Penny stock Polar Power (NASDAQ:POLA) saw a rise of about 77% in after-hours trading yesterday following the launch of its new line of mobile EV (Electric Vehicle) chargers. POLA manufactures and sells DC (Direct Current) power systems and lithium battery-powered hybrid solar systems for EV charging, the telecommunications market, and military usage.
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Polar Power said that it has started taking advance orders for its new line of mobile CCS (Combined Charging System) EV chargers. Moreover, it expects the chargers to be available by the first quarter of 2024.
Mobile EV chargers come in handy for emergency roadside service. These chargers provide a fast-charging solution for EVs by providing sufficient charge to allow the vehicle to head to the nearest charging station.
Polar sells its chargers (CHAdeMO chargers) to the major U.S. automakers. The company is converting its CHAdeMO EV chargers to the universal CCS standard. The move will expand its addressable market, creating growth opportunities.
It’s worth highlighting that Polar’s CHAdeMO chargers significantly reduce the charging system’s size, system cost, weight, and fuel consumption. This provides a significant competitive edge for the company.
While POLA’s products and offerings have broad applications, its stock has dropped by over 51% over the past year. Also, Polar Power is not yet profitable.
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