Pioneer Power's e-Boost Mobile Solution Selected by Major Automaker to Support Multi-City Autonomous Electric Vehicle Rollout
Initial order for multiple 400 kW e-Boost units and a transaction value of approximately $1 million
FORT LEE, N.J., June 2, 2023 /PRNewswire/ -- 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 an autonomous driving division of a major global automaker has transacted for multiple e-Boost units to support the initial rollout of autonomous electric vehicles in several cities. Deliveries are expected to begin in September 2023 and be complete by the end of the current fiscal year.
"This represents another significant use-case for our e-Boost solution, facilitating a rapid rollout of autonomous electric vehicles in a flexible way," commented Geo Murickan, head of Pioneer Power's e-Mobility business. "The existing charging infrastructure cannot meet the current demand for these deployments, and adoption is accelerating rapidly. Pioneer Mobility is addressing this shortfall with the most innovative, flexible, and rapidly deployable solution for anytime, anywhere EV charging. We are thrilled to play a critical role in the growing adoption of smart, autonomous EV transportation options."
"This order further evidences how e-Boost is evolving into the solution of choice for rapid, mobile fast charging independent of any grid connection," added Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer. "We expect that our e-Boost product offering will contribute between 5 to 10% to Pioneer's top-line during the current fiscal year and between 10 to 20% during the fiscal year ending December 31, 2024."
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 EV 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 Private Securities Litigation Reform Act of 1995, as amended. 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 and (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event.
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 Securities and Exchange Commission, 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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SOURCE Pioneer Power Solutions, Inc.
