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GARDENA, CA - Polar Power, Inc. (NASDAQ:POLA), a small-cap power solutions provider with a market capitalization of $9.2 million and annual revenue of $12 million, announced Tuesday it has received a $674,000 contract from a military customer for compact, lightweight DC generators designed for mobile applications.
The newly proposed generator model is approximately 25% smaller and lighter than the company’s smallest generator currently deployed in military and telecom sectors, while maintaining comparable power output, according to the company’s press release.
Arthur D. Sams, CEO of Polar Power, said, "This contract completes our DC generator lineup from 2 kW to 50 kW. Our next development target is a 200 kW DC generator for edge computing and small data centers."
The California-based manufacturer indicated the compact generators support growing demand for portable energy solutions across various industries, including robotics, drones, agricultural automation, and transportation infrastructure.
Polar Power’s DC generators can be integrated with batteries and inverters to support peak loads of 10 to 100 kW by leveraging battery storage to average power usage over a 24-hour period.
Founded in 1979, Polar Power designs and manufactures off-grid and on-grid power solutions for military, telecommunications, EV charging, and other applications.
The company stated it plans to sell directly to large accounts and establish dealer networks for smaller volume sales as part of its customer diversification strategy.
In other recent news, Polar Power, Inc. has entered into an at-the-market equity sales agreement with ThinkEquity LLC. This agreement allows Polar Power to offer and sell shares of its common stock through ThinkEquity as a sales agent, with an aggregate offering price of up to $2,382,043. The sales will be conducted as "at-the-market offerings," which means they can occur directly on or through The Nasdaq Capital Market at prevailing market prices. Additionally, Polar Power has partnered with ZQuip, a subsidiary of Moog Inc., to develop DC hybrid power systems for construction equipment. This collaboration has led to the creation of a compact diesel-fueled charging system designed to extend the range of electric construction vehicles. The modular DC charger can also be used in stationary applications to charge electric vehicles. These developments reflect Polar Power’s strategic moves in both financial and technological arenas.
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