Pioneer Power Sells Mobile EV Charging Solution E-BOOST to Commercial EV Charging Infrastructure Solutions Company

Rhea-AI Summary

Pioneer Power Solutions (Nasdaq: PPSI) received a $120,000 purchase order for two E-BOOST mobile EV charging solutions, marking its second order since the product's launch just five months ago. This comes after a prior order of $788,000 in January 2022. The skid-mounted systems are designed for recharging electric school buses and are portable and powered by green propane. CEO Nathan Mazurek emphasized the growing demand for such solutions in improving EV charging infrastructure.

Positive

• Second order for E-BOOST system valued at $120,000 received within five months of its launch.
• Prior purchase order of $788,000 indicates strong initial demand.
• E-BOOST solutions cater to rising needs for mobile EV charging capabilities.

Negative

• None.

Purchase order for two E-BOOST skid-mounted, level-3, fast charging propane powered EV charging solutions for use by electric school bus manufacturer

FORT LEE, N.J., March 28, 2022 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" "Pioneer Power" or the "Company"), a leader in the design, manufacture, service and integration of electric power systems, distributed energy resources, used and new power generation equipment and mobile electric vehicle ("EV") charging solutions, today announced that the Company has received a second purchase order, valued at  $120,000, for its E-BOOST® skid-mounted mobile EV charging solution. This is the second order for Pioneer's novel E-Boost® system, invented, designed, and launched in only the last five months.

The order was received from an industry leading turn-key commercial EV charging infrastructure solutions provider and a Pioneer authorized channel partner. The sale is for two of Pioneer's innovative new E- Boost skid-mounted solutions to recharge electric school buses. These units are part of the E-BOOST suite of smart, off-grid, mobile EV charging solutions designed to meet the growing demand for flexible, mobile, and temporary EV charging at events, military deployments, car dealerships, in roadside assistance situations, or wherever mobile EV charging is needed. The E-BOOST product portfolio includes truck, trailer and skid mounted propane fueled charging options as well self-contained off the grid propane fueled pod style options. 

As previously announced, Pioneer received a $788,000 purchase order for its E-BOOST^© mobile EV charging solution on January 28, 2022. This order shipped in mid-March, and Pioneer will recognize revenue from this sale in the first quarter of 2022, the period ending March 31, 2022.

"Devised just last June, we formally launched E-Boost in November, developed the first solutions in record time and now we have recorded two significant sales, just months later," commented Nathan Mazurek, Pioneer's Chief Executive Officer. "The use-cases for E-BOOST and its applications from our customers and the market continue to bolster our confidence that this is a solution that is needed now to help the EV Charging infrastructure meet demand."

Key features of this special E-Boost Pod solution include:

• A 50kw generator, fueled by green propane, fully integrated on a skid for rapid charging almost anywhere
• 1 level-3, 30kw high-capacity DC charger for rapid overnight and intermittent charging of trucks or buses at dealerships or depots.
• On board 1 - 100-gallon fuel tank for continuous EV charging at any remote location
• Fully and easily portable with the inherent convenience of easy delivery, relocation and re-fueling with just a forklift and any pickup truck.

To learn more about the entire suite of E-Boost products, please visit http://www.pioneer-emobility.com/.

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, refurbishment, service and distribution of electric power systems, distributed energy resources, used and new power generation equipment and mobile EV charging solutions for applications in the utility, industrial and commercial markets. 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 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 is the significance of the recent purchase order for Pioneer Power Solutions (PPSI)?

The recent $120,000 purchase order for two E-BOOST mobile EV charging solutions signifies strong demand shortly after product launch.

How does the E-BOOST system benefit electric school buses?

The E-BOOST system provides rapid and mobile charging solutions, allowing electric school buses to recharge efficiently at various locations.

What were the previous order amounts for E-BOOST solutions by PPSI?

Before the recent order, Pioneer Power Solutions received a $788,000 purchase order for the E-BOOST system in January 2022.

When was the E-BOOST system launched by Pioneer Power Solutions?

The E-BOOST system was launched by Pioneer Power Solutions in November 2021.

What are the key features of the E-BOOST charging solutions?

Key features include a 50kw propane generator, 30kw high-capacity DC charger, and a portable design for easy relocation.