Pioneer Power Awarded Pilot Project from Fortune 100 E-Commerce Retailer
e-Boost Selected for EV Charging to Support a Global Retailer's Delivery Operations
Pioneer Power Solutions, Inc. (NASDAQ:PPSI) ("Pioneer" or the "Company"), a leader in the design, manufacture, service and integration of distributed energy resources, power generation equipment and mobile electric vehicle ("EV") charging solutions, today announced a groundbreaking pilot program with a Fortune 100 e-commerce retailer to specifically tackle the "grid gap" challenge between the increasing power needs of its electric delivery fleet and the limited amount of grid supplied power at its depots.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241203261819/en/
e-Boost Mobile Max fast charging Class 8 heavy duty semi-trucks and delivery vans at a Last Mile Delivery depot (Photo: Business Wire)
As part of the pilot program, the Company will provide multiple e-Boost mobile charging units and will also service and monitor the units for several months for a simple, all-inclusive, monthly fee.
This initiative will deploy Pioneer's e-Boost mobile EV charging solutions at one of the retailer's major Last Mile Delivery ("LMD") depots in the Midwest, addressing its critical challenge of fast charging an increasing number of electric vans and trucks while balancing limited power delivery from major utilities. By providing a scalable, power dense and sustainable solution, Pioneer aims to enable the widespread adoption of EVs in LMD fleets nationwide.
The pilot's primary objective is to gather data on the practicality and effectiveness of e-Boost in supporting the increasing EV charging demands. The e-commerce retailer plans to ascertain, coalesce and analyze enough data to substantiate deploying more e-Boost solutions in all the major metros that it serves. This collaboration is expected to form an integral part of the retailer's plan to address its growing charging needs at LMD depots across the United States.
Nathan Mazurek, Chairman and CEO of Pioneer, commented, "This pilot project showcases our commitment to innovation and sustainability in the LMD sector. By building off of this initiative, we aim to continue pushing the boundaries of what is possible in carbon-free truck and van adoption, while expanding our e-Boost platform and providing new near zero-carbon charging solutions."
For the pilot, Pioneer is providing an e-Boost Mobile Max, a trailer-based solution that has up to 240kW of Level 3 charging available on board for charging EVs for heavy-duty semi-trucks along with two separate Level 2 chargers for overnight charging of EV delivery vans.
Geo Murickan, President of Pioneer eMobility, added, "e-Boost is driving the transition to a net-zero future with our sustainable, low-carbon propane-powered EV charging solutions. We're delighted to work with this leading global e-commerce retailer on this innovative pilot project. When scaled successfully, this could provide new ways for the retailer to rapidly advance sustainability for the fleet management companies it works with."
The Company believes that e-Boost is continuing to bring more innovative solutions to the mobile EV charging market. In 2024, Pioneer deployed products from all four of e-Boost's current platforms; Mini, Mobile, Pod and G.O.A.T. In 2025, e-Boost is expected to scale additional platforms including solutions that specifically address the residential market, HOMe-Boost, the new, hybrid battery-interface solutions with SparkCharge, Inc. and the rapidly growing microgrid market.
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.
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 operate its business after the divestiture of its E-Bloc business, (ii) the Company's ability to successfully increase its revenue and profit in the future, (iii) general economic conditions and their effect on demand for electrical equipment, (iv) the effects of fluctuations in the Company's operating results, (v) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (vi) the Company's dependence on two customers for a large portion of its business, (vii) the potential loss or departure of key personnel, (viii) unanticipated increases in raw material prices or disruptions in supply, (ix) the Company's ability to realize revenue reported in the Company's backlog, (x) future labor disputes, (xi) changes in government regulations, (xii) the liquidity and trading volume of the Company's common stock, (xiii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, (xiv) risks associated with litigation and claims, which could impact our financial results and condition, and (xv) the Company's ability to 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203261819/en/