Polar Power Announces $2.9 Million in New Bookings During January 2024
Reliable and Unique Technology Platform Compels Selection of Polar Power to Provide DC Backup Power Generation Systems
GARDENA, CA, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid power solutions, announces approximately $2.9 million in net new bookings from international and domestic Tier-1 customers for the month of January 2024. This compares to $3.7 million in new bookings for the full first quarter in 2023.
Arthur Sams, CEO of Polar Power commented, “Our telecom market business is being driven by four factors: increased power demand for network upgrades, diminishing power availability from utility grids, increasing cost of diesel fuel, and providing increased broadband service to rural areas. A substantial portion of the $2.9 million in new orders in January represents repeat and expanded business in Puerto Rico. Over the past 6 years, our products deployed there have consistently performed exceptionally well in extreme weather conditions which routinely causes interruption in grid power for extended periods of time. A major factor in our product’s success is our use of super capacitors in our generator sets as opposed to 12 Vdc starter batteries used by our competitors.
“The January bookings, our growing sales pipeline and backlog give us confidence that we will continue to see recovery and improvement in our financial results throughout 2024. We also experienced substantial progress towards our diversification objectives from both sector and geographic market standpoints. Our customers are placing a new emphasis on fuel efficiency and lower maintenance with longer run times, which have been key competitive advantages of our equipment for the past 30 years,” concluded Mr. Sams.
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About Polar Power, Inc.
Polar Power (NASDAQ: POLA) is a leading provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. Our product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.
Our telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Our military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications.
Our mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Our combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs.
Our micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Our commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings.
Polar Power is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation.For more information, please visit www.polarpower.com. or follow us on www.linkedin.com/company/polar-power-inc/.
Investor Relations Contact:
At CORE IR
Peter Seltzberg, SVP Investor Relations and Corporate Advisory
516-419-9915
peters@coreir.com
At Polar Power Inc.
Released February 20, 2024