Ideal Power Converters Announces Completion of $4 Million Financing
MDB Capital Group acts as sole placement agent
AUSTIN, Texas – December 3, 2012 – Ideal Power Converters (“IPC” or “the Company”), a developer of disruptive power converter solutions for photovoltaic, grid storage and EV charging infrastructure, today announced the completion of a $4 million convertible debt financing in a private placement to a group of institutional investors. MDB Capital Group LLC (MDB), an investment bank focused exclusively on companies possessing or seeking to develop market changing, disruptive technologies and intellectual property (IP), acted as sole placement agent for the offering.
The Company intends to use the financing proceeds to accelerate the development and deployment of its Universal Power Converter Platform™ for several markets. IPC products are developed and manufactured in Austin, Texas, for local, national and international markets.
“IPC has developed an electronic power converter platform that is transforming power converter markets. Their technology is proving to be disruptive in several multi-billion dollar marketplaces including solar, electric vehicle, grid storage and more,” said Anthony DiGiandomenico, Head of Investment Banking at MDB Capital Group. “We are working closely with IPC on executing a long-term financial and IP strategy that will help the Company build a dominant position in the electronic power converter marketplace.”
“Our power converter was built on an entirely new topology and approach, making power conversion more efficient and dramatically more cost effective,” said Paul Bundschuh, CEO of Ideal Power Converters. “MDB’s unique financing and intellectual property business model is an ideal fit for disruptive technology startups like IPC. With our technology advantage and the financing and IP development support from MDB Capital Group, Ideal Power Converters is well positioned to become an industry leader in electronic power converters.”
About Ideal Power Converters
Electronic power converters provide the infrastructure for the modern energy revolution including renewable energy generation, electrical energy efficiency, smart power grids, and electric vehicles. Ideal Power Converters has patented and is further developing a revolutionary new power converter technology that significantly improves weight, size, cost, efficiency and reliability. IPC products will include solar inverters, bidirectional battery and electric vehicle chargers based on its Universal Power Converter Platform™. IPC has received funding from the State of Texas Emerging Technology Fund, and has been awarded $2.5M from the U.S. Department of Energy Advanced Research Projects Agency – Energy (ARPA-E). IPC was also included in the “Cool Vendors in Solar Energy, 2012” report published by Gartner Inc, and won the 2012 Defense Energy Technology Challenge. For more information, visit: http://www.IdealPowerConverters.com.
About MDB Capital Group
MDB Capital Group LLC is an investment banking and institutional research firm focused exclusively on companies possessing or seeking to develop market changing, disruptive technologies and intellectual property. For more information on MDB Capital Group, visit http://www.mdb.com.
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Ideal Power Converters Media Contact:
Mercom Capital Group
Wendy Prabhu
1.512.215.4452
ipc@mercomcapital.com
Released December 3, 2012