Hydro-Quebec and Pioneer Transfomers sign two supply contracts

Friday, Mar 05, 2010

Canadian power utility Hydro-Quebec has entered into two supply contracts with Pioneer Transformers, a wholly-owned subsidiary of Pioneer Power Solutions, for the manufacture of distribution transformers.

The first of the two contracts is a renewal of Pioneer's existing master agreement for the production of pad-mount transformers. The existing supply contract was executed in 2006 and provided for an initial term of two years, with two one-year extension options.

Both options were exercised by Hydro-Quebec. The new contract will take effect in April 2010 and is also for a maximum term of four years, including two one-year extension options.

In addition, Pioneer received a first-time contract from Hydro-Quebec for the supply of submersible transformers. The submersible product line is intended for frequent or continuous submerged or underground operation, designed to withstand hot, cold or unclean environments.

Like the pad-mount contract, the master agreement for submersibles provides for a maximum term of four-years, including extension options.

Nathan Mazurek, CEO of Pioneer Power Solutions, said: "We are extremely pleased by this extension and expansion of our critical supply relationship with Hydro-Quebec. Hydro-Quebec is a strong supporter of local engineering and manufacturing expertise and we have been a proud beneficiary of this commitment for over four decades."

A service of YellowBrix, Inc.

 

Source: i-stock analysist