Amidst a surge in strategic business initiatives, the shares of Pioneer Power Solutions, Inc. (NASDAQ: PPSI) ascended significantly during the previous trading session. The notable leap of 12.68% during the last Friday session elevated PPSI stock to conclude trading at $3.82.
A Lucrative Venture With Major Transit Authority
Pioneer Power (PPSI) revealed a substantial achievement, securing an order exceeding $5 million for its pioneering e-Boost mobile electric vehicle charging solutions from a prominent U.S. metro transit authority. With this significant venture coupled with its existing backlog, the Pioneer eMobility business unit is poised to surpass the 2024 revenue guidance of $10 million in mobile off-grid EV charging solutions.
Pioneering Sustainable Transit Solutions
The visionary leadership of a major U.S. metro Transit Authority, committed to decarbonization and sustainable electrification of its transit bus fleet by 2028, has propelled this collaboration forward. Pioneer eMobility clinched the contract based on a myriad of critical factors including sustainability, product mobility, experience, power delivery capacity, product lead time, design optimization, and consultative solutions.
The contract entails the procurement, installation, and maintenance of four e-Boost Mobile units across two transit depot locations, facilitating EV charging for the Transit Authority’s initial fleet of 24 EV buses. These units, boasting 240kW of onboard power each, will be accompanied by six offboard mobile EV chargers on connected skids, ensuring operational flexibility, particularly during natural disaster occurrences like wildfires or flooding.
By offering cutting-edge, high-capacity mobile EV charging solutions that harmonize sustainability, cost-effectiveness, and practicality, Pioneer Power is actively supporting environmentally conscious cities in their transition to EV transit buses, while also prioritizing the well-being of local residents and transit operators.
Pioneering Procurement Methods
Notably, this procurement marks one of the pioneering instances of e-Boost unit purchase through Sourcewell, a national nonprofit service cooperative acting as a liaison between government, educational, nonprofit agencies, and suppliers offering qualified products and solutions.
The e-Boost product line is now accessible to all municipal and government entities through Sourcewell, facilitated by its alliance partner, INF Associates Energy Solutions, operating across the United States with headquarters in New York.
