Pioneer Announces e-Boost Order of $7.1 Million from One of the Largest U.S. School Districts

Expects Full Delivery of 25 Units in the First Quarter of 2025

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 received an order from one of the largest public school districts in the United States for 25 e-Boost Mobile units to power the school district's electric school bus ("ESB") fleet. The order, valued at $7.1 million, is likely to grow to more than $8.0 million with the expected addition of planned contingency measures.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611795234/en/

e-Boost Mobile with Level 2 EV Chargers at Electric School Bus Depot (Photo: Business Wire)

The Company plans to deliver the systems throughout the first quarter of 2025. The systems will support the school district's efforts to meet local environmental requirements by phasing out traditional fuel sources at the school bus depot and expediting the transition to a fully ESB fleet. The initial deployment will serve approximately 200 EV buses, advancing the district's goal of electrifying its fleet of more than 1,000 ESBs. As one of the largest school districts in the country, it currently operates a vast fleet of more than 3,000 vehicles, including buses, trucks, cars and vans.

Geo Murickan, head of Pioneer eMobility, commented, "This order marks an important and exciting milestone for our eMobility business. Electrifying school transportation is central to the clean energy transition in local communities, and Pioneer's mobile e-Boost solution has been proven again to be an integral piece of this energy transition."

Murickan added, "Knowing that this off-grid solution is easily deployable, can be scaled up or down and replicated throughout the country, will facilitate collaboration between ESB manufacturers and school districts across the nation, ultimately enhancing and expanding the US Federal Infrastructure School Bus program. Successfully deploying over 200 electric school buses amidst these concurrent transitions required a forward-thinking school district leadership team with the vision, innovative spirit and execution expertise to achieve their ambitious goal of a fully electric fleet by 2030."

e-Boost secured this order in collaboration with its channel partner, Eneridge Inc. ("Eneridge"), following a competitive bidding process involving multiple vendors and various charging technologies. The bid evaluation considered factors such as cost, delivery time and ability to meet rigorous design and performance standards for sustainability, noise reduction, mobility, and resilience, as well as local support. The award consists of 25 e-Boost Mobile units, each featuring 8 - Level 2 - AC chargers, capable of delivering 19.2kW of power to charge electric school buses overnight. Mounted on open trailers for seamless deployment, these units will provide a total of 1.2MWh of energy per night, collectively delivering 30.7MWh of energy to a fleet of 200 buses every night.

"Pioneer is honored to be part of this groundbreaking initiative, led by a visionary school district," shared Nathan Mazurek, CEO and Chairman of Pioneer Power Solutions, Inc. "Electrifying school bus transportation has been a key focus of the Infrastructure and Energy Act in recent years. This project highlights e-Boost's potential to fast-track sustainability initiatives for school districts, yielding benefits for both students and the broader community. This reaffirms Pioneer's investment in and commitment to the e-Boost business and decision to allocate significant resources and aggressive marketing. We see a rapid growth trajectory, driven by e-Boost's continued innovation in addressing diverse aspects of electric vehicle adoption across the US and Canada."

The receipt of this order, combined with the current backlog for Q1 2025, positions the Pioneer eMobility business unit for significant growth in 2025, exceeding its expected 2024 performance. To support this expansion, the business unit will form strategic, geographically aligned partnerships with national manufacturing firms, thereby increasing production capacity and enabling Pioneer to meet growing demand while avoiding costly facility expansions and potential production delays or disruptions. This approach aligns with Pioneer's overall goals to grow its eMobility business efficiently, invest in sustainable solutions and drive innovation, further solidifying its commitment to a greener future.

About Eneridge Inc.

Eneridge Inc. is a Los Angeles County-based small business that operates as a turnkey solutions provider of EV hardware, software network platform, installation and maintenance to clients who want to own and operate EV charging stations. Eneridge also owns and operates its own EV charging stations under the FLITWAY brand, fully integrated to its advanced network platform. To learn more about Eneridge, please visit its website at https://www.eneridge.com/

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, (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, (xiii) risks associated with litigation and claims, which could impact our financial results and condition and (xiv) the Company's ability to regain and maintain compliance with the continued listing requirements of the Nasdaq Capital Market.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240611795234/en/