Pioneer Power to Provide E-Bloc for Southern California Gas Company’s H2 Hydrogen Home

Rhea-AI Summary

Pioneer Power Solutions (NASDAQ: PPSI) announced a significant one-time order valued at $500,000 for its E-Bloc integrated power center. This product will be utilized in the SoCalGas H2 Hydrogen Home, a state-of-the-art demonstration project in California showcasing the potential of hydrogen energy. The E-Bloc system will manage various distributed energy resources, creating a microgrid for the prototype home. The delivery is expected in Q4 2021, positioning Pioneer Power as a vital player in California's carbon neutrality goals.

Positive

• Secured a one-time order worth $500,000.
• Involvement in the innovative SoCalGas H2 Hydrogen Home project enhances market visibility.
• Potential for larger future orders from various industries, including EV fleet and retail.

Negative

• None.

Solution Will Manage Power for California Residential Demonstration Microgrid

FORT LEE, N.J.--(BUSINESS WIRE)-- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"), a leader in the design and manufacturing of distributed generation and EV charging infrastructure as well as electrical distribution and on-site power generation equipment, today announced that its newly introduced E-Bloc integrated power center product will be utilized in Southern California Gas Company’s (“SoCalGas”) H2 Hydrogen Home prototype.

The one-time order is valued at approximately $500,000, and the Company expects it to be delivered in the fourth quarter of 2021.

SoCalGas’ H2 Hydrogen Home is a state-of-the-art demonstration project aimed at showing the role hydrogen could play in attaining California's goal of achieving carbon neutrality. Pioneer Power’s E-Bloc system is a packaged electrical infrastructure solution that will integrate and control the various distributed energy resources, including an H2 Fuel Cell, PV solar and energy storage, to form an islanded microgrid that can support the power needs of the prototype two-story model home, eliminating the need for connectivity to a public utility grid. Natural gas, water and sewer will be the only utilities connected to the home.

Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, “SoCalGas’ prototype hydrogen home is a first of its kind project that will demonstrate the once unimaginable possibilities of a fully- integrated, clean energy residential system that does not depend on electric power from a public utility grid. California is leading the way with its aspiration to be carbon neutral by 2045, and our participation in this highly visible project is an opportunity for us showcase the functionality of the E-Bloc integrated power center in a practical way. Beyond the H2 Hydrogen Home, we are actively engaged with a number of customers across a variety of industries, including big box retail, EV fleet charging and corporate enterprise customers that we believe will result in materially larger orders in the coming months.”

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

About H2 Hydrogen Home

The H2 Hydrogen Home, which will be built this year in the city of Downey, is the first fully integrated demonstration project with solar panels, a battery and electrolyzer to create hydrogen for the fuel cell to supply electricity for the home. Hydrogen will also be blended with natural gas and used in the home's heat pump HVAC unit, water heater, clothes dryer and gas stove. The home will function and feel exactly like a regular home but use reliable and clean energy 24 hours a day, 7 days a week, 365 days a year.

To learn more about the H2 Hydrogen Home, visit here.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005322/en/

Brett Maas, Managing Partner

Hayden IR

(646) 536-7331

brett@haydenir.com

Source: Pioneer Power Solutions, Inc.

FAQ

What is the value of the order announced by Pioneer Power Solutions?

The order is valued at approximately $500,000.

When is the delivery of Pioneer Power's E-Bloc expected?

The delivery is expected in the fourth quarter of 2021.

What project will Pioneer Power's E-Bloc be used for?

It will be utilized in the SoCalGas H2 Hydrogen Home prototype in California.

What are the features of the H2 Hydrogen Home?

The H2 Hydrogen Home will integrate solar panels, a battery, and an electrolyzer to create hydrogen for fuel cells, providing continuous clean energy.

What is Pioneer Power's strategy for future business growth?

Pioneer Power is actively engaged with multiple industries and expects to secure larger orders in the coming months.