Shares of Pioneer Power Solutions (NASDAQ:PPSI) have been gaining massive momentum over the past week with a jump of 40%.
Market Reaction
On Friday, PPSI stock increased 6% at $8.29 with more than 7.70 million shares, compared to its average volume of 7.22 million shares. The stock has moved within a range of $7.27 – 8.78 after opening trade at $7.74.
Pioneer Power Launches E-Boost© – Smart, Mobile EV Charging Solutions
Leader in design, manufacture and distribution of on-site power equipment and energy infrastructure, Pioneer Power Solutions (NASDAQ:PPSI) on November 8, 2021 announced launch of the E-Boost portfolio of mobile Electric Vehicle charging solutions for complete range of applications.
Pioneer Power’s Chairman and Chief Executive Officer, Nathan Mazurek said that the firm is looking at fast growing demand for mobile charging and will be needed for supporting wide range of EV and mobile power use cases.
Mazurek added that the launch of fresh offerings will advance strategic shift to a multi-billion dollar market opportunity in EV charging. The CEO further added that it has applied power engineering experience in development of the new offerings and plans to deliver them soon. Pioneer has appointed Geo Murickan as President of Pioneer’s Power Mobility Company, as he comes with significant experience in marketing as well as deploying complex power solutions.
Furthermore, Geo has been a leader at Pioneer as well as senior executive with General Electric. Pioneer’s E-Boost portfolio comprises of truck-mounted option bringing mobility with high-capacity EV charging, E-Boost G.O.A.T; trailer-mounted solution balancing need for mobility and higher capacity of EV charging, E-Boost Mobileand stationary EV charging solution with customisable higher capacity, E-Boost Pod.
Geo Murickan, President, Pioneer Power Mobility said that it is a fact that EV’s would be rapidly witnessing adoption and will be the majority of new automobiles sold globally.
Key Quote
Nathan Mazurek, Pioneer Power’s Chairman and Chief Executive Officer, said, “We are anticipating the rapidly growing demand for high-capacity mobile charging that will be required to support the wide range of EV and mobile power use cases with E-Boost products. The launch of these new offerings further advances our strategic shift towards the growing, multi-billion dollar market opportunity in Electrical Vehicle Charging (EVC). We have applied decades of power engineering experience to the design and development of these new offerings and created a market facing unit, Pioneer Power Mobility, to sell, deliver and support them. To that end, we are proud to announce the appointment of Geo Murickan as President of Pioneer’s Power Mobility Company. Geo has years of experience marketing, specifying and deploying complex power solutions and will lead this effort. Geo has been a key leader at Pioneer as well as a senior executive with General Electric. He brings a wealth of knowledge and expertise to this developing line of business.”
Traders Review
PPSI stock is trading above the 20-Day and 50-Day Moving averages of $5.18 and $3.84 respectively. Moreover, the stock is trading above the 200-Day moving average of $4.49. The stock is up 155% over the past week.
