Pioneer Power Announces e-Bloc and Related Product Orders in Excess of $10 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 four new orders, as further described below, valued in excess of $10 million in the aggregate for its e-Bloc and related products.

The Company expects to deliver and install these orders beginning in the second quarter of 2024.

Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, “Increasingly, we are converting our pipeline of new business opportunities into sales, and these orders announced today further increase our expected revenue for 2024 and into 2025. The distributed power generation market is lacking solutions that can meet the consumption needs of industrial and commercial customers. Demand is extremely robust, and we continue to evolve our platforms to address the increasing demand.”

EV Charging Infrastructure Developer

An EV charging infrastructure developer awarded Pioneer Power a contract to provide the double ended substation for the EV charging platform at a site located in Rialto, California. The customer is expected to deploy the solution at additional sites over the course of the next 12 months. This customer provides turnkey solutions for charging infrastructure and services to enable fleets to transition to electric transportation. We believe Pioneer’s distributed power grid solution will allow for easy installation and access to power the EV charging platform. The Company expects the order will be completed and delivered in the second quarter of 2024.

Solar Microgrid

An additional order was received from a developer of solar microgrids for Pioneer’s e-Bloc Low Voltage Power Distribution system. The order will be used in support of a solar microgrid installation at a major international U.S. airport located in the northeast. Pioneer will deliver its e-Bloc to the developer. This system is expected to provide power for EV charging needs in airport parking facilities. The Company expects to deliver the solution during the second half of 2024.

Large Titanium Smelter

A third order was received from one of the largest titanium smelters in the world, which is the only supplier with production facilities in both the United States and Europe. This customer is building a new castings plant in West Virginia. Pioneer will provide the main power switchgear for the new casting facility. The Company expects to complete and deliver the order in the third quarter of 2024.