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 vehicle (“EV”) charging solutions, today announced that it has received three new orders valued at $3.1 million in the aggregate for its e-Boost mobile electric charging solutions. With these orders and the current backlog, the Pioneer e-Mobility business unit is expected to deliver a record number of mobile off-grid EV charging solutions in 2024 that will significantly contribute to the revenue and operating margin of Pioneer Power Solutions in 2024.
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e-Boost High-Speed Charging Pod (Photo: Business Wire)
The Company expects to deliver and install these orders beginning in the first quarter of 2024.
“These orders, valued at $3.1 million in the aggregate, reflect the continued acceleration we are experiencing in the adoption of our e-Boost solutions,” commented Geo Murickan, head of Pioneer Power’s e-Mobility business. “These orders are of particular significance for two reasons. First, two are from new customers and one is a re-order from an existing customer who has already experienced the benefits of our e-Boost solution.
“Secondly, each customer chose a different e-Boost platform – Pod, Mobile and Mini, for the application that best suits its needs. We believe this reflects the breadth and versatility of the e-Boost solutions. Each of these customers considered various options and, in the end, selected e-Boost given our proven capabilities in delivering a solution that meets their EV transition timeline with the most sustainable and energy dense solution that is also economically viable.”
North American Utility
One of the largest North American utility companies awarded Pioneer Power a contract to purchase and install five e-Boost Pod units in five remote site locations to enable EV charging for consumers. The e-Boost Pod platform is designed for less mobile applications but offers the highest capacity of EV charging through the integration of the power asset and EV chargers into a completely enclosed and customized container like ones utilized in shipping cargo. The Company expects the order will be completed in the first and second quarters of 2024. e-Boost was selected as the solution of choice after extensive and careful consideration of multiple EV charging technologies and providers. These locations are critical for the customer as they are located along a key, nationally identified “charging corridor” and are impractical and cost prohibitive to be served by fixed charging infrastructure.
Pioneer’s e-Boost Pod will provide consumers with the most reliable method of EV charging given the remote locations and seasonally harsh weather conditions. Consumers will have access to two high speed DCFC chargers, with up to 75 KW. Each remote site will be equipped with lighting and camera monitoring that will be integrated with e-Boost to provide a safer environment for consumers.
In addition to the delivery and installation of the units, Pioneer will provide preventative maintenance through its national network of partners in conjunction with local service partners. The service team plans to utilize e-Boost RealM, a real-time remote monitoring online dashboard portal, and provide expert assistance for local technicians to support maximum uptime for EV charging.
Northeastern Transportation Authority
An additional order was also received from an existing customer, a major Northeastern transportation agency that manages air, land, rail and seaport assets. This purchase order expands its charging capabilities for its employee shuttle buses. Pioneer will deliver its e-Boost Mobile, a trailer unit that is often referred to as the “Flex” model, to provide 60KW of fast, Level-3 direct-current charging, and four Level-2 chargers, providing charging options for multiple vehicles at the same time. This system is expected to help expand operations of the transportation authority’s EV shuttle buses and other EV vehicles at several operating facilities. The Company expects to deliver the solution during the first quarter of 2024.
Truck Dealership
A third order was received from a major Northeastern U.S. truck dealership and truck upfitter with 14 locations. The dealership carries an inventory of trucks including a variety of EV truck models. This customer understands that mobile EV charging services are an integral part of its offering. Delivery of e-Boost Mini, a skid-based unit that can be easily loaded on to a truck bed or trailer with a forklift for mobility was selected to accelerate its customers’ adoption of EV trucks and help ease the transition to EV. Under the terms of the purchase order, Pioneer will design and customize an e-Boost solution with 30KW Level-3 direct-current charger that can be placed in any truck depot or various locations for on-demand EV charging. The dealership also plans to load it into a customized and upfitted truck from the dealership to provide emergency mobile EV charging and support pilot deployments of EV trucks.
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.
Forward-Looking Statements:
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.
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