Pioneer Power Solutions rises on $8 mln contract

Pioneer Power Solutions

12/10/2022 18:21

** Shares of Pioneer Power Solutions Inc  PPSI.O  climb 7.4%
to $2.70
    ** PPSI says one of the world's largest automakers has
awarded the company an $8 mln contract for its flagship E-Bloc
electrical solution
    ** PPSI says the purchase order was awarded by the
automaker's recently launched division that is purely devoted to
batteries and EV manufacturing
    ** Financial details of the deal were not provided
    ** Delivery is scheduled for Q3 2023
    ** Following the award, Pioneer's project backlog surpasses
$35 mln
    ** PPSI down 64% so far this year
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))