Pioneer Power Wins $6.2 Million in E-Bloc Orders from New Customers to Support EV Charging and Microgrid Applications

Wins from Major Aviation and Solar Customers Support Expectations of At Least 50% Year-Over-Year Revenue Growth for 2023

FORT LEE, N.J., July 13, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("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 won approximately $6.2 million in E-Bloc orders from several new customers, for new use-cases during the second quarter.

A major global designer and manufacturer of aerospace products and services is deploying Pioneer Power's E-Bloc solution at its services and maintenance facility in the Southeastern United States. The customer ordered a customized E-Bloc solution, enabling the utilization of supplemental power sources, such as solar, to support the customer's premier U.S. facility.

Additionally, three solar-centric developers will utilize E-Bloc to support applications ranging from pure microgrids to enabling supplemental solar power for EV charging.

"Our innovative and highly customizable E-Bloc solution continues to expand its customer base and power new use-cases," commented Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer. "Customers like these come to Pioneer Power with unique challenges and energy needs, and we can utilize E-Bloc's modular design to quickly design, deliver and support specialized, complex, and large electrical applications. E-Bloc's design also allows us to seamlessly control multiple sources of power, including green energy. These wins, all booked during the second quarter, support our expectation of continued revenue growth throughout 2023 and 2024 and speak to consistent strong demand, especially from solar customers."

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.

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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 U.S. Securities and Exchange Commission ("SEC"), 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
[email protected]

SOURCE Pioneer Power Solutions, Inc.