Tailwinds’ Take: great news that POLA is the backup plan of choice for this new tier-1 customer, but we need to see orders for more than storm repair before getting overly excited. The Company is well positioned for 2018 and the stock will respond with a large, sustained move when visibility into those numbers increases.
GARDENA, CA–(October 12, 2017) – Polar Power, Inc. (NASDAQ: POLA), a global provider of prime and backup DC power solutions, has received a multi-unit purchase order of its 15 kilowatt (kW) back-up diesel DC generator set from its new Tier-1 wireless carrier customer in the United States. The initial 57 units will be shipped over the next two weeks to hurricane-affected telecom sites on the island of Puerto Rico.
Hurricane Maria, which lingered over Puerto Rico for 10 days in early to mid-September, caused extensive destruction and a humanitarian crisis in the region. Of the 3.6 million people who reside on the island, the vast majority have no power. According to the FCC, 91% of cellular sites are out of service and according to Wired.com, of the 1,600 cellular sites, at least 1,300 are out of service. Of the four fiber-optic providers in Puerto Rico, one is mostly broken and one is completely down. Roughly 75 percent of fiber coverage, including cellular service, isn’t working, and neither is about 40 percent of the wired network.
“We are pleased to receive our first material, multi-unit purchase order with our newly signed Tier-1 wireless carrier customer in the United States,” said Polar Power CEO, Arthur Sams. “It comes at a time when over 3.5 million U.S. citizens are without some form of access to cellular phone or data to communicate with family and friends.
“We look forward to continuing our collaboration with all of our Tier-1 wireless carrier customers as we work together to provide solutions to aid in the redevelopment of Puerto Rico’s wireless networks. We’ve seen an increase in inbound RFP requests due to the recent hurricanes and look forward to working with our partners to implement innovative solutions to restore service to areas hardest hit by these natural disasters,” concluded Sams.
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/A filed with the Securities and Exchange Commission on July 11, 2017.
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