Shares of Polar Power, Inc. (NASDAQ: POLA) opened lower on Wednesday, reflecting a downward trend in the market. The Gardena, California-based firm, known for its prime, backup, solar hybrid power, and microgrid solutions, has revealed the successful installation of its DC generator, solar PV inverters, batteries, and control systems at a facility for the United Nations High Command for Refugees (UNHCR) in Nigeria.
This project was executed in collaboration with Leonics Ltd., which provided the inverters and lithium batteries, and Biohenry Ltd., which managed the installation and maintenance services. The Greening and Sustainability Team at UNHCR also played a crucial role in the project.
Polar Power’s innovative microgrid system is designed for grid-connected applications, ensuring uninterrupted power supply for critical operations during outages. This solution can also help lower utility costs when integrated with solar energy. During frequent and prolonged power outages, the microgrid enables businesses to maintain essential functions such as refrigeration, computing, lighting, water pumping, and communication.
CEO Arthur Sams highlighted the significant benefits of the system, stating, “In addition to the substantial fuel savings of up to 70% in diesel usage, our online uninterruptable power supply (UPS), combined with the DC generator and solar PV array, effectively shields application loads from power fluctuations and interruptions from the grid. Moreover, the solar PV array is designed to be highly efficient with a compact footprint, offering additional installation and operational advantages, particularly in remote locations. Together, these features lead to significant operational cost savings and enhanced reliability.”
In trading, POLA shares fell by eight cents, or 14.3%, closing at 48 cents.
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