• Wins from Major Aviation and Solar Customers Support Expectations of At Least 50% Year-Over-Year Revenue Growth for 2023

FORT LEE, N.J., July 13, 2023 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("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 won approximately $6.2 million in E-Bloc orders from several new customers, for new use-cases during the second quarter.

A major global designer and manufacturer of aerospace products and services is deploying Pioneer Power's E-Bloc solution at its services and maintenance facility in the Southeastern United States. The customer ordered a customized E-Bloc solution, enabling the utilization of supplemental power sources, such as solar, to support the customer's premier U.S. facility.

Additionally, three solar-centric developers will utilize E-Bloc to support applications ranging from pure microgrids to enabling supplemental solar power for EV charging.

"Our innovative and highly customizable E-Bloc solution continues to expand its customer base and power new use-cases," commented Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer. "Customers like these come to Pioneer Power with unique challenges and energy needs, and we can utilize E-Bloc's modular design to quickly design, deliver and support specialized, complex, and large electrical applications. E-Bloc's design also allows us to seamlessly control multiple sources of power, including green energy. These wins, all booked during the second quarter, support our expectation of continued revenue growth throughout 2023 and 2024 and speak to consistent strong demand, especially from solar customers."

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 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 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 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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