Pioneer Power receives $6.2M in full payment of notes from 2019 transformer sale; cash on hand now $11M

PIONEER POWER SOLUTIONS, INC.

Received $6.2M cash on Dec 15, 2022 as full payment of two subordinated promissory notes totaling principal plus 4% interest from 2019 sale of transformer business.
Cash on hand increased to approximately $11M, roughly doubling prior cash position.
CEO Nathan Mazurek states the capital supports investment in EV charging and distributed generation solutions through end of 2023.
Balance sheet remains debt-free after this transaction.

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