Pioneer Power Announces $ 12 Million Order From One of the World’s Largest Mass Merchants; Expected to dramatically increase revenue for 2022
The units are scalable and capable of integrating several needs for electricity production and recharging of electric vehicles on site
FORT LEE, New Jersey, December 21, 2021 / PRNewswire / – Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (âPioneerâ âPioneer Powerâ or the âCompanyâ), a leader in the design, manufacture and integration of systems and services of power supply, including on-site power, circuit protection and control power solutions, today announced a major order for its E-Bloc product. This first order, estimated at around $ 12 million, is expected to double sales of Pioneer’s T&D Solutions business in 2022. More specifically, this price represents 62 E-Bloc units and is part of a proposed program whereby the mass merchant plans to eventually equip around 500 of its stores with E-Bloc type products.
Pioneer’s E-Block design improves electrical installation by providing the flexibility to combine a wide variety of distributed energy resources into 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 low and medium voltage applications. In many cases, E-Bloc also avoids the need to coordinate installation with local utilities, dramatically reducing installation time and costs.
“This program confirms our strategic decision to pivot Pioneer to meet the increasing demands on power grids,” commented Nathan Mazurek, Chairman of the Board and Chief Executive Officer of Pioneer. “We are building on the success demonstrated by several pilot orders for this customer and others throughout the second half of 2021.”
Mazurek continued, âThis order marks a significant milestone in Pioneer history and reinforces our optimism for additional opportunities which we believe will lead to rapid revenue growth over the next several years. The entire Pioneer team is to be congratulated for 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 in many verticals are moving rapidly to upgrade their electrical infrastructure to ensure their access to electricity, to support solar power, energy storage, emergency power supply and prepare for the installation of electric vehicle charging. We expect these demand drivers to 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 [email protected]
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a leader in the design, manufacture and distribution of on-site electrical equipment, distributed generation and energy infrastructure for applications in the EV, utility, industrial, commercial and emergency power. The Company’s main products include electric vehicle charging products, power resource management distribution, switchgear controls and motor generators, complemented by a nationwide on-site service network to maintain and repair power generation assets. To learn more about Pioneer, please visit their website at www.pioneerpowersolutions.com.
Safe Harbor Declaration:
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 “intention”, “may”, “will”, “plans”, “expects”, “plans”, “projects”, “predicts”, “estimates”, “aims” , “Estimates,” “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 independent will not be predicted or quantified and, therefore, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company’s ability to successfully increase its revenues and profits in the future, (ii) general economic conditions and their effect on the demand for electrical equipment, (iii) the effects of fluctuations in operating conditions of the Company, (iv) the fact that many of the Company’s competitors are more established and have significantly more resources than the Company, (v) the Company’s dependence on a single client for a large part of its business, (vi) the potential loss or departure of key employees, (vii) unforeseen increases in raw material prices or supply interruptions, (viii) the Company’s ability to realize the revenues indicated in the Company’s backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the fact that the President of the Company, who controls a substantial part of the voting rights of the Company, may develop interests that diverge from you, (xii) the liquidity and trading volume of the Company’s common shares and (xiii) an outbreak of disease, epidemic or pandemic, such as the global pandemic of coronavirus, or the fear of such an event.
More detailed information about the company and the risk factors that may affect the performance of forward-looking statements are set out 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 website 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.
Brett maas, Management partner
View original content to download multimedia: https://www.prnewswire.com/news-releases/pioneer-power-announces-12-million-order-from-one-of-the-worlds-largest-mass-merchandisers -expected-to-significantly-increase-revenues-for-2022-301448946.html
SOURCE Pioneer Power Solutions, Inc.