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.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements regarding us and our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Additionally, statements concerning future matters such as revenue projections, projected profitability, growth strategies, and other statements regarding matters that are not historical are forward-looking statements.

Forward-looking statements in this press release reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, those discussed in this press release, and other risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and submissions with the SEC. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

This press release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities of the Company nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This press release contains market data and industry statistics and forecasts that are based on independent industry publications and other publicly-available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. Although we are not aware of any misstatements regarding the market and industry data presented in this press release , these estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed in the section entitled “Risk Factors” in our filings and other documents that are incorporated herein by reference. Accordingly, investors should not place undue reliance on this information.

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:


Peter Seltzberg, SVP Investor Relations and Corporate Advisory

At Polar Power Inc.