Pioneer Power (PPSI) Names New $1.4M Distributed Generation Order

February 8, 2021 8:09 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Pioneer Power Solutions, Inc. (NASDAQ: PPSI) today announced that it has been awarded a $1.4 million equipment order for its distributed generation equipment from CleanSpark, Inc. (Nasdaq: CLSK), Pioneer Power’s channel partner. This order represents equipment for additional store locations for one of the nation’s largest mass-market retailers. The original award for a pilot program was awarded to Pioneer Power at the end of 2019.

The Company will provide Automatic Transfer Switches, specialty controls and circuit protective equipment. The order is expected to ship by the third quarter of 2021.

Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, “Together with CleanSpark, our channel partner, we successfully completed testing for this distributed generation system at five locations in early 2020, and this order is the first in what we hope is a broad, national rollout. The success and the initiation of a larger footprint with this retailer is a testament to our ability to engineer and provide high quality solutions that meet their peak shaving and distributed generation needs. This order increases our backlog of orders, which was $11.3 million at September 30, 2020, and reinforces our confidence for a strong 2021 for our business.”

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments