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PIONEER POWER SOLUTIONS , INC . FORM 8 - K PIONEER POWER SOLUTIONS Exhibit 99.1 Pioneer Power Reports Third Quarter 2021 Financial Results Also Notes Accelerating Growth of E - Bloc and Recent Launch of E - Boost Products for the EV Charging Market FORT LEE , N.J. , Nov. 16 , 2021 / PRNewswire / -- Pioneer Power Solutions , Inc. ( Nasdaq : PPSI ) ( “ Pioneer ” " Pioneer Power " or the " Company " ) , a leader in the design , manufacture and integration of electric power systems and service , including on site power , circuit protective and control power solutions , today provided a business update and announced its financial results for the third quarter and nine months ended September 30 , 2021 . Recent Business Highlights and Third Quarter 2021 Financial Results : • Accelerating sales of E - Bloc with more than $ 1.8 million of equipment sold and delivered during Q3 2021 Launched E - Boost , a unique suite of three mobile electric vehicle ( EV ) charging solutions • • • Paid a special cash dividend of $ 0.12 per common share for an aggregate distribution of approximately $ 1 million Strengthened balance sheet with $ 8.7 million in net proceeds from the sales of common stock at an average price of $ 10.1288 per share under the ATM program Revenue of $ 5.7 million during Q3 2021 , up 40.3 % when compared to $ 4.1 million in Q3 2020 Cash provided by operating activities was $ 839,000 during the nine months ended September 30 , 2021 , as compared to cash used in operating activities of $ 1.3 million in the year ago period Nathan Mazurek , Pioneer's Chairman and Chief Executive Officer , said , “ The recent launch of E - Boost , our revolutionary suite of mobile EV charging solutions , and the accelerating growth of E - Bloc sales mark the success of our strategic shift to the multi - billion - dollar EV charging and distributed generation markets . We have applied our decades of power solution expertise to the design and manufacture of these unique products ; E - Boost to address the largely unmet need for mobile charging and E - Bloc to streamline and simplify the installation demand for more high - capacity charging . ” " These new offerings are key levers for our continued growth , and already represent a significant portion of our overall business , ” continued Mazurek . " In addition , we strengthened our balance sheet with $ 8.7 million in net proceeds from a recent sale of common stock providing Pioneer with the working capital it needs to pursue , win and deliver on a growing number of market opportunities in the EV charging and distributed generation space . We have a growing pipeline of opportunities that we expect to close in the coming months which we believe will drive measurable improvement in our results and increase the overall value of our business . " -1-