Pioneer Power Receives Purchase Orders Totaling More than $1 Million for Distributed Generation Solutions

Rhea-AI Summary

Pioneer Power Solutions (Nasdaq: PPSI) announced on Oct. 28, 2021, that it received over $1 million in orders for its E-Bloc distributed generation solutions in just 14 days. The company expects to deliver these orders in Q4 2021. CEO Nathan Mazurek stated that these new orders from various sectors indicate growing traction for E-Bloc, with applications in grocery distribution, senior living, and water treatment facilities. Pioneer anticipates increased demand for E-Bloc as businesses invest more in alternative energy solutions, paving the way for potential growth in 2022.

Positive

• Received multiple orders totaling over $1 million within 14 days for E-Bloc solutions.
• Expectations for delivery of orders in Q4 2021, indicating prompt revenue recognition.
• Growing customer interest across various sectors such as grocery distribution, senior living, and water treatment, diversifying the customer base.

Negative

• None.

FORT LEE, N.J., Oct. 28, 2021 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"), a company engaged in the manufacture, sale and service of electrical infrastructure systems, today announced that in the past 14 days it has received multiple orders totaling more than $1.0 million, in aggregate, for its E-Bloc distributed generation solutions from customers across a number of vertical markets. The Company expects to begin delivering the orders in the fourth quarter of 2021.

Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, "These wins over the last two weeks across multiple verticals illustrate the quick traction we are gaining following the recent introduction of our E-Bloc solutions. Each of these orders are unique in their application yet serve the same purpose of advancing alternative energy solutions by deploying our single, integrated E-Bloc package to manage and operate distributed energy sources. Our solutions have wide and varied applications. To date we have commitments to install E-Bloc solutions at a large grocery distribution center, a senior living center and a large-scale water treatment operation in one of the country's largest cities."

Mazurek continued, "We believe our pipeline for E-Bloc is building with new installations being planned and developed for EV charging and alternative energy. As adoption of environmental sustainability continues to rise, we believe businesses and government entities will increase investment in alternative energy infrastructure and in turn, we expect demand for our E-Bloc to grow. We are progressing on a number of additional projects with new and existing customers that if successful, will drive outsized growth in this new section of our business in 2022. Looking further out, these massive multi-billion dollar markets will create further demand for the installation productivity that E-Bloc provides."

The Company's portfolio of distributed generation products, 'E-Bloc,' provides 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 green energy solutions while speeding installation and minimizing disruption to operations. Solutions are available for both Low and Medium voltage applications.

To learn more about Pioneer Power's E-Bloc infrastructure solution, contact us at E-BlocSales1@pioneerpowersolutions.com.

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. manufactures, sells and services a broad range of specialty electrical infrastructure  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.

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.

Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com

 

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SOURCE Pioneer Power Solutions, Inc.

FAQ

What recent orders did Pioneer Power Solutions receive for its E-Bloc solutions?

Pioneer Power received orders totaling over $1 million for its E-Bloc solutions within a 14-day period.

When does Pioneer Power Solutions expect to deliver the E-Bloc orders?

The company expects to begin delivering the E-Bloc orders in the fourth quarter of 2021.

What industries are adopting Pioneer Power's E-Bloc solutions?

Pioneer Power's E-Bloc solutions are being adopted across several sectors, including grocery distribution, senior living facilities, and water treatment operations.

How does Pioneer Power Solutions view the market demand for E-Bloc solutions?

Pioneer Power believes that as environmental sustainability becomes more important, demand for its E-Bloc solutions will continue to grow.