Pioneer Power Announces e-Boost Orders Totaling $3.1 Million

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.