Polar Power Receives $7.5 Million in Purchase Orders For Telecom Market Backup Power Systems
October 01 2018 - 8:00AM
Polar Power, Inc. (NASDAQ: POLA), a global provider of prime,
backup and solar hybrid power solutions, announced today the
receipt of $7.5 million in new orders from its existing US Tier 1
wireless customers, which will add to its existing backlog. On top
of its existing orders, these additional orders are scheduled for
deliveries over the next 120 days.
Polar Power ‘s DC generators are used to power telecom equipment
at tower facilities (cell / BTS sites) for both on-grid or off-grid
locations. These new orders are for Polar Power’s standard 15kW DC
backup generator with the following fuel options: diesel, natural
gas and LPG fuel.
With the proliferation of wireless broadband services across the
United States, the need for increased reliability is growing in
parallel with the need for site hardening due to the increasing
frequency and severity of storms. Key technology trends, such as
the internet of things (IOT), autonomous vehicles and video
streaming demand high reliability and quality standards from
broadband services. For the past 25 years, Polar Power has designed
power systems that meet stringent industry requirements and it is
now benefiting from capital expenditure plans at Tier-1 telecoms as
network reliability and backup power during emergencies have become
key industry initiatives.
“This order is further evidence that we are successfully
diversifying across Tier-1 telecom providers in the U.S., which is
one our key strategic objectives. Our products perform a critical
function in ensuring telecom infrastructure is sufficiently
hardened to reliably power cell towers during emergencies and
natural disasters which is known as 'cell site hardening,'” said
Polar Power CEO, Arthur Sams. “We continue to focus on DC power
systems improvements to meet the changing needs of our Tier-1
customers, while also building out our sales and service network to
maintain our position as a key Tier-1 supplier to the US telecom
industry.”
“Top Tier-1 US telecom providers have been committing increased
capital investment to harden telecom infrastructure and we believe
these increasing orders demonstrate that an increasing sales ramp
with the US Tier-1 suppliers is beginning to take place. In
anticipation of this growth, during the second quarter we secured
an additional production facility and related equipment to add an
incremental 50% manufacturing capacity by end of the year. This
capacity expansion is a critical part of our long-term strategy to
supply a growing global demand for DC power systems to the telecom
industry in the U.S. and internationally. Despite minor setbacks in
securing our additional facility, during the third quarter we made
significant progress in our objective to have the second facility
operational by the end of 2018. We believe that the addition of
newer automation equipment and streamlined production processes
will improve our product performance and reduce delivery lead times
for our customers worldwide; which is a key strategic initiative
for our company.
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 its new
orders will be delivered within the next 120 days; Polar Power’s
expectation that it will continue to benefit from capital
expenditure plans at Tier-1 telecoms; Polar Power’s belief that Top
Tier-1 US telecom providers have been committing increased capital
investment to harden telecom infrastructure and that Polar Power
will benefit from such increased capital expenditures through an
increase in its sales to US Tier-1 suppliers ; and Polar Power’s
belief that it will be successful in completing its facility
expansion by the end of 2018 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-Q filed with the Securities and
Exchange Commission on August 14, 2018.
Media and Investor Relations:Shawn Severson
Integra Investor RelationsShawn M. Severson+1 (415)
226-7747shawn@integra-ir.com@Integra IRwww.integra-ir.com
Company Contact:Polar Power, Inc.249 E. Gardena
Blvd.Gardena, CA 90248Tel:
310-830-9153ir@polarpowerinc.comwww.polarpower.com
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