Pioneer Power Solutions

History

Our heritage in design technology and innovation has endured throughout our over 90 years in the electrical equipment manufacturing industry. In our recent history, we have significantly increased our profile and broadened the range of products we manufacture and the markets we serve:

• In February 1995 we acquired our Pioneer Transformers Ltd. business from Schneider Electric. We then retooled its manufacturing capabilities and developed know-how to produce gradually more complex and value-added transformers for our customers. With our change in product mix, our revenue more than tripled.
• In December 2009 we raised equity capital and became a public reporting company in the U.S. as Pioneer Power Solutions, Inc.
• In April 2010 we purchased Jefferson Electric, Inc., a Wisconsin-based manufacturer and supplier of low voltage, dry type transformers.
• In June 2010 we purchased select assets from AAER Inc. to establish Pioneer Wind Energy Systems Inc., a manufacturer of wind turbines with generation capacities exceeding one megawatt. In September 2011, we elected to discontinue this business.
• In July 2011 we acquired Bemag Transformer Inc., a Quebec-based manufacturer of low and medium voltage transformers and custom magnetics.
• In March 2013 we acquired Power Systems Solutions, Inc., now doing business as Pioneer Critical Power Inc., a Minneapolis-based provider of paralleling switchgear and engine generator controls.
• In August 2013, we acquired Pico Electrical Equipment, Inc. now doing business as Pioneer Custom Electrical Products Corp., a Los Angeles-based manufacturer of low voltage switchboards and related circuit protection equipment.
• In September 2013, we completed a public offering of our common stock and uplisting to the Nasdaq.
• In December 2014, we completed the acquisition of Titan Energy Systems, Inc., a provider of industrial-scale backup power generation systems supported by a national field service organization and on-line remote monitoring technology.
• In January 2019, we entered into an Agreement and Plan of Merger between Pioneer Critical Power, Inc., CleanSpark and CleanSpark Acquisition, Inc. in which Pioneer Critical Power, Inc. became a wholly-owned subsidiary of CleanSpark.
• In August 2019, Pioneer Transformers Ltd. and Pioneer Dry Type Transformer Group were sold leaving Pioneer Power Solutions with a core business specializing in large power systems and their upkeep.