Pioneer Power Launches New Modular, E-Bloc Charge Port Series and Immediately Books Initial Orders Valued at More Than $2 Million

Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” 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 launched its new E-Bloc Charge Port series and immediately received initial purchase orders valued at more than $2 million dollars.

The Company expects to deliver the initial orders during the second quarter of 2024.

E-Bloc Charge Port Series

Nathan Mazurek, CEO of Pioneer, commented, “Our newly launched E-Bloc Charge Port series was developed and engineered to protect the electrical integrity of chargers and related equipment to support the roll out of EV charging stations. The modular E-Bloc Charge Port units provide enhanced performance and improve flexibility for site-specific power distribution needs regardless of the combination of distribution feeder breakers required. The E-Bloc Charge Port design is inherently flexible, highly scalable and smartly packaged - key differentiators in the marketplace. Pioneer is one of two suppliers currently approved by Southern California Edison with regards to the state of California’s ('CPUC') mandated 'Charge Ready' program initiative and our E-Bloc Charge Port series is the only commercially available solution with the flexibility of use for the variety of settings required. The initial purchase orders of more than $2 million dollars advance our 2024 growth objectives and we anticipate this to be a meaningful opportunity to rapidly increase E-Bloc unit sales.”

Market Opportunity

Speaking on the market opportunity, Mazurek continued, “We expect the state of California’s approach to addressing mandated environmental standards and the implementation of our E-Bloc Charge Port focused series will gain nationwide attention and drive further increases in demand. Given the state’s mandate to provide upwards of 100,000 charge ports over the next three to five years, there is a substantive opportunity to grow this new business product line.”

Key Features and Expected Benefits of the E-Bloc Charge Port Series

Smartly Engineered and Packaged - Pioneer, with its in-depth experience in installing over 1,000 E-Bloc units, developed a new, slimmer form factor, which is built on past design considerations and customer demand and feedback. The E-Bloc Port Charge series was engineered with an efficient design that is scalable, modular and meets SCE’s Electrical Service Requirements (ESR).