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 one of the world’s largest automakers has awarded Pioneer an $8 million purchase order for its flagship E-Bloc electrical solution.
The purchase order was awarded by the automaker’s recently launched division that is purely devoted to batteries and EV manufacturing. The specified equipment is related to the initial powering of the automaker’s new EV campus. This order does not include any equipment for the yet to be designed manufacturing hubs, which represents an additional opportunity for the Company. E-Bloc’s design enables seamless, safe and reliable control and protection and delivery of multiple sources of power, including green energy. Delivery is scheduled for the third quarter of 2023.
“This is an important win for Pioneer, as our solutions were selected in a competitive bidding process across a field that included much larger players,” commented Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer. “Our ability to design and deliver special electrical solutions for complex and large applications on a timely and competitive basis was a key differentiator in the selection. This particular automaker is aggressively investing in its electric vehicle infrastructure based on the success of its recently introduced EV cars and trucks and the general, robust demand for EVs. Our solutions will provide resiliency, flexibility and protection for the plant’s power needs by seamlessly integrating multiple power sources. We already expected a significant step-up in revenue in 2023, and this win bolsters that expectation and our confidence going forward.”
As a result of this award, Pioneer’s project backlog has surpassed $35 million. Backlog reflects only customer purchase orders and contracts that we believe to be firm.
