Benzinga | Apr 14, 2021 08:02AM EDT

Pioneer Power Announces New Order Valued At ~$1.1B

Pioneer 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 is increasing its product footprint with one of the world's largest mass-market retailers with a new equipment order valued at approximately $1.1 million.

The Company will integrate and support a custom turnkey system consisting of Automatic Transfer Switches, specialty controls and circuit protective equipment for an additional 15 retail store locations. The order, which was sold through the Company's channel partner CleanSpark, Inc. (NASDAQ:CLSK), is expected be delivered by year end 2021. The increase in the number of stores portends bigger and faster rollouts out to 2022 and beyond. Pioneer's products have already been installed at 40 of said retailers store locations.

The backlog of orders at the Company's Transmission & Distribution Solutions ("T&D Solutions") business segment increased approximately 34% from $7.6 million at March 31, 2020 compared to $10.2 million at March 31, 2021, most of which is expected to be delivered over the next 12 months.

Nathan Mazurek, Pioneer Power's Chairman and Chief Executive Officer, said, "This order directly follows the successful pilot and initial order for this end customer from earlier this year that is on schedule to be delivered over the next two quarters. Importantly, it reinforces our optimism for a record sales year for our T&D Solutions segment and the prospects for a nationwide rollout at additional store locations for this one retailer. As one of the leading retail enterprises increasingly adopts distributed generation, we see an expanding market as other retailers and enterprises follow."