Pioneer Power and SparkCharge Charge Ahead with Technology Alliance, Boosting Market Potential

e-Boost Teams Up with SparkCharge to Bolster its Drive towards a Net Zero Future

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 a groundbreaking collaboration with SparkCharge, Inc. ("SparkCharge"), an EV charging delivery service. Through this collaboration, Pioneer's e-Boost, a leading off-grid, sustainable mobile EV charging solution, will be integrated with SparkCharge's innovative mobile battery energy storage systems. This strategic partnership, one of the first in the industry, combines Pioneer's e-Boost with SparkCharge's EV Charging as a Service ("CaaS") model with the goal of driving widespread adoption of mobile EV charging with battery energy storage. Together, they aim to unlock new value in the mobile EV charging market and accelerate technological advancements in the industry.

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SparkCharge's V3 Roadie for Charging-as-a-Service (Photo: Business Wire)

Initially, Pioneer has agreed to deliver up to 12 e-Boost rental units over the next 12 months beginning in the fourth quarter of 2024. Under the terms of the agreement, Pioneer will receive a per kilowatt hour usage fee in addition to a monthly rental fee. Pioneer and SparkCharge have also agreed to develop new innovative units to market, which will meld the on-site generating and power density of Pioneer's e-Boost platform with SparkCharge's zero emission, grid-free mobile battery technology. Pioneer and SparkCharge plan to market their platforms together for certain large fleet customers, providing customers with an integrated, power dense charging as a service offering.

Founded in 2017, SparkCharge is a trailblazer in mobile EV charging solutions and one of the earliest marketeers of CaaS. SparkCharge has been at the forefront of driving EV adoption across North America, boasting an industry-leading legacy in off-grid EV charging.

Joshua Aviv, Founder and CEO of SparkCharge, said, "By integrating our technology with Pioneer's e-Boost technology, we are taking a significant leap forward in the mobile EV charging industry. This collaboration not only enhances our EV Charging-as-a-Service model, but also accelerates our shared vision of a more accessible and sustainable future for electric vehicle charge."

Meanwhile, Pioneer's e-Boost solution has experienced remarkable growth since launching in November 2021 with innovative off-grid, sustainable and on-demand EV charging solutions that cater to a diverse range of segments, including consumer vehicles, heavy-duty truck charging, electric transit buses, electric school buses and off road and leisure craft applications. Pioneer believes that collectively, these innovations have accelerated the transition to electric transportation, empowering countless customers to embrace a more sustainable future.

Pioneer believes that its use of SparkCharge's equipment is poised to revolutionize the EV charging industry with a pioneering edge-to-grid EV charging hub concept, which Pioneer believes should set a new industry standard for speed and innovation, while lowering delivery costs. By boosting recharging efficiency, Pioneer aims to elevate customer reach and satisfaction, enabling the company to serve a growing customer base, which will drive up demand exponentially for additional e-Boost units to support this accelerating growth.

Leveraging Pioneer's expertise in energy distribution and microgrid solutions, this partnership is expected to introduce a first-of-its-kind, mobile Distributed Energy Resource ("mDER") that enhances edge-to-grid capabilities. Pioneer anticipates that this mDER offering will be particularly impactful for large customers seeking long-term, affordable and sustainable energy resilience. Moreover, the benefits of this solution are expected to extend to rural, disadvantaged and disaster recovery communities, where reliable and resilient energy access is crucial. Pioneer believes this is a game-changing solution that will dramatically accelerate EV adoption timelines, thereby enabling customers to achieve sustainability goals with unprecedented ease.

Josh Aviv, President and CEO of SparkCharge, commented, "Customers, especially fleets, often struggle with getting access to robust grid power in their EV transformation. A unifying, charging hub can provide a single source for all vehicle types to charge without a major investment in proprietary platforms and costly infrastructure. We believe our partnership with Pioneer will elevate our CaaS model while scaling our revenue with a solution that cannot be matched in the industry."

Geo Murickan, President of Pioneer eMobility, added, "e-Boost's partnership with SparkCharge illustrates our ongoing commitment to providing best-in-class solutions that empower customers and support our shared vision of driving the EV industry forward through innovation and collaboration. Together, we are not just addressing current market needs, we are shaping the future of technology in mobile EV charging."

Furthermore, e-Boost and SparkCharge are committed to driving innovation in the mobile EV charging sector, leveraging their combined expertise in IoT technologies, extensive EV charging datasets and advanced analytics. By harnessing these capabilities, they aim to design and develop products that are not only more effective and efficient but also more sustainable, which would set new standards for the industry.

This novel collaboration between e-Boost and SparkCharge will be showcased on October 6, 2024, during GWRCCC, the Greater Washington Region Clean Cities Coalition's 2024 Conference & Expo in Greenbelt, Maryland. Attendees will have the opportunity to learn about the future of EV charging and the expected transformative impact of this partnership on the industry.

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 electric charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.

e-Boost is Pioneer's portfolio of smart, mobile EV charging solutions. The Company has been aggressively marketing e-Boost to electric bus and truck manufacturers, fleet management companies, municipalities and EV infrastructure providers since its initial launch in November 2021.

About SparkCharge

SparkCharge created the first portable and grid-free DC fast charger, the Roadie Portable, and the world's largest mobile electric vehicle charging network. This network is now a reality due to three key factors: hardware, software, and brilliant customers. The Roadie charging system is a portable, powerful, and modular charging solution that makes DC fast charging possible anywhere regardless of infrastructure. The SparkCharge Mobile app and EV power delivery service allows EV drivers to have their vehicle charged wherever and whenever they want. To learn more about SparkCharge, go to: www.SparkCharge.io.

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of the federal securities laws. 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, (xiv) the Company's ability to deliver its orders to customers on a timely manner, (xv) the success of the Company's partnership with SparkCharge and its anticipated results and (xvi) 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 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.

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