• First Low Carbon Flare Gas Technology-Powered Order Significantly Expands e-Boost Installation in South Central Region; Will Support MACAW's Low Carbon LNG to Ultra High-Speed EV Charging In Texas

FORT LEE, N.J., Nov. 17, 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 charging solutions, today announced that it will provide an e-Boost electric vehicle ("EV") charging solution to MACAW Energies, an integrated company that will power the system with its low-carbon liquefied natural gas ("LNG") produced with natural gas that otherwise would be flared or wasted. The e-Boost solution will be deployed at MACAW's pilot project in Texas, which aims to accelerate EV adoption of fleet customers through an ultra high-speed charging hub for MACAW's EVs powered on low-carbon, flare gas technology.

Pioneer Power's innovative e-Boost solution will help MACAW develop its first EV charging hub, including direct-current ultra-fast chargers ("DCFC"), capable of reaching power levels up to 300 kW for a single vehicle – making a full charge possible for large EVs in less than an hour. Alternatively, e-Boost can charge up to four EV vehicles at one time, delivering 360 KW of combined power, exceeding the standards set by NEVI for highway EV charging requirements. The LNG to power the e-Boost solution will be delivered to MACAW's EV charging hub as an affordable and clean energy source. MACAW will utilize its industry leading liquefaction technology to treat natural gas that would otherwise be flared and wasted to produce LNG and efficiently transport the fuel to deliver low carbon energy that will power the e-Boost solution for off-grid EV charging. Future MACAW EV charging hubs are planned for various locations throughout the US later in 2024.

"MACAW is a pioneer in creating and delivering affordable low carbon, flare gas to EV charging hubs that are much needed to help large fleets accelerate EV adoption and help lower the carbon footprint for the transportation industry," commented Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer. "We believe that MACAW's commitment to convert wasted flare gas to sustainable energy for EV charging is not just innovative but also underscores the need for investment to capture and re-use wasted resources for energy for a better path to Net Zero. We are proud to support this important initiative and believe that our highly flexible e-Boost solution will help MACAW to harness this wasted resource and deliver meaningful environmental benefits. MACAW has an aggressive growth strategy, backed by committed investors, and we are well suited to support their needs both from an energy delivery and EV charging outlook."

MACAW CEO Slim Hbaieb added, "Our strategic collaboration with the e-Boost team is poised to address two key areas of the energy sector; a comprehensive solution for US producers grappling with natural gas flaring and the transportation sector looking to decarbonize and electrify their fleets. By leveraging MACAW's gas treatment units and proprietary, cost-efficient liquefaction units, we aim to eliminate natural gas waste and convert it to low carbon LNG, reduce emissions, and allow producers to focus on their core business. The availability of centrally located EV charging hubs is expected to be a game-changer for the transportation industry and fleet owners who are currently struggling with EV charging infrastructure and represents a significant step forward in the journey towards a sustainable energy future. The flexibility of Pioneer Power's e-Boost solution helps make this possible."

Mazurek added, "This order, scheduled for delivery in the second quarter of 2024, supports our expectation of accelerating e-Boost revenue growth translating into a quadrupling of our 2023 e-Boost revenue.

About MACAW Energies Limited

Macaw Energies Limited, a subsidiary of Golar LNG Limited (NASDAQ: GLNG), is a pioneering company that bridges vision and technological ingenuity to unlock the business proposition to convert stranded and wasted flare gases and deliver sustainable power to the energy consumers. Golar LNG is one of the most innovative and successful companies in the LNG sector, being responsible for the evolution of the industry with the development of Floating Regasification Units (FSRUs), Floating Liquefaction Units (FLNGs), and for the Small-Scale shipping sector. For more information, please visit www.macawenergies.com

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.

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