🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Polar Power secures $2.9 million in new orders in light of increased power demand

EditorEmilio Ghigini
Published 20/02/2024, 14:20
© Reuters.
POLA
-

GARDENA, CA - Polar Power, Inc. (NASDAQ: POLA), a global provider of power solutions, has announced net new bookings totaling approximately $2.9 million for January 2024 from both international and domestic Tier-1 customers. This figure is in comparison to the $3.7 million in new bookings reported for the entire first quarter of 2023.

The company's CEO, Arthur Sams, attributes the growth in their telecom market business to several factors, including the increased power demand for network upgrades, diminishing power availability from utility grids, the rising cost of diesel fuel, and the need to provide increased broadband service to rural areas. A notable portion of the new orders, as per Mr. Sams, is repeat and expanded business in Puerto Rico, where the company's products have demonstrated high performance in extreme weather conditions, often causing prolonged interruptions in grid power.

Polar Power's use of super capacitors in their generator sets, as opposed to the 12 Vdc starter batteries used by competitors, is highlighted as a major factor in their product's success. The company also notes the importance of fuel efficiency and lower maintenance with longer run times as competitive advantages that have been central to their equipment for over three decades.

The January bookings and a growing sales pipeline and backlog are seen by Polar Power as indicators of a continued recovery and improvement in financial results throughout 2024. Additionally, the company has made substantial progress in diversifying its sector and geographic market presence.

The information provided is based on a press release statement, which also includes forward-looking statements subject to risks and uncertainties. These statements are based on facts and factors currently known to the company and reflect the good faith judgment of its management. However, actual results may differ materially from the anticipated outcomes.

Polar Power, with a history of pioneering innovations across various industrial applications, offers a wide range of products for sectors including telecom, military, renewable energy, and more. The company's systems are adaptable to operate on multiple energy sources, providing cost savings and efficiency in installation and operation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.