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Pioneer Power Launches New Modular, E-Bloc Charge Port Series and Immediately Books Initial Orders Valued at More Than $2 Million

New Series E-Bloc Expands Market Opportunity by More Than $1.5 Billion

E-Bloc Charge Port Series

Nathan Mazurek, CEO of Pioneer, commented, "Our newly launched E-Bloc Charge Port series was developed and engineered to protect the electrical integrity of chargers and related equipment to support the roll out of EV charging stations. The modular E-Bloc Charge Port units provide enhanced performance and improve flexibility for site-specific power distribution needs regardless of the combination of distribution feeder breakers required. The E-Bloc Charge Port design is inherently flexible, highly scalable and smartly packaged - key differentiators in the marketplace. Pioneer is one of two suppliers currently approved by Southern California Edison with regards to the state of California's ('CPUC') mandated 'Charge Ready' program initiative and our E-Bloc Charge Port series is the only commercially available solution with the flexibility of use for the variety of settings required. The initial purchase orders of more than $2 million dollars advance our 2024 growth objectives and we anticipate this to be a meaningful opportunity to rapidly increase E-Bloc unit sales."

Market Opportunity

Speaking on the market opportunity, Mazurek continued, "We expect the state of California's approach to addressing mandated environmental standards and the implementation of our E-Bloc Charge Port focused series will gain nationwide attention and drive further increases in demand. Given the state's mandate to provide upwards of 100,000 charge ports over the next three to five years, there is a substantive opportunity to grow this new business product line."

Key Features and Expected Benefits of the E-Bloc Charge Port Series

Smartly Engineered and Packaged - Pioneer, with its in-depth experience in installing over 1,000 E-Bloc units, developed a new, slimmer form factor, which is built on past design considerations and customer demand and feedback. The E-Bloc Port Charge series was engineered with an efficient design that is scalable, modular and meets SCE's Electrical Service Requirements (ESR).

Flexible - Using new technology, the E-Bloc Charge Port series can provide a range of amperes for an electrical system's amperage ranging from 1200 to 4000.

Ruggedized - The E-Bloc Charge Port series withstands power surges and is outdoor rated to stand up to inclement weather as well as severe heat to provide California EV charging customers fault-free EV charges where and when they are needed.

Easy Installation - Utilizing the Company's new "Bus" technology, the E-Bloc Charge Port series encompasses a small footprint and is designed for "plug and play" installation applying simple tools and requiring no additional training for qualified installers.

For additional information about the E-Bloc Charge Port series, please visit https://www.pioneerpowersolutions.com/contact/ or contact Jay Johnson at Quotes@pioneercep.com.

About Pioneer Power Solutions, Inc.

Pioneer Power Solutions, Inc. is a leader in the design, manufacture, integration, refurbishment, service and distribution of electric power systems, distributed energy resources, power generation equipment and mobile electric charging solutions for applications in the utility, industrial and commercial markets. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com.

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of the federal securities laws. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the commercial success of the Company's new E-Bloc Charge Port series, (ii) the Company's ability to successfully increase its revenue and profit in the future, (iii) general economic conditions and their effect on demand for electrical equipment, (iv) the effects of fluctuations in the Company's operating results, (v) the fact that many of the Company's competitors are better established and have significantly greater resources than the Company, (vi) the Company's dependence on two customers for a large portion of its business, (vii) the potential loss or departure of key personnel, (viii) unanticipated increases in raw material prices or disruptions in supply, (ix) the Company's ability to realize revenue reported in the Company's backlog, (x) future labor disputes, (xi) changes in government regulations, (xii) the liquidity and trading volume of the Company's common stock, (xiii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, and (xiv) risks associated with litigation and claims, which could impact our financial results and condition.

More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q, respectively. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

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