Pioneer Power Solutions, Inc. PPSI shares traded higher on Wednesday after the company announced it received four new orders valued in excess of $10 million.
What To Know: Pioneer's e-Bloc Low Voltage Power Distribution system, as well as multiple IPC's (electrical buildings) with paralleling switchgear for low voltage distribution were among the orders announced before the market open on Wednesday.
Pioneer Power Solutions said it expects delivery and installation of the orders to begin in the second quarter of 2024.
"Increasingly, we are converting our pipeline of new business opportunities into sales, and these orders announced today further increase our expected revenue for 2024 and into 2025," said Nathan Mazurek, Pioneer's chairman and CEO.
"The distributed power generation market is lacking solutions that can meet the consumption needs of industrial and commercial customers. Demand is extremely robust, and we continue to evolve our platforms to address the increasing demand."
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PPSI Price Action: Shares of Pioneer closed Wednesday up 20% at $7.01, according to Benzinga Pro.
Image by Anastasiya Badun from Pixabay
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