POLAR POWER, INC. (NASDAQ:POLA)
Historical Stock Chart
6 Months : From Apr 2018 to Oct 2018
Polar Power, Inc. (NASDAQ:POLA), a global provider of prime, backup and solar hybrid DC power solutions, has received a 105-unit purchase order for its 15-kilowatt (kW) back-up DC generator set from a newly signed Tier-1 wireless carrier customer in the United States. This initial purchase order will be shipped over the next three months to telecom sites in the United States as part of the Tier-1 wireless carrier’s new cell site hardening initiative.
In the fourth quarter of 2017 and into the beginning of 2018, Polar Power commenced and completed a six-month test and evaluation with this Tier-1 wireless carrier in the U.S. for a customized, more economical DC power system. This solution was built to the customer specifications and Polar Power was added to their national monitoring system in the first quarter of 2018. Through the Tier-1 wireless carrier’s cell site integration partner, the company received its initial purchase order and expects to deliver these units in the second and third quarter of 2018.
“The momentum with cell site hardening is accelerating as evidenced with our newly signed Tier-1 wireless carrier’s initial purchase order and increasing sales with our largest Tier-1 wireless carrier customer,” said Polar Power CEO, Arthur Sams. “Service disruptions caused by power outages can cost a carrier time, money and customers, making hardening of their communications sites a priority. Moreover, smartphones are now a consumer’s primary communications device, thereby creating greater demand for connectivity and data, thus the necessity for greater reliability in wireless networks,” continued Sams.
“The new normal of extreme weather volatility is also having a negative impact on the reliability of our electric utility grids, which impacts our first responders who have a growing dependency on broadband communications for running specialty apps and data services during emergencies. All these factors have created the need to harden the cell sites with backup power and we believe the DC generator is one of most efficient means to bridge the power gap during times of grid failure,” concluded Sams.
“To support this new customer and our growing client base, Polar is constantly expanding and improving our production capabilities and supply chain,” said Polar Power COO Raj Masina. “This means the increased use of robotics and additional fabrication machinery along with better pricing from our vendors due to our increasing volumes. In terms of future growth, we also made material progress with our new 29,000 square foot production facility and expect it to come on line in August of 2018,” concluded Masina.
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 expectation that its new customers will commence ordering products during the next two weeks and beyond; Polar Power’s belief that customers will make major purchases in the fourth quarter of 2017; and Polar Power’s belief that RFP’s will turn into purchase orders 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 May 9, 2018.
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