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Power Solutions International, Inc. (PSI) is a leading company that specializes in designing, engineering, and manufacturing emission-certified, alternatively fueled engines and power systems. They offer integrated turn-key engine solutions to global OEMs in various markets, including industrial, off-road, and on-road sectors. With a focus on clean, high-performance engines, PSI can customize solutions that run on fuels like natural gas, propane, biogas, gasoline, or hybrid systems to meet environmental standards effectively.
The company's unique capabilities in design, prototyping, engineering, and testing allow them to deliver innovative and efficient power solutions tailored to specific needs. PSI serves a wide range of applications, such as stationary and mobile power generation, industrial equipment, forklifts, trucks, buses, and more. Their fuel-agnostic approach and commitment to sustainability set them apart in the industry, making them a reliable partner for clients seeking advanced engine solutions.
Power Solutions International (PSIX) announced an amended $130 million senior secured revolving credit agreement with Standard Chartered Bank. This agreement extends the maturity date to March 24, 2023. The previous default related to financial covenants has been waived without additional fees. The agreement mandates minimum EBITDA and interest coverage ratios. Additionally, PSIX amended two shareholder loan agreements with Weichai America, extending maturities and securing $130 million for repayment purposes. As of March 24, 2022, no borrowings were made under the First Shareholder's Loan Agreement.
Power Solutions International, Inc. (OTC Pink: PSIX) announced an international distribution agreement with Société Internationale des Moteurs Baudouin to expand its global reach in the marine and power generation sectors. Baudouin will market and sell PSI's 2.4L to 53L emissions-certified engines, emphasizing natural gas-powered options. This partnership provides wider access to European, Middle Eastern, and African markets. Notably, PSI's new 8.8L engine has achieved a power output of 200 kWe, the highest for its displacement class, enhancing the offerings available to clients.
Power Solutions International (PSIX) will present its 8.8-liter Power System engine at the Middle East Energy show from March 7 to March 9, 2022, in Dubai. This showcase highlights the company's commitment to advanced, emissions-certified engines and their collaboration with Moteurs Baudouin, a leader in diesel engines. PSI aims to expand its global reach through a recent distribution agreement with Baudouin, enhancing their market presence in various power generation segments.
XL Fleet Corp. (NYSE: XL) has appointed John Miller to its Board of Directors to enhance strategic guidance amidst rising decarbonization needs. Miller brings over 40 years of experience in transportation and manufacturing, including his tenure as CEO at Power Solutions International (OTC: PSIX). He aims to leverage his expertise to help XL Fleet support customers’ sustainability goals. The Board welcomes his operational and financial insight, especially during this transformative phase for the company.
Power Solutions International (PSIX) announces the retirement of co-founder and Executive Vice President Ken Winemaster effective December 31, 2021, after 36 years. Winemaster was instrumental in the company's strategic growth, overseeing operations, supply chain, and customer service. He co-founded PSI in 1985, transforming it from a regional distributor to an emission-certified engine manufacturer. CEO Lance Arnett praised Winemaster's contributions, emphasizing his role in enhancing operations and implementing enterprise planning systems.
Power Solutions International, Inc. (PSI) announced a new $50 million shareholder's loan agreement with Weichai America Corp. on December 10, 2021, to boost working capital. This loan is subordinated to a $130 million credit facility and will incur interest at LIBOR plus 4.5%. PSI has borrowed $25 million under this agreement as of December 16, 2021. CEO Lance Arnett expressed confidence in the company's liquidity and collaboration with Weichai. Historically, PSI has engaged in multiple loan agreements with Weichai, supporting its operational needs.
Power Solutions International (PSIX) has received non-road certification for its 8.8-liter propane engine from the EPA and CARB. This certification enables the engine's use in mobile, non-road applications, facilitating its quicker market entry. The engine features a near-zero NOx emissions level, producing 265 horsepower with 553 lb-ft of torque. It is aimed at applications like terminal tractors and other non-road vehicles, enhancing PSI's portfolio of clean power solutions.
Power Solutions International, Inc. (PSIX) reported a net loss of $7.2 million for Q3 2021, compared to a loss of $1.5 million in Q3 2020. Sales rose by 3% to $117.6 million, driven by a $10.7 million increase in the industrial sector, offset by declines in the transportation and energy markets. The gross profit decreased by $6.8 million, resulting in a gross margin of 9.6%. The company’s total debt is around $156 million with a cash balance of approximately $5 million. PSIX anticipates improved Q4 sales and gross profit despite ongoing supply chain issues and inflationary costs.
Power Solutions International (PSIX) announced participation in the Advanced Clean Transportation (ACT) Expo held from August 31 to September 1, 2021, in Long Beach, CA. The company will showcase an 8.8-liter LPG engine and fuel system developed in collaboration with Hexagon Agility.
Under a recent development agreement, Hexagon Agility will exclusively supply LPG fuel systems for PSI's engines targeting medium-duty vehicle manufacturers. The expo highlights advancements in sustainable transportation technologies, attracting leading OEMs and suppliers.
Power Solutions International (PSI) has announced a partnership with Hexagon Agility to enhance their capabilities in developing low-emission vehicle solutions. This master development and collaboration agreement focuses on integrating PSI's engine manufacturing expertise with Hexagon Agility's CNG and LPG fuel systems for medium-duty vehicles. The partnership aims to respond to the growing demand for clean energy solutions driven by stringent greenhouse gas regulations. Both companies will collaborate on developing and supplying engines and fuel systems while also offering support for service and parts in the field.
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