Power Solutions International

Power Solutions International

Incorporated in 1985, the firm began as a distributor of diesel power systems before acquiring the intellectual property rights to build complete engines. Dino Xykis, who serves as Chief Technical Officer and Chief Operating Officer, has overseen much of the engineering integration that moved the company from reseller to manufacturer. This transition culminated in a portfolio of spark-ignited engines designed to run on propane, natural gas, and gasoline. The company operates across three reportable segments: on-road applications, off-road industrial equipment, and aftermarket parts and services. Its engines power medium-duty commercial trucks, school buses, standby generators, forklifts, and aerial work platforms. Production of units certified to EPA and CARB standards forms the core operational moat, as competitors face lengthy certification backlogs. In 2020, the company disclosed an agreement to supply a major global forklift OEM with a new 2.4-liter engine — a multibillion-unit revenue opportunity over the life of the program. Production operations are centered in the Midwest, with engineering and aftermarket distribution supporting a North American original equipment customer base. Power Solutions International has publicly filed as a large accelerated filer in recent years, indicating a public float exceeding $700 million during peak trading periods. In 2022, the company resolved an SEC investigation into its historical accounting practices, agreeing to a civil penalty payment and restating prior financials. The firm's structural difference lies in its captive EPA certification capability. Rather than sourcing engines from a third-party supplier, customers can specify a complete, certified powertrain from PSI, shortening their own product-development timelines. A single production line can be reconfigured to run on different fuel calibrations, giving the company flexibility as fleet operators shift toward natural gas and away from diesel.