Located in the heart of Southern California, a cleantech and independent power generation hub, in a modern, 40,000 sq/ft facility in Santa Fe Springs, Pioneer CEP is easily accessible to all Southern California and Western US customers to fulfill their urgent project needs. Pioneer has built a team of industry veterans from well-established manufacturers having a combined design and manufacturing experience of over 100 years. Pioneer CEP has decades of experience in custom metal fabrication, switchboard and panelboard manufacturing in the Southern California market. Pioneer CEP traces its origins back to 1910 as Pico Metal and Pico Electric. Pioneer CEP was established with a particular focus on meeting the custom manufacturing and quick shipment needs of its diverse distributor clientele and their customers. Pioneer is exploring various options with respect to the CleanSpark shares and warrants, including distributing them to its shareholders at an appropriate time, as determined by its board. Through an equity position in CleanSpark, Pioneer shareholders will have the opportunity to benefit from the future success of this business as part of a growing company with a more synergistic offering.” At the same time and in our view, the potential for growth and continued profitability of the switchgear business are enhanced by aligning its assets and capabilities with an advanced energy solutions provider such as CleanSpark. We are committed to creating shareholder value and we believe our company is better positioned for improved performance with a more simplified offering. Our switchgear segment and its successful penetration of new and rapidly expanding markets such as distributed generation and energy storage, has created an exciting strategic opportunity. ![]() Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, said, “The planned sale of our switchgear business is an important part of our strategy to simplify our portfolio, reduce costs and focus on our core transformer business. “Traditional ‘hardware only’ solutions will now have locally controlled, AI honed, cloud-based insights to improve energy-security, cyber-security and economic optimization.” “With the acquisition of Pioneer CEP, we’ve secured a specialized, vendor agnostic hardware solution, which, when coupled to our proprietary adaptive controls platform, allows for a simplified business development model, ease of deployment and opportunity for rapid growth,” stated Matt Schultz, CleanSpark’s Chief Executive Officer. The combined companies have more than $40 million in outstanding contract proposals issued for fulfillment prior to the end of 2019. Since January of 2016, Pioneer CEP has delivered in excess of $32 million in products and currently has a contracted backlog in excess of $5.6 million. Pioneer CEP is a designer and manufacturer of highly engineered custom electrical equipment, including, but not limited to high and medium voltage switchgear, automatic transfer switches, low and medium voltage control systems, switchboards and panelboards. an equipment lease agreement that provides for the lease of equipment from Pioneer to CleanSpark Ĭlosing is anticipated to occur on or before June 30, 2018.an 18-month promissory note equal to the net carrying value of the current assets and liabilities as of the date of closing and.a 5-year warrant to purchase 1,000,000 shares of CleanSpark common stock at an exercise price of $2.00 per share. ![]() 7,000,000 shares of CleanSpark common stock a 5-year warrant to purchase 1,000,000 shares of CleanSpark common stock at an exercise price of $1.60 per share.(NASDAQ: PPSI), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment today announced that the two companies have signed a definitive agreement wherein CleanSpark will acquire substantially all of the assets and operations of Pioneer’s wholly owned subsidiary, Pioneer Custom Electrical Products (Pioneer CEP).Īs consideration for the assets, CleanSpark will provide Pioneer with the following: (OTC: CLSK), a microgrid company with advanced engineering, software and controls for innovative distributed energy resource management systems, and Pioneer Power Solutions, Inc. SALT LAKE CITY and FORT LEE, NJ – May 8, 2018, /PRNewswire/ – CleanSpark, Inc. CleanSpark to Accelerate Deployments by Acquiring Pioneer Custom Electrical Products Business
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |