Business
Pioneer Reports Fourth Quarter and Full Year 2021 Financial Results; Backlog More Than Doubles in Three Months, Setting the Stage for Rapid Growth in 2022
Accelerating Growth of e-Bloc and E-BOOST Products Validates Demand for Pioneer's Innovative Solutions for Distributed Energy and Mobile EV Charging Markets
About this update from Pioneer Power Solutions, Inc.
[{"type":"text","content":"Accelerating Growth of e-Bloc and E-BOOST Products Validates Demand for Pioneer's Innovative Solutions for Distributed Energy and Mobile EV Charging Markets\n\n\nFORT LEE, N.J., March 31, 2022 /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, used and new power generation equipment and mobile electric vehicle (\"EV\") charging solutions, today provided a business update and announced its financial results for the fourth quarter and full year ended December 31, 2021.\nRecent Business Highlights:\nAccelerating sales of e-Bloc with more than $2.6 million sold in 2021Developed, prototyped, and launched the E-BOOST portfolio of mobile EV charging solutionsReceived two E-BOOST orders in Q1 2022, including a $788,000 purchase order from a hotel and casino and a $120,000 order from a leading commercial EV charging infrastructure solutions provider to charge electric school busesBacklog more than doubled in three months to $22.8 million at December 31, 2021 compared to $10.9 million at September 30, 2021 and $12.7 million at December 31, 2020.Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, \"We have successfully repositioned the company as a leading provider of solutions addressing two powerful secular tailwinds: distributed energy resources and electric vehicles. Our e-Bloc technology is a rapidly deployable, highly efficient power system that can be placed nearly anywhere, enabling large retailers, industrial customers, cryptocurrency miners and many other potential customers to effectively leverage a variety of on-grid and off-grid energy sources to streamline electricity costs, ensure reliable power and reduce carbon emissions.\"\nMr. Mazurek continued, \"Our E-BOOST suite of mobile EV charging solutions, although only launched in November of 2021, has already received nearly a million dollars in orders and actually delivered our first unit in March. E-BOOST enables the charging of EVs almost anywhere, on or off the grid using clean and readily available liquid propane.\"\n\"Demand for these two solutions is exceptionally strong, enabling us to more than double our backlog during the fourth quarter of 2021,\" continued Mr. Mazurek....