Power Solutions International Signs Mutually Exclusive Supply Agreement with Enchanted Rock
Agreement valued at approximately
Natural gas microgrid genset agreement expected to lift 3Pi to new revenue high for 2017 and beyond
3Pi designs, manufactures, and sells custom-engineered, integrated electrical power generation systems for standby power, demand response, microgrid and cogeneration (CHP) markets.
The new agreement expands the partnership between ERock and 3Pi, established by an earlier agreement signed in June of 2016. The mutually exclusive, multi-year agreement specifies that ERock will purchase an additional, approximate
"This latest agreement with ERock solidifies 3Pi's shift of focus to the rapidly growing, high-value distributed generation markets (microgrid, demand response &
"The PSI Heavy Duty natural gas engine is the perfect prime mover for ERock's microgrid customers,"
In addition to the original design, ERock and 3Pi intend to jointly develop specialized gensets for cold weather climates in
McAndrew added, "The PSI, 3Pi and ERock teams have collaborated closely for the last 24 months to develop a microgrid genset that provides substantial advantages over other offerings in the market. It's a game changer for us and the industry."
PSI develops and delivers complete industrial power systems that are used worldwide in stationary and mobile power generation applications supporting standby, prime, and cogeneration power (CHP) applications; mobile industrial applications that include forklifts, aerial lifts, industrial sweepers, aircraft ground support, arbor, agricultural and construction equipment. In addition, PSI develops and delivers power systems purpose-built for Class 3 through Class 7 medium-duty trucks and buses for the North American and Asian markets. For more information on PSI, visit www.psiengines.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are covered by the "Safe Harbor for Forward-Looking Statements" provided by the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward looking statements by using words such as "expect," "contemplate," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "outlook, " "guidance," "projection," "target" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other factors could cause the Company's actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including, without limitation, the continued development and expansion of the market for alternative-fuel power systems; technological and other risks relating to the Company's development of its 8.8 and 4.3 liter engines, introduction of other new products and entry into on-road markets (including the risk that these initiatives may not be successful); the timing of new products; the Company's ability to integrate acquisitions into the business of the Company successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the economic benefits, cost savings and other synergies that the Company originally anticipated as a result of acquisitions are not fully realized or take longer to realize than expected; the significant strain on the Company's senior management team, support teams, manufacturing lines, information technology platforms and other resources resulting from rapid expansion of the Company's operations (including as a result of acquisitions); volatility in oil and gas prices; changes in environmental and regulatory policies; conditions and developments in the microgrid power generation market, the financial condition and competitive position of ERock, the success of ERock's in carrying out its marketing plan and generating the estimated orders; significant competition; global economic conditions (including their impact on demand growth); and the Company's dependence on key suppliers. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the
Power Solutions International, Inc. Jeremy LessarisVP of Global Marketing & Communications+1 (630) 350-9400 firstname.lastname@example.org Power Solutions International, Inc. Philip KranzDirector of Investor Relations +1 (630) 451-5402 email@example.com
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