Unique Anytime, Anywhere EV Charging Solution, e-Boost, Continues to Service New Use-Cases and Create Market Opportunities for EV Charging Infrastructure

FORT LEE, N.J., Jan. 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 additional orders for its innovative e-Boost mobile EV charging solution, demonstrating accelerating market acceptance and rapid commercialization.

Merchants Fleet, a cutting-edge fleet management company, ordered two trailer mounted e-Boost solutions to be integrated into the Merchants Fleet EV charging offering. The Merchants Fleet EV charging portfolio includes:

• The Merchants 'Mini', a 30kW direct-current fast charger ("DCFC") on a small trailer that maneuvers around swiftly to get EVs charged up quickly for a fleet with their first few EVs, and;
• The Merchants 'Flex', a dual Level 3 / Level 2 EV charging solution that provides either a 60kW DCFC for quick charging boosts or (4) Level 2 high-capacity chargers for efficient overnight charging, perfect for the fleet transitioning to their first sets of EVs.

As part of their innovative solutions, Merchants Fleet has selected e-Boost because it provides them with an off-grid, mobile, DCFC with built-in resiliency that is sustainably powered using a green, propane-fueled generator, and securely integrated with 24/7 monitoring on a solar-powered battery storage system. These pilot units serve as benchmark products for Merchants Fleet's larger charging program. Merchants Fleet is the nation's fastest growing fleet management company with a unique business model focused on forward-thinking technology solutions, innovative fleet services, and the proactive adoption of electric vehicles.

In addition, an existing customer of Pioneer Power ordered two additional skid-mounted e-Boost systems to rapidly charge new medium-duty EV trucks. The customer is a major manufacturer of commercial trucks, engines, buses, advanced connectivity services and related aftermarket parts, and this purchase adds to their existing fleet of e-Boost solutions, validating the quality and effectiveness of the e-Boost solution.

Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "Our innovative e-Boost solution continues to gain new customers for a wide-range of use-cases, reinforcing our confidence that e-Boost revenue will double in 2023, becoming an increasingly important contributor to our consolidated results. Existing customers who made small, evaluative purchases are coming back to order additional units, and new customers are being added to our roster. Our e-Boost solution jumpstarts the deployment of the EV charging infrastructure, as e-Boost can be deployed immediately, without any utility connections or approvals, facilitating and accelerating the adoption of EV vehicles, trucks, vans and buses."

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.

Safe Harbor Statement:

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 three 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.

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