Pioneer Power wins $5 million EV charging contract

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FORT LEE, N.J. – Pioneer Power Solutions, Inc. (NASDAQ:PPSI), a company specializing in electrical power systems and mobile electric vehicle (EV) charging solutions, has secured a contract over $5 million for its e-Boost mobile EV charging units from a major U.S. metro transit authority, the company announced today.

This development is expected to significantly contribute to the anticipated revenue for the Pioneer eMobility business unit, potentially exceeding the 2024 forecast of $10 million for mobile off-grid EV charging solutions. The units are slated for delivery and commissioning in the fourth quarter of 2024.

The undisclosed transit authority, serving one of the largest metropolitan areas in the U.S., aims to transition its bus fleet to fully electric by 2028. Pioneer’s eMobility was chosen for the project based on various factors including sustainability, mobility, power delivery, and rapid deployment capabilities. The contract encompasses the purchase, installation, and maintenance of four e-Boost Mobile units across two depot locations to charge the first 24 EV buses of the authority.

Each e-Boost Mobile unit offers 240kW of power and comes equipped with six mobile EV chargers. Designed for flexibility, these units can be relocated in response to natural disasters, ensuring continuous operation. They provide 8.4MWh of energy at each site for EV charging, even during grid disruptions.

Geo Murickan, President of Pioneer eMobility, highlighted the alignment of the company’s mission with environmentally progressive cities transitioning to EV buses, emphasizing the importance of supporting local health and safety.

The e-Boost units for this order were procured through Sourcewell, a national service cooperative, via INF Associates Energy Solutions, signaling Pioneer’s growing presence in the transit electrification market.

Pioneer Power Solutions is recognized for its comprehensive solutions in power generation and EV charging infrastructure, serving utility, industrial, and commercial sectors.

The information in this report is based on a press release statement from Pioneer Power Solutions.

In other recent news, Pioneer Power Solutions, Inc. has been facing compliance issues with the Nasdaq Stock Market due to delayed filing of its required financial reports. The company has been given a deadline to submit a plan to regain compliance.

In parallel, Pioneer Power Solutions has been making strides in its financial performance. The company disclosed its unaudited preliminary financial results for 2023, reporting over 50% revenue growth and a positive net income for the year despite a fourth-quarter net loss. The company also provided optimistic guidance for 2024, with revenue projected to be between $52 million and $54 million.

Pioneer Power’s E-Bloc and e-Boost product lines have been successful in the solar microgrid and mobile EV charging markets respectively.

InvestingPro Insights

In light of Pioneer Power Solutions’ recent contract win, investors may find the company’s financial health and market performance to be of particular interest. According to InvestingPro data, Pioneer Power Solutions holds a market capitalization of $33.66 million, with an adjusted P/E ratio of 18.96 as of the last twelve months ending Q3 2023. The company’s PEG ratio, which measures the price of a stock relative to its earnings growth, stands at a notably low 0.15, suggesting potential undervaluation if earnings are to grow as expected.

InvestingPro Tips highlight the company’s strong balance sheet, with cash reserves surpassing debt, which could provide financial flexibility for Pioneer Power Solutions as it expands its eMobility business. Additionally, analysts are forecasting both net income and sales growth for the current year, aligning with the company’s positive revenue trajectory. With revenue growth reported at an impressive 103.13% over the last twelve months as of Q3 2023, the company’s financials seem to support the optimism surrounding its contract win.

However, it’s worth noting that the stock has experienced significant price declines recently, trading near its 52-week low and seeing a price total return of -47.52% over the past year. Despite these challenges, the anticipated profitability and revenue growth may present a turnaround opportunity for investors. For those interested in a deeper dive into Pioneer Power Solutions, InvestingPro offers additional tips and metrics to consider. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights into the company’s performance and prospects.

For more information and to access all 14 InvestingPro Tips on Pioneer Power Solutions, including views on valuation, cash flow, and earnings potential, visit These tips could provide valuable guidance for investors considering Pioneer Power Solutions in the context of its recent business developments.

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