First Order from Municipality to Service
Public Transportation Sector
FORT LEE, N.J.,
Aug. 9,
2023 /PRNewswire/ -- 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 it has received an initial order
from the City of Fairfield,
California, through AssetWorks, a leading supplier of fleet
management software, automated fueling systems and EV charge
management software, for one e-Boost trailer-mounted unit to
service the electric portion of Fairfield's public bus fleet. The unit will
include high-capacity DC charging capability, utilizing a 200kW
ChargePoint charger, independently powered by a 240kW
propane-fueled engine, all integrated on a mobile trailer.
Located in the North Bay sub-region of the San Francisco Bay Area, approximately halfway
between San Francisco and
Sacramento, Fairfield is the county seat of Solano County, California. With a population
of 119,881 at the 2020 census, Fairfield is the home of Travis Air Force Base.
In August, 2022, the Federal Transit Administration awarded a
$12.0 million Bus and Low- and No-
Emission Grant to the City of
Fairfield for transit electrification. Fairfield was one of 150 transit agencies
across the United States (19
agencies in California) to be
awarded this funding. The grant award covers the purchase of five
GILLIG battery electric buses, three ChargePoint chargers,
infrastructure upgrades, vehicle maintenance facility upgrades, and
workforce development. Along with the other state and local funds,
this award provides enough funding for the first phase of transit
electrification. The California Air Resources Board adopted an
Innovative Clean Transit regulation requiring all buses to be zero
emission by 2040. Fairfield-Suisun Transit ("FAST") has chosen to
meet this mandate through electrification of its fleet. This
competitive federal award is critical funding that will allow FAST
to timely begin electrification infrastructure and maintenance
upgrades at the City's Corporation Yard.
David Renschler, Fleet Division
Manager at the City of Fairfield,
commented, "It's very important to us that we get our zero-emission
vehicles into service as quickly as possible, and once the
permanent chargers have been installed, the e-Boost system will be
available for both mobile charging and backup power for resilience
during outages such as a power shut off event."
"This is the first municipality to purchase e-Boost to support
an electrified fleet," commented Geo
Murickan, head of Pioneer Power's e-Mobility business.
"Cities around the world, and particularly in California, are converting public bus fleets
to electric power. This trend, accelerated by climate mandates and
supported by government grants, represents an exciting and evolving
opportunity for us, one we expect to drive additional sales in the
near-term. Fairfield is already
converting a portion of their bus fleet to electricity with plans
for further conversions. Construction of permanent charging
infrastructure can sometimes take years to complete. We believe
that our mobile EV charging solutions can help fleets and
municipalities move more quickly to implement their zero-emission
plans, and our built-in resiliency serves as an important
capability long after permanent charging is in place."
Pioneer Power expects to deliver the system in the fourth
quarter of 2023.
"Over the coming months, we anticipate the municipal and school
bus market will significantly expand as more fleets incorporate
electric busses," added Nathan
Mazurek, Pioneer Power's Chairman and Chief Executive
Officer. "We believe that our flexible e-Boost system makes
electric conversions easier, providing on-demand charging anytime
and anywhere without costly fixed infrastructure investments."
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 and (xii) an outbreak of disease, epidemic or
pandemic, such as the global coronavirus pandemic, or fear of such
an event.
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.
Contact:
Brett Maas,
Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE Pioneer Power Solutions, Inc.