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Investing.com — Pioneer Power Solutions (NASDAQ:PPSI) has received a significant order worth $12 million for its E-Bloc product from “one of the world’s largest mass merchandisers,” the electric power systems company said Tuesday.
The news has seen PPSI’s stock price climb 16% to a high of $9.60 per share, adding to its recent gains following an over 200% rally in early November after it announced the launch of its EV charging products. It has also been a frequently mentioned stock on Reddit.
The initial order is anticipated to double sales in the company’s T&D Solutions segment in 2022. The deal is for 62 E-Bloc units and is part of a program where the merchandiser expects to equip around 500 stores with the E-Bloc type product.
PPSI, which provides EV charging products, distributes energy resource management, switchgear and engine-generator controls to various markets, said its E-Bloc design improves power installation by providing the ability to combine multiple distributed energy resources in an integrated package.
“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,” stated Nathan Mazurek, Pioneer’s chairman and CEO.
