Pioneer Power Solutions, a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, announced that it has signed a contract with a large electric utility provider to supply its liquid-filled network transformers.
The Company expects the 30-month contract, which became effective June 26, 2017, to generate annualized revenues of up to $2 million through 2019. First shipments are expected to begin in the fourth quarter of 2017.
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "This agreement adds a new, large utility to our customer list. Pioneer continues to benefit from increasing demand for electricity, as well as increased infrastructure spending. This new customer and incremental order is an encouraging win for us, demonstrating our growing presence among major utilities and bolstering our optimism as we look into 2018 and beyond."
The technologically advanced network transformers will be manufactured by the Company's Pioneer Transformers Ltd. division, a North American leader in the manufacturing of liquid-filled distribution, small power and specialty transformers, including subway and vault-type network transformers designed to withstand harsh environments. These transformers are typically used by utilities and municipal power authorities in secondary grid applications to ensure reliability of service, enabling electrical grids to continue to withstand major storms or other events. Pioneer has been in the liquid-filled transformer business for over 50 years.