Polar Power Announces $2.9 Million in New Bookings During January 2024

Reliable and Unique Technology Platform Compels Selection of Polar Power to Provide DC Backup Power Generation Systems

GARDENA, CA, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid power solutions, announces approximately $2.9 million in net new bookings from international and domestic Tier-1 customers for the month of January 2024. This compares to $3.7 million in new bookings for the full first quarter in 2023.

Arthur Sams, CEO of Polar Power commented, “Our telecom market business is being driven by four factors: increased power demand for network upgrades, diminishing power availability from utility grids, increasing cost of diesel fuel, and providing increased broadband service to rural areas. A substantial portion of the $2.9 million in new orders in January represents repeat and expanded business in Puerto Rico. Over the past 6 years, our products deployed there have consistently performed exceptionally well in extreme weather conditions which routinely causes interruption in grid power for extended periods of time. A major factor in our product’s success is our use of super capacitors in our generator sets as opposed to 12 Vdc starter batteries used by our competitors.

“The January bookings, our growing sales pipeline and backlog give us confidence that we will continue to see recovery and improvement in our financial results throughout 2024. We also experienced substantial progress towards our diversification objectives from both sector and geographic market standpoints. Our customers are placing a new emphasis on fuel efficiency and lower maintenance with longer run times, which have been key competitive advantages of our equipment for the past 30 years,” concluded Mr. Sams.

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