FORT LEE, N.J., Dec. 21, 2021 /PRNewswire/ -- Pioneer Power
Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" "Pioneer Power" or the
"Company"), a leader in the design, manufacture and integration of
electric power systems and service, including on site power,
circuit protective and control power solutions, today announced a
significant order for its E-Bloc product. This initial order,
valued at approximately $12 million,
is expected to double sales in Pioneer's T&D Solutions business
in 2022. Specifically, this award represents 62 E-Bloc units and is
part of a proposed program whereby the mass merchandiser expects to
ultimately equip approximately 500 of its stores with E-Bloc type
product.
Pioneer's E-Bloc design improves power installation by providing
the flexibility to combine a wide variety of distributed energy
resources in a compact, integrated package. E-Bloc provides all the
connectivity to install EV charging and power sources while
speeding up installation and minimizing disruption to operations.
Solutions are available for both Low and Medium-voltage
applications. In many cases, E-Bloc also bypasses the need to
coordinate installation with local utilities, dramatically reducing
installation times and cost.
"This program affirms our strategic decision to pivot Pioneer to
address the increasing demands on electric grids," commented
Nathan Mazurek, Pioneer's Chairman,
and Chief Executive Officer. "We are building on the success
demonstrated with several pilot orders for this customer and others
throughout the second half of 2021."
Mazurek continued, "This order marks a significant milestone in
Pioneer's history and reinforces our optimism for additional
opportunities that we believe will drive rapid revenue growth for
the next several years. The entire Pioneer team is to be
congratulated on their efforts in designing, manufacturing and
bringing our E-Bloc solution to successful commercialization in
such a short time. Owners of commercial and industrial facilities
across many verticals are moving quickly to upgrade their
electrical infrastructure in order to fail-proof their access to
power, accommodate solar power, energy storage, backup power and
prepare for the installation of EV-charging. We expect that these
demand drivers will create a robust addressable market for our
products well into the foreseeable future."
To learn more about Pioneer Power's E-Bloc solution, please
contact E-BlocSales1@pioneerpowersolutions.com
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design,
manufacture and distribution of on-site power equipment,
distributed generation and Energy infrastructure for applications
in the EV, utility, industrial, commercial and backup power
markets. The Company's principal products include EV charging
products, distribute energy resource management, 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 substantial amount 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.
Contact:
Brett Maas,
Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE Pioneer Power Solutions, Inc.