CleanSpark”).
The Company also announced that it has launched a new integrated
power systems solution, PowerBloc1, to address customer needs in
the rapidly growing electric vehicle (“EV”) charging infrastructure
market.
In addition, the Company’s Board of Directors has declared a
one-time special cash dividend of $0.12 per common share. The
special dividend will result in an aggregate distribution slightly
exceeding $1 million based on the current number of shares
outstanding.
Extends and Expands Distribution Agreement with
CleanSpark
The Company signed a Distribution Agreement with CleanSpark, a
diversified energy software, services and clean bitcoin mining
company, that extends and expands the relationship between the two
companies beyond their original agreement to the end of 2023. As
part of this new agreement, Pioneer Power has expanded rights to
use CleanSpark’s proprietary software, mPulse and GridFabric
OpenADR solution and bundle it with PowerBloc, Pioneer’s integrated
charging and power solution for EV infrastructure. In addition,
CleanSpark received expanded rights to serve as a preferred
distributor of PowerBloc.
Introduces PowerBloc, a Customizable ‘Grid-on-a-Skid’
The introduction of PowerBloc, which is supported by further
investment in product dedicated sales and engineering talent, marks
a strategic pivot for the future direction of Pioneer Power.
PowerBloc is a solution engineered in response to increasing
requests by EV infrastructure providers for a rapidly deployable,
and customized product.
In addition, PowerBloc provides future adaptability to an EV
charging site allowing for easy connection of on-site solar, wind,
peak shaving or back-up generation.
Nathan Mazurek, Pioneer Power's Chairman and Chief Executive
Officer, said, “We are pursuing this new market opportunity with EV
charging as a direct response to requests from EV charging
equipment and service providers. Many large electric vehicle
infrastructure projects require equipment and engineering knowledge
to manage the scale and complexity of their power requirements. Our
decades of experience designing, integrating, and managing highly
engineered power solutions enabled us to develop PowerBloc, our
‘Grid-on-a-Skid,’ as a direct response to the power challenges of
the EV charging market.”
Dividend Declared
On June 1, 2021, the Company’s Board of Directors declared a
one-time special cash dividend of $0.12 per common share. The
dividend will be paid on July 7, 2021 to shareholders of record as
of June 22, 2021. The dividend will be funded with surplus cash on
the Company’s balance sheet.
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.
About CleanSpark
CleanSpark, Inc., a Nevada corporation, is in the business of
providing advanced software, controls and technology solutions to
solve modern energy challenges. CleanSpark has a suite of software
solutions that provides end-to-end microgrid energy modeling,
energy market communications, and energy management solutions.
CleanSpark's offerings consist of intelligent energy monitoring and
controls, intelligent microgrid design software, middleware
communications protocols for the energy industry, energy system
engineering, custom hardware solutions, microgrid installation and
implementation services, traditional data center services and
software consulting services. The Company and its subsidiaries also
own and operate a fleet of Bitcoin miners at its facility outside
of Atlanta, Georgia. More information at www.cleanspark.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.
1 Trademark Pending
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210602005346/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
CleanSpark (NASDAQ:CLSK)
Historical Stock Chart
From Mar 2024 to Apr 2024
CleanSpark (NASDAQ:CLSK)
Historical Stock Chart
From Apr 2023 to Apr 2024