WOOD DALE, Ill., June 24, 2013 (GLOBE NEWSWIRE) -- Cleantech engine supplier Power Solutions International, Inc. (PSI) (OTCBB:PSIX) and online grocery-delivery service Peapod, LLC will showcase a clean-fuel pilot vehicle starting today at the 2013 Alternative Clean Transportation (ACT) Expo, the largest gathering of clean-vehicle stakeholders in the US.
The 6.0-liter-powered delivery truck on display at ACT is the latest addition to a pilot program that PSI began with Peapod in late 2012. In the first phase, PSI outfitted four Peapod delivery trucks with 4.8-liter engines, two that ran on propane and two that ran on natural gas.
"With more than 23 million grocery orders delivered across 24 U.S. markets, we are committed to making our fleet as eco-friendly as possible. This pilot is the first step in a process to find the most environmentally impactful solution," said Andrew Parkinson, Peapod president and general manager.
In the pilot program, PSI delivered fully integrated, drop-in powertrain solutions customized to Peapod's trucks, with transmission, fuel tanks, and recommended fueling strategy. The 4.8-liter propane-powered engines featured special components including enhanced heads and valve-seat inserts, new engine-control systems and fuel systems.
The pilot trucks were driven in a suburban Chicago service area with a 160-mile radius. To date, the pilot has yielded cost per mile results of $0.32 per mile for propane, versus a cost of $0.52 per mile for unleaded gasoline—a savings of more than 38%. Driver feedback has been very positive, with no service issues reported and only minimal maintenance. Based on the pilot's success, Peapod is now working on a project to speed up fueling access.
"We are pleased with the results so far of this pilot program with Peapod," said Eric Cohen, PSI's Chief Operating Officer. "The goal of the Peapod pilot is to establish the financial and operational viability of using clean on-highway power systems for its delivery fleet, in order to reduce emissions and fuel costs.
The program is demonstrating that PSI's clean-fuel technologies can enable Peapod to reduce its fleets' fuel use and resulting emissions without compromising on engine power or performance. We look forward to potentially rolling out our customized engines to their fleet more broadly."
PSI will present its new products at booth number 331 at the ACT Expo at the Walter E. Washington Convention Center in Washington DC on June 24–27.
For more information on PSI, visit http://www.psiengines.com.
About Power Solutions International, Inc.
Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emission-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to global original equipment manufacturers in the industrial off- and on-road markets. The company's in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels including natural gas, propane, biogas and gasoline.
PSI develops and delivers complete power systems with engines ranging from .97-Liter to 22-Liters of displacement, including the new 8.8-Liter engine aimed at the industrial and on-highway markets including medium duty fleets, delivery trucks, school buses and garbage/refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural, and construction equipment.
About Peapod, LLC
Founded in 1989 as a smart shopping option for busy people, Peapod stands as the country's leading Internet grocer, serving 24 U.S. markets in the states of Illinois, Wisconsin, Indiana, Maryland, District of Columbia, Virginia, Massachusetts, Connecticut, Rhode Island, New Hampshire, New York and New Jersey. The Skokie, Illinois-based company, a wholly-owned subsidiary of Royal Ahold in The Netherlands, has completed more than 20 million deliveries.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the current expectations of Power Solutions International, Inc. (the "Company") about its prospects and opportunities, including the statements regarding the Company's 2013 and 2014 sales targets. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "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 important 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 development of the market for alternative fuel power systems, technological and other risks relating to the Company's development of its new 8.8 liter engine, introduction of other new products and entry into on-road markets (including the risk that these initiatives may not be successful), 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, changes in environmental and regulatory policies, 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 Securities and Exchange Commission, including the disclosures under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
CONTACT: For more information about this release, please contact:
Jeremy Lessaris
Director of Marketing
Power Solutions International
Mobile: 1.630.350.9400
E-mail: jlessaris@psiengines.com
