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Initial order for multiple e-Boost 400 kW units and a transaction value of approx 1 million dollars

FORT LEE, NJ, June 2, 2023 /PRNewswire/ — Pioneer Power Solutions, Inc . (Nasdaq: PPSI) (“Pioneer”, “Pioneer Power” or the “Company”), a leader in the design, manufacture, service and integration of electric power systems, distributed energy resources, power generation equipment and charging solutions of electric mobility vehicles (“EV”), today announced that a major global automaker’s autonomous driving division has transacted multiple e-Boost units to support the initial rollout of autonomous electric vehicles in several cities. Delivery is expected to begin in September 2023 and be completed by the end of the current fiscal year.

“This represents another important use case for our e-Boost solution, facilitating a rapid deployment of autonomous electric vehicles in a flexible manner,” he commented. Geo Murican, head of Pioneer Power’s e-Mobility business. “Existing charging infrastructure cannot meet the current demand for these deployments, and adoption is accelerating rapidly. Pioneer Mobility is addressing this shortfall with the most innovative, flexible and fastest EV charging solution anytime, anywhere. We we are pleased to play a critical role in the growing adoption of smart and autonomous EV transportation options.”

“This order further proves how e-Boost is evolving into the solution of choice for quick and fast mobile charging, regardless of any network connection,” it added. Nathan Mazurek, Chairman and Chief Executive Officer of Pioneer Power. “We expect our e-Boost product offering to contribute between 5 to 10% to Pioneer’s top line during the current fiscal year and between 10 to 20% during the fiscal year ending. December 31, 2024.”

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, renovation, service and distribution of electric power systems, distributed energy sources, power generation equipment and mobile vehicle 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 Reform Act of 1995, as amended. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “anticipates,” “estimates,” “goals,” ” believe”. , “hope”, “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 therefore, 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 related to (i) the company’s ability to successfully grow its revenue and profitability in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations on the Company’s operating results, (iv) the fact that many of the Company’s competitors are better positioned and have significantly greater resources than the Company, (v) the Company’s dependence on two customers for a large part of its business, vi) the possible loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the company’s ability to realize the revenues of reported in the Company’s backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) 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 the fear of such an event.

More detailed information about the Company and risk factors that may affect the achievement of forward-looking statements are 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 – P, respectively. Investors and security holders are encouraged to read these documents free of charge on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Contact:
Brett MaasManaging partner
Hayden IR
(646) 536-7331
brett@haydenir.com

Pioneer Power Solutions, Inc.  (PRNewsPhoto/Pioneer Power Solutions, Inc.)

Pioneer Power Solutions, Inc. (PRNewsPhoto/Pioneer Power Solutions, Inc.)

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SOURCE Pioneer Power Solutions, Inc.

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