Pioneer Power Solutions, Inc. (PPSI) stock surged 16.11% in the current-market trading session at the price of $8.19 following the announcement of a $12M order from a globally renowned mass merchandiser. PPSI is a global leader in energy infrastructure. The company designs and distributes on-site power equipment for the EV, industrial, utility, commercial, and backup power markets.
$12M Order from Largest Mass Merchandiser
On 21st December 2021, PPSI reported an order worth $12 million for its E-Bloc product. This significant order has expected to double the sales of the company’s T&D Solutions business by 2022. This award represents 62 E-Bloc units and is a part of the earlier proposed program. As per the transaction, the mass merchandiser hopes to equip its 500 stores with E-Bloc-type products.
PPSI’s E-Bloc structure improves power installation by combining a broad range of distributed energy resources in an integrated package. E-Bloc provides high connectivity to install power sources and EV charging while minimizing operational disruptions. In some cases, E-Bloc bypasses the need to coordinate installation with local utilities, which helps reduce installation time and cost.
Chairman and chief executive officer of PPSI, Nathan Mazurek, remarked that this program demonstrates the company’s strategic target to address the rising demands for electric grids. This order marks a momentous milestone in PPSI’s history and provides more opportunities to drive rapid revenue growth in the coming years, Mazurek added.
The commercial and industrial facilities across many verticals are upgrading their electrical infrastructure to fail-proof their access to power and prepare for the installation of EV-charging. PPSI expects these demand drivers to create a highly addressable market for its products. Mazurek congratulated the whole team on designing, constructing, and delivering E-Bloc solutions to market in such a short time.
PPSI Third Quarter 2021 Results
On 16th November 2021, PPSI reported its financial results for the three and nine months ended on 30th September 2021. Revenue totaled $5.7 million for the Q3 of 2021. It represents a 40.3% gain from $4.1 million in the Q3 of 2020. For the nine months ended 30th September 2021, cash from operating activities was roughly $839,000.