Pioneer Power Solutions on Tuesday announced it received purchase orders for $7 million during the month of August for its E-Bloc distributed generation solution and other related custom control and protection equipment.
The orders, which are from several customers and address a diverse set of verticals and use-cases, are scheduled for delivery starting in the second quarter of 2024, with the majority to be recognized in the second half of 2024.
“The distributed generation trend is here, with more and more customers taking steps to provide energy resilience, especially in light of severe weather events, and to efficiently utilize renewable energy sources like solar and wind,” Nathan Mazurek, Pioneer Power’s chairman and CEO, said.
Fort Lee-based Pioneer Power said its E-Bloc solution addresses business needs, ensuring a secure supply of electricity without exclusively relying on the grid. E-Bloc also enables its customers to achieve an improved carbon footprint through the use of renewable sources and energy storage to augment the utility grid.
Additionally, Pioneer said E-Bloc helps its customers more efficiently manage energy costs through peak shaving and other strategies.
“The growth we are seeing is broad-based, not isolated to a single customer or region, and from a diverse set of industry verticals,” Mazurek added. “This demand reinforces our confidence for another year of notable rapid revenue growth and operating leverage as we continue to build backlog for the full year and the second half of 2024.”