Pioneer Power Solutions Inc PPSI

First Order from Municipality to Service Public Transportation Sector

FORT LEE, N.J., Aug. 9, 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 it has received an initial order from the City of Fairfield, California, through AssetWorks, a leading supplier of fleet management software, automated fueling systems and EV charge management software, for one e-Boost trailer-mounted unit to service the electric portion of Fairfield's public bus fleet. The unit will include high-capacity DC charging capability, utilizing a 200kW ChargePoint charger, independently powered by a 240kW propane-fueled engine, all integrated on a mobile trailer.

Located in the North Bay sub-region of the San Francisco Bay Area, approximately halfway between San Francisco and Sacramento, Fairfield is the county seat of Solano County, California. With a population of 119,881 at the 2020 census, Fairfield is the home of Travis Air Force Base.

In August, 2022, the Federal Transit Administration awarded a $12.0 million Bus and Low- and No- Emission Grant to the City of Fairfield for transit electrification. Fairfield was one of 150 transit agencies across the United States (19 agencies in California) to be awarded this funding. The grant award covers the purchase of five GILLIG battery electric buses, three ChargePoint chargers, infrastructure upgrades, vehicle maintenance facility upgrades, and workforce development. Along with the other state and local funds, this award provides enough funding for the first phase of transit electrification. The California Air Resources Board adopted an Innovative Clean Transit regulation requiring all buses to be zero emission by 2040. Fairfield-Suisun Transit ("FAST") has chosen to meet this mandate through electrification of its fleet. This competitive federal award is critical funding that will allow FAST to timely begin electrification infrastructure and maintenance upgrades at the City's Corporation Yard.   

David Renschler, Fleet Division Manager at the City of Fairfield, commented, "It's very important to us that we get our zero-emission vehicles into service as quickly as possible, and once the permanent chargers have been installed, the e-Boost system will be available for both mobile charging and backup power for resilience during outages such as a power shut off event."

"This is the first municipality to purchase e-Boost to support an electrified fleet," commented Geo Murickan, head of Pioneer Power's e-Mobility business. "Cities around the world, and particularly in California, are converting public bus fleets to electric power. This trend, accelerated by climate mandates and supported by government grants, represents an exciting and evolving opportunity for us, one we expect to drive additional sales in the near-term. Fairfield is already converting a portion of their bus fleet to electricity with plans for further conversions. Construction of permanent charging infrastructure can sometimes take years to complete. We believe that our mobile EV charging solutions can help fleets and municipalities move more quickly to implement their zero-emission plans, and our built-in resiliency serves as an important capability long after permanent charging is in place."

Pioneer Power expects to deliver the system in the fourth quarter of 2023.

"Over the coming months, we anticipate the municipal and school bus market will significantly expand as more fleets incorporate electric busses," added Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer. "We believe that our flexible e-Boost system makes electric conversions easier, providing on-demand charging anytime and anywhere without costly fixed infrastructure investments."

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.

Contact:
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com

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SOURCE Pioneer Power Solutions, Inc.