Business
Pioneer Power Introduces PowerBloc in Response to Industry Demand
Extends and Expands Relationship with CleanSpark; Declares One-Time Special Cash Dividend of $0.12 per Common Share FORT LEE, N.J.--(BUSINESS WIRE)-- Pioneer
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"\nExtends and Expands Relationship with CleanSpark;\nDeclares One-Time Special Cash Dividend of $0.12 per Common Share \n\n FORT LEE, N.J.--(BUSINESS WIRE)--\nPioneer Power Solutions, Inc. (Nasdaq: PPSI) (\"Pioneer Power\" or the \"Company\"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced that it has extended and expanded its agreement with CleanSpark, Inc. (Nasdaq: CLSK) (“CleanSpark”).\n\nThe Company also announced that it has launched a new integrated power systems solution, PowerBloc1, to address customer needs in the rapidly growing electric vehicle (“EV”) charging infrastructure market.\n\nIn addition, the Company’s Board of Directors has declared a one-time special cash dividend of $0.12 per common share. The special dividend will result in an aggregate distribution slightly exceeding $1 million based on the current number of shares outstanding.\n\nExtends and Expands Distribution Agreement with CleanSpark\n\nThe Company signed a Distribution Agreement with CleanSpark, a diversified energy software, services and clean bitcoin mining company, that extends and expands the relationship between the two companies beyond their original agreement to the end of 2023. As part of this new agreement, Pioneer Power has expanded rights to use CleanSpark’s proprietary software, mPulse and GridFabric OpenADR solution and bundle it with PowerBloc, Pioneer’s integrated charging and power solution for EV infrastructure. In addition, CleanSpark received expanded rights to serve as a preferred distributor of PowerBloc.\n\nIntroduces PowerBloc, a Customizable ‘Grid-on-a-Skid’\n\nThe introduction of PowerBloc, which is supported by further investment in product dedicated sales and engineering talent, marks a strategic pivot for the future direction of Pioneer Power. PowerBloc is a solution engineered in response to increasing requests by EV infrastructure providers for a rapidly deployable, and customized product.\n\nIn addition, PowerBloc provides future adaptability to an EV charging site allowing for easy connection of on-site solar, wind, peak shaving or back-up generation.\n\nNathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, “We are pursuing this new market opportunity with EV charging as a direct response to...