Pioneer to Provide e-Boost Solution to Launch MACAW Energies' Low Carbon LNG to EV Charging in Texas

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Pioneer Power Solutions, Inc. (Nasdaq: PPSI) has announced a significant expansion in the South Central Region by providing an e-Boost electric vehicle charging solution to MACAW Energies. This solution will support MACAW's low carbon LNG to ultra high-speed EV charging in Texas, aiming to accelerate EV adoption for fleet customers through a pilot project.

First Low Carbon Flare Gas Technology-Powered Order Significantly Expands e-Boost Installation in South Central Region; Will Support MACAW's Low Carbon LNG to Ultra High-Speed EV Charging In Texas

FORT LEE, N.J., Nov. 17, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer", "Pioneer Power" or the "Company"), a leader in the design, manufacture, service and integration of electrical power systems, distributed energy resources, power generation equipment and mobile electric charging solutions, today announced that it will provide an e-Boost electric vehicle ("EV") charging solution to MACAW Energies, an integrated company that will power the system with its low-carbon liquefied natural gas ("LNG") produced with natural gas that otherwise would be flared or wasted. The e-Boost solution will be deployed at MACAW's pilot project in Texas, which aims to accelerate EV adoption of fleet customers through an ultra high-speed charging hub for MACAW's EVs powered on low-carbon, flare gas technology.

Pioneer Power's innovative e-Boost solution will help MACAW develop its first EV charging hub, including direct-current ultra-fast chargers ("DCFC"), capable of reaching power levels up to 300 kW for a single vehicle – making a full charge possible for large EVs in less than an hour. Alternatively, e-Boost can charge up to four EV vehicles at one time, delivering 360 KW of combined power, exceeding the standards set by NEVI for highway EV charging requirements. The LNG to power the e-Boost solution will be delivered to MACAW's EV charging hub as an affordable and clean energy source. MACAW will utilize its industry leading liquefaction technology to treat natural gas that would otherwise be flared and wasted to produce LNG and efficiently transport the fuel to deliver low carbon energy that will power the e-Boost solution for off-grid EV charging. Future MACAW EV charging hubs are planned for various locations throughout the US later in 2024.

"MACAW is a pioneer in creating and delivering affordable low carbon, flare gas to EV charging hubs that are much needed to help large fleets accelerate EV adoption and help lower the carbon footprint for the transportation industry," commented Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer. "We believe that MACAW's commitment to convert wasted flare gas to sustainable energy for EV charging is not just innovative but also underscores the need for investment to capture and re-use wasted resources for energy for a better path to Net Zero. We are proud to support this important initiative and believe that our highly flexible e-Boost solution will help MACAW to harness this wasted resource and deliver meaningful environmental benefits. MACAW has an aggressive growth strategy, backed by committed investors, and we are well suited to support their needs both from an energy delivery and EV charging outlook."

MACAW CEO Slim Hbaieb added, "Our strategic collaboration with the e-Boost team is poised to address two key areas of the energy sector; a comprehensive solution for US producers grappling with natural gas flaring and the transportation sector looking to decarbonize and electrify their fleets. By leveraging MACAW's gas treatment units and proprietary, cost-efficient liquefaction units, we aim to eliminate natural gas waste and convert it to low carbon LNG, reduce emissions, and allow producers to focus on their core business. The availability of centrally located EV charging hubs is expected to be a game-changer for the transportation industry and fleet owners who are currently struggling with EV charging infrastructure and represents a significant step forward in the journey towards a sustainable energy future. The flexibility of Pioneer Power's e-Boost solution helps make this possible."

Mazurek added, "This order, scheduled for delivery in the second quarter of 2024, supports our expectation of accelerating e-Boost revenue growth translating into a quadrupling of our 2023 e-Boost revenue.

About MACAW Energies Limited

Macaw Energies Limited, a subsidiary of Golar LNG Limited (NASDAQ: GLNG), is a pioneering company that bridges vision and technological ingenuity to unlock the business proposition to convert stranded and wasted flare gases and deliver sustainable power to the energy consumers. Golar LNG is one of the most innovative and successful companies in the LNG sector, being responsible for the evolution of the industry with the development of Floating Regasification Units (FSRUs), Floating Liquefaction Units (FLNGs), and for the Small-Scale shipping sector. For more information, please visit www.macawenergies.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, power generation equipment and mobile electric 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 federal securities laws. 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 two customers 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 liquidity and trading volume of the Company's common stock, (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, and (xiii) risks associated with litigation and claims, which could impact our financial results and condition.

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 U.S. Securities and Exchange Commission ("SEC"), including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. 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 e-Boost electric vehicle charging solution?

The e-Boost solution is an innovative electric vehicle charging technology that can support ultra high-speed charging for large EVs, capable of reaching power levels up to 300 kW for a single vehicle or charging up to four EVs at one time, delivering 360 KW of combined power.

What is MACAW Energies' approach to low carbon LNG and EV charging?

MACAW Energies plans to power its EV charging hubs with low-carbon liquefied natural gas produced from natural gas that would otherwise be flared or wasted, aiming to eliminate natural gas waste and reduce emissions in the transportation sector.

What is the strategic collaboration between MACAW Energies and the e-Boost team?

The collaboration aims to address natural gas flaring and the transportation sector's need to decarbonize and electrify fleets by leveraging MACAW's gas treatment and liquefaction units and Pioneer Power's flexible e-Boost solution.

What is the expected impact of the order for e-Boost revenue growth?

The order, scheduled for delivery in the second quarter of 2024, supports the expectation of accelerating e-Boost revenue growth, translating into a quadrupling of 2023 e-Boost revenue.