Long-term Rental of e-Boost Systems to Charge Multiple EV Shuttle Buses, and Other EV Vehicles for Operating Facilities

FORT LEE, N.J., April 5, 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 a major northeastern transportation agency that manages air, land, rail and sea assets has contracted with the Company to secure a 75KW e-Boost Mobile (Trailer). This unit was delivered with a fast-charging direct-current charger as well as multiple standard Level 2 chargers on board, providing charging options for multiple vehicles.

The customer has entered into a long-term rental agreement for the e-Boost system to charge multiple EV shuttle buses, and other EV vehicles at several operating facilities. The unit was delivered during the first quarter of 2023, and is already deployed.

"Increasingly, transportation companies, fleet managers, and other enterprises are seeing the advantages of our e-Boost Mobile solutions to charge buses, delivery vehicles, electric warehouse equipment and other electric assets," commented Geo Murickan, head of Pioneer Power's e- Mobility business. "This customer values the versatility and mobility of the trailer-mounted e-Boost Mobile platform, enabling them to provide EV charging at multiple locations without investing in fixed infrastructure. We are confident that increased adoption for these types of deployments will lead to additional awareness, resulting in more use cases and greater sales."

Pioneer Power's e -Mobility business is offering e-Boost for sale and for rent, with rental revenue creating a new and growing stream of recurring revenue. The lower initial cost of entry for rental units creates opportunities for organic growth within existing customers as they expand their deployments.

"We are executing a 'beachhead' type strategy with agencies and fleet operators, where the utility, mobility and convenience of initial e-Boost units lead to follow-on orders," added Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer. "We are already having substantive discussions with early adopters to add additional e-Boost product based on the absolute success of initial units."

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 one customer 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
This email address is being protected from spambots. You need JavaScript enabled to view it.