The shares of Pioneer Power Solutions, Inc. (NASDAQ: PPSI) surged 20.03% on Wednesday, concluding the trading session at $7.01. Following multiple contract wins that resulted in a multi-million dollar gain in sales, PPSI’s shares rose.
Pioneer Power (PPSI) declared that it had received four more orders for its e-Bloc and associated products totaling more than $10 million. The company anticipates starting to deliver and install these orders in 2024’s second quarter. Pioneer Power was given a contract by an EV charging infrastructure provider to supply the double ended substation for the EV charging platform at a location in Rialto, California. Over the course of the following 12 months, the client anticipates deploying the system at more sites. PPSI anticipates that the order will be finished and shipped in 2024’s second quarter.
The second order is a supplementary order for Pioneer’s e-Bloc Low Voltage Power Distribution system that was received from a solar microgrid developer. The purchase will help fund the building of a solar microgrid at a significant international airport in the northeastern United States. Pioneer Power anticipates providing the solution in the latter part of 2024.
The only supplier having manufacturing facilities in both the United States and Europe, and one of the biggest titanium smelters in the world, placed a third order. The primary power switchgear for the new casting plant will be provided by PPSI, which plans to finish and deliver the order by the second half of 2024.
Pioneer was given a fourth order by one of the biggest natural gas distribution companies in the country that serves the western United States. Pioneer anticipates finishing and delivering the contract by 2025. Pioneer will supply paralleling switchgear for low voltage distribution to several IPCs (electrical buildings).
PPSI is projected to generate more revenue in 2024 and early 2025 as a result of these orders, which are contributing to the company’s increasing pipeline of new business possibilities into sales.