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Pioneer Power Solutions wins $2.4m switchgear equipment order

WASHINGTON, July 31, 2018

US-based Pioneer Power Solutions and CleanSpark have announced that Pioneer's Switchgear segment has received a $2.4 million equipment order as part of a contract for the new US Embassy in Beirut, Lebanon.

Pioneer Power Solutions, Inc, is a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment.

CleanSpark is a microgrid company with advanced engineering, software and controls for innovative distributed energy resource management systems.

Pioneer's Switchgear segment is providing medium voltage switchgear, master control panels and other circuit protective equipment as part of the main electrical distribution service (normal and standby) for the facility. The job is expected to ship by the end of 2018, said a statement from the company.

As previously announced, CleanSpark and Pioneer have signed a definitive agreement for Cleanspark to acquire substantially all of the assets and operations of Pioneer's wholly owned subsidiary, Pioneer Custom Electrical Products (Pioneer CEP) in exchange for a combination of Cleanspark stock, warrants and notes worth approximately $10 million.

The transaction is currently expected to close in the fourth quarter of 2018, and it is expected that Cleanspark will recognise the revenues and profits from this order.

Nathan Mazurek, Pioneer's chairman and chief executive officer, said: “This order is our third and largest order to date for this particular customer, all focused on Department of State projects around the world.”

“Our ability to win these jobs is based on our ability to design and engineer custom electrical control and circuit protective schemes, as well as our expertise at integrating and coordinating a complex job halfway around the world. This new order further bolsters the growth outlook for this subsidiary,” he said.

Mazurek continued: “We are continuing to work diligently to close the previously announced sale of our switchgear business unit, which has been delayed somewhat due to factors that impacted our ability to promptly satisfy all of the closing conditions.”

Zachary Bradford, CleanSpark's president and chief financial officer, said: “Pioneer CEP's continued success in adding new deployments like this one, along with our rapidly expanding ability to add intelligent, cloud-honed, localised controls and optimisation into both new and existing switchgear solutions should provide greater value to all stakeholders across both business units.”

“We are pleased with the broad acceptance we've experienced so far as we present an integrated, 'first of its kind' solution within the industry,” he added. – TradeArabia News Service




Tags: | Switchgear | order | equipment |

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