Fort Lee-based Pioneer Power Solutions said Wednesday that it received a $12 million order for its E-Bloc product. This initial order is expected to double sales in Pioneer’s T&D Solutions business in 2022.
Pioneer Power operates as a designer and manufacturer of electrical equipment, most notably EV charging stations, and the award for 62 E-Bloc units represents roughly 17% of the company’s current $71 million market capitalization and is part of a proposed program where the mass merchandiser expects to ultimately equip approximately 500 of its stores with E-Bloc type product.
Pioneer’s E-Bloc design improves power installation by providing the flexibility to combine a wide variety of distributed energy resources in a compact, integrated package.
E-Bloc provides all the connectivity to install EV charging and power sources while speeding up installation and minimizing disruption to operations. Solutions are available for both low- and medium-voltage applications. In many cases, E-Bloc also bypasses the need to coordinate installation with local utilities, dramatically reducing installation times and cost.
“This program affirms our strategic decision to pivot Pioneer to address the increasing demands on electric grids,” said Nathan Mazurek, Pioneer’s chairman and CEO. “We are building on the success demonstrated with several pilot orders for this customer and others throughout the second half of 2021.”
Mazurek continued: “This order marks a significant milestone in Pioneer’s history and reinforces our optimism for additional opportunities that we believe will drive rapid revenue growth for the next several years. The entire Pioneer team is to be congratulated on their efforts in designing, manufacturing and bringing our E-Bloc solution to successful commercialization in such a short time. Owners of commercial and industrial facilities across many verticals are moving quickly to upgrade their electrical infrastructure in order to fail-proof their access to power, accommodate solar power, energy storage, backup power and prepare for the installation of EV charging. We expect that these demand drivers will create a robust addressable market for our products well into the foreseeable future.”