Polar Power Announces Record Backlog of $19.1 million in DC Power Systems
GARDENA, Calif., Nov. 29, 2018 /PRNewswire/ -- Polar Power, Inc. (NASDAQ: POLA), a global provider of prime, backup and solar hybrid DC power solutions, announced today increasing demand from U.S. telecom providers during the fourth quarter of 2018 has resulted in a backlog of $19.1 million as of November 26th, 2018. This is a $17.3 million increase from a backlog of $1.8 million on December 31, 2017. The backlog of $19.1 million reflects $1.1 million in international sales from Africa and Asia regions, which is a key strategic growth initiative for the company.
Polar Power C.E.O. Arthur D. Sams commented, "Over the course of the year we have made great strides in positioning Polar Power for long term success including receiving product certifications from top tier-1 telecom providers worldwide and nearly doubling our manufacturing capacity as we go into 2019. We believe that we have overcome major supply chain issues encountered during Q3 2018, allowing us to increase our production from mid-November.
"Over the past couple years, we have made significant investments in introducing new models and increasing our technologies in DC backup power, lithium battery storage and renewable energy. This year has been a breakthrough year for Polar as we have gained significant momentum in convincing tier-1 telecom providers to switch from older AC backup power systems to more efficient DC powered backup generators and this is clearly reflected in the notable bookings."
About Polar Power, Inc.
Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar's systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.polarpower.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power's belief that the new production facility will double its production output in the near future. Polar Power belief that DC Power technology is superior to AC power technology; Polar Power belief that it can deliver the backlog to its customers on time; for substantial revenue growth in 2019; Polar Power's expectation that lithium battery storage and renewable energy products can generate significant growth in sales; are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse economic and market conditions, including demand for DC power systems; raw material and manufacturing costs; changes in governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Polar Power's filings with the Securities and Exchange Commission including, specifically, those factors set forth in the "Risk Factors" section contained in Polar Power's Form 10-K filed with the Securities and Exchange Commission on March 8, 2018.
SOURCE Polar Power, Inc.
Released November 29, 2018