Polar Power Inc. (“Polar” or the “Company”) (NASDAQ: POLA), a
global provider of prime, backup and solar hybrid DC power
solutions, today announced it is now taking advance orders for its
new line of mobile Combined Charging System (“CCS”) Electric
Vehicle (“EV”) chargers, which are expected to be available before
the end of the first quarter of 2024. Mobile EV chargers are used
for emergency roadside service providing a fast-charging solution
for EVs that have run out of charge before reaching a stationary
charging facility. The goal is not to fully charge the vehicle but
place a sufficient charge allowing the vehicle to proceed to the
nearest charging station; this being analogous to the can of
gasoline provided to stranded motorists.
Polar is currently upgrading its mobile CHAdeMO
EV chargers to the universal CCS standard to meet the larger market
opportunity. Because of the supply chain shortages and long
delivery of engines and electronics, Polar is taking orders for
shipments starting in the first quarter of 2024.
Since 2011 Polar has sold its CHAdeMO chargers
to most of the major U.S. automakers for fast charging their EVs
during field testing. The performance advantage Polar provided to
mobile EV charging was a significant reduction in the charging
system's size, weight, fuel consumption (for both the charger and
vehicle transporting the charger), and system cost. Using the Polar
system, a complete charging system can be deployed on the back of a
small pickup truck relative to alternative solutions requiring a
large trailer towed by a truck or tractor/trailer. The Polar mobile
EV charger technology is DC based and is less than half the weight
and size of an AC generator coupled to an AC to DC charger.
The other alternate solution to an EV running
out of power on the road is a flatbed truck to transport the
vehicle to the nearest charging station. This is a cumbersome
solution requiring a considerable time to load the EV, transport
it, and unload it at the charging station. In aggregate, this can
take hours and to exacerbate the situation, in many cities, there
is a long wait for flatbed truck availability. Using a mobile EV
charger allows a small van or pickup truck to perform a
15-to-30-minute charge (about the same time required to only load
the vehicle on to the flatbed truck) allowing the motorist to drive
to a charging station, which is a substantially more elegant and
cost-effective solution. In fact, the Polar EV chargers are small
enough to be installed on tow trucks / wreckers or on a small
pickup or van. Polar expects this will substantially accelerate the
establishments of fleets to serve the fast-growing EV market.
The first sizes to ship will be 15 kW and 30 kW
using either propane, natural gas, or diesel. Polar's next
generation of DC alternators, its 9000 series, is in test with 50
kW charging output. These chargers are expected to be available in
the second quarter of 2024.
Mr. Arthur D. Sams, CEO of the Company,
comments, "There is a large number of gas stations in our cities
and highways with short lines where it takes only minutes to refuel
yet there are still a substantial number of drivers that run out of
fuel," said Polar Power CEO Arthur Sams. "I am intimately familiar
with the challenges as an EV owner myself for the past 8 years and
I know that keeping a charge in your vehicle requires an extra
effort. There have been many times that I arrived at the charging
station with less than 5 miles of charge remaining in the vehicle
and I expect this is a familiar comment from many EV owners".
"One factor causing EVs to run out of charge is
commonly referred to as phantom discharge or vampire drain; EV
owners can experience continued battery discharge while the vehicle
is parked. My EV loses up to 10 miles a day while my car is parked
at the airport, so I must make sure there is sufficient charge to
manage the time away from the vehicle and the charge needed to get
home. The factors causing phantom discharge vary from EV to EV,
including preconditioning and temperature regulation of the battery
and cabin interior, security cameras, charging the onboard 12 Vdc
battery, and miscellaneous apps. As soon as I figure out the
setting to reduce my phantom discharges, a software update comes
along and seems to switch them on again. In addition to the EV
owners’ needs for mobile charging there are the needs of EV
manufacturers, transportation logistics, and dealer sales lots.
When the automotive manufacturing plant ships an EV there can be
problems with dead batteries due to long storage and transportation
time, mobile chargers are needed at the docks, storage yards, and
the dealerships. Fleet vehicle operators need mobile chargers to
maintain and service their fleet.
Mr. Sams concluded, "Many EV owners are burdened
with range anxiety, and we can provide a cost-effective and easily
accessible solution to give owners greater comfort through
emergency on-road charging solutions using our power technology
platform. The incumbent solution frequently leads to bad
experiences for EV owners who have faced very long waits for a
flatbed truck to haul their EV to a charging station, keeping in
mind that most EVs are not even towable with standard tow trucks.
Overall, we see this as a substantial market opportunity for us by
providing the enabling technology to solve this real-world problem
that will only become more prevalent with the proliferation of
EVs.
We believe supplying each city in the USA with
just one mobile EV charger represents a huge market potential."
About Polar Power, Inc.
Gardena, California-based Polar Power, Inc.
(NASDAQ: POLA) designs, manufactures, and sells direct current, or
DC, power systems, lithium battery powered hybrid solar systems for
applications in the telecommunications market and, in other
markets, including military, electric vehicle charging,
cogeneration, distributed power, and uninterruptable power supply.
Within the telecommunications market, Polar's systems provide
reliable and low-cost energy for applications for off-grid and
bad-grid applications with critical power needs that cannot be
without power in the event of utility grid failure. For more
information, please visit www.polarpower.com or follow us on
www.linkedin.com/company/polar-power-inc/.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 This news release
contains certain statements of a forward-looking nature relating to
future events or future business performance. Forward-looking
statements can be identified by the words "expects," "anticipates,"
"believes," “intends,” “estimates,” “plans,” “will,” “outlook” and
similar expressions. Forward-looking statements are based on
management’s current plans, estimates, assumptions and projections,
and speak only as of the date they are made. With the exception of
historical information, the matters discussed in this press release
including, without limitation, Polar’s expectation that its new
line of electric vehicle chargers including those of sizes 15 kW,
30 kW, and 50 kW using either propane, natural gas, or diesel will
be available in the year 2024 are forward-looking statements and
considerations that involve a number of risks and uncertainties.
The actual future results of Polar could differ from those
statements. Factors that could cause or contribute to such
differences include, but are not limited to, adverse domestic and
foreign economic and market conditions, including demand for mobile
EV chargers; trade tariffs on raw materials; changes in domestic
and foreign governmental regulations and policies; the impact of
inflation and changing prices on raw materials; supply chain
constraints causing significant delays in sourcing raw materials;
labor shortages as a result of the pandemic, low unemployment
rates, or other factors limiting the availability of qualified
workers; and other events, factors and risks. It undertakes no
obligation to update any forward-looking statement in light of new
information or future events, except as otherwise required by law.
Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and are
generally beyond Polar’s control. Actual results or outcomes may
differ materially from those implied by the forward-looking
statements as a result of the impact of a number of factors, many
of which are discussed in more detail in Polar’s reports filed with
the Securities and Exchange Commission.
Media and Investor Relations:Shawn M.
Severson+1 312-420-9191
Company Contact:Polar Power, Inc.249 E. Gardena
Blvd.Gardena, CA 90248Tel:
310-830-9153ir@polarpowerinc.comwww.polarpower.com
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