Pioneer Power Enters $2.4 Billion Residential Power and EV Charging Market with HOMe-Boost, an Integrated Distributed Generation and EV Charging Product for U.S. Homeowners

Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer”, “Pioneer Power” or the “Company”), a leader in the design, manufacture, service, and integration of electrical power systems, power generation equipment and mobile electric vehicle (“EV”) charging solutions, today announced that it is launching its first residential platform, HOMe-Boost, to address the ever increasing demand for reliable and fast EV charging for homeowners. Pioneer’s platform is the result of decades of experience with industrial power generation solutions and the Company’s more recent experience launching and selling its high-capacity charging, power dense, low-carbon, mobile, e-Boost solutions.

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North American Home Standby Gensets Market Size by Fuel Type: Natural Gas - Largest (Graphic: Business Wire)

Pioneer eMobility’s HOMe-Boost features 30 kVA of reliable prime power and most importantly, provides either fast Level 2 or Level 3 EV charging as well. HOMe-Boost provides flexibility to use either the prime generator or the grid, using advanced intelligent power switching components. Installation is easy, and the elements of the system are designed to provide an “island” mode option (completely off-grid) to the residential customer during times of extreme weather and natural disasters. The new product platform will also provide homeowners with the flexibility to choose between on-site power generation or utilization of utility rates, whichever is more economical. Both natural gas and propane versions of HOMe-Boost will be offered. Prime power, combined with fast charging, is a significant offering that homeowners who must have a secured power supply and want fast home charging, would value.

“Our entry into the large and growing residential multi-billion-dollar home power generation market is both strategic and organic,” stated Nathan Mazurek, CEO of Pioneer Power. “Pioneer will market its HOMe-Boost solution through select electrical distributors and generator dealers making the product available and simple for electrical contractors to access and install.”

Pioneer's HOMe-Boost comes in two different options, L2 or L3, each complete with all of the major components needed for a quick installation. The HOMe-Boost L2 version comes with a 30 kW natural gas EPA prime power generator for complete home backup and an automatic transfer switch that automatically senses utility outages and can also be electronically commanded to switch to onsite power. The Level 2, 48A charger comes with a mobile phone application interface that makes it simple to operate. The package also includes load balancers that help prioritize power needs within the user’s home, including EV charging, whenever needed. The product is compactly mounted on a single composite (recyclable) pallet for ease of storage, pickup and drop-off.

The HOMe-Boost L3 version comes with a 45 kW, 480V, 3 phase, natural gas EPA prime power generator for direct power to a Level 3 fast charger. The package includes a 30 kW, Level 3, high-speed EV charger and an automatic transfer switch to help with automatic or on-command grid transfer. With a 45 kW generator, the need for backup power of much larger home properties can be easily accomplished, and a transformer is included to provide single-phase power for the house. This premium package is rounded out with requisite load balancers to help coordinate load management via an automatic transfer switch, as well as a mobile phone application to control the EV charger. Level 3 charging at the home typically requires special permitting from the city/town, and utility, and is a very expensive residential infrastructure project. HOMe-Boost L3 eliminates each of these obstacles and makes fast charging at home readily available.

“We are responding to what we see as strong consumer demand for sustained residential power offering flexibility, combining prime power that integrates fast and affordable EV charging right at home, even when the grid is not available,” commented Geo Murickan, head of Pioneer eMobility. “We believe HOMe-Boost offers homeowners a feeling of security in knowing that prime power and EV charging will be there for them at times of need, especially during and after natural disasters, when it’s most critically needed.”

Key features and benefits of the HOMe-Boost L2 and L3 include:

• Experience, Quality, Service & Warranty: The experience Pioneer Power has with years of onsite power generation and service of generators has allowed e-Boost to instill the same product quality into HOMe-Boost. Through our nationwide, extended service network, we can ensure the service and warranty expectations in an essential home application.
• Easy installation and extensive functionality: With all of the major components delivered on one pallet, installation is easy, fast, and affordable. Additionally, the coordinated design and implementation of the components included providing the widest range of functional options to the residential user at all times.
• Faster EV Charging at home, with or without the grid: Most EV users at home use Level 1 or lower Level 2 options, primarily limiting the usage to charging at night due to utility rates. With HOMe-Boost, customers benefit from either high-capacity Level 2 charging or even faster Level 3 charging that can be available during the daytime, or during power outages, at a similar cost to charging on the grid at night, when it is most economical, virtually eliminating the need for using public chargers.
• Enhanced Resiliency: With HOMe-Boost, resilience is built-in and delivered from day one, but with the EPA prime generator, customers can be on “island” mode (completely off-grid) for as long as needed, and therefore during a natural disaster you can safely shelter in place or be ready to evacuate with your EV fully charged and ready to go.

For more information on HOMe-Boost, please contact Geo Murickan via email: [email protected] or at (909) 441-6999.

*The pictures provided are architectural visualizations for illustration purposes only.

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 Company’s ability to successfully increase its revenue and profit in the future, (ii) general economic conditions and their effect on demand for electrical equipment, (iii) the effects of fluctuations in the Company’s operating results, (iv) the fact that many of the Company’s competitors are better established and have significantly greater resources than the Company, (v) the Company’s dependence on two customers for a large portion of its business, (vi) the potential loss or departure of key personnel, (vii) unanticipated increases in raw material prices or disruptions in supply, (viii) the Company’s ability to realize revenue reported in the Company’s backlog, (ix) future labor disputes, (x) changes in government regulations, (xi) the liquidity and trading volume of the Company’s common stock, (xii) an outbreak of disease, epidemic or pandemic, such as the global coronavirus pandemic, or fear of such an event, and (xiii) 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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