Ideal Power Wins Electrical Energy Storage Award for Product Innovation in Integrating Solar and Storage
AUSTIN, TX -- (Marketwired) -- 06/09/14 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of a disruptive power conversion technology, announced it has won the electrical energy storage AWARD for its 30 kW Hybrid PV Storage Converter. Selected from among top global leaders in the solar and energy storage industry, Ideal Power received its award on June 4th during a ceremony at Intersolar Europe in Munich, Germany, the world's largest exhibition for the solar industry. Ideal Power will present additional information on its award-winning product at Intersolar North America, July 7-9, in San Francisco.
"We believe that the future of the multi-billion dollar solar industry lies with combining it with energy storage, and our Hybrid Converter product has been recognized among many top innovators from around the world as a key innovation to enable this cost-effective integration," said Paul Bundschuh, President and Chief Commercial Officer of Ideal Power. "We are honored and delighted to receive this award, which we feel validates the potential of our technology to facilitate widespread adoption of solar storage solutions. Our goal is to become the de facto industry standard for this application."
The assessment criteria used by the panel of industry expert judges examined the degree of technological innovation, the benefit for solar industry, the environment and society, the economic viability of the solution and proof of its innovative quality.
"Cost-effective integration of energy storage is now one of the greatest challenges faced by the solar industry," said Dr. Andreas Gutsch, Coordinator Competence E, Karlsruhe Institute of Technology (KIT). "This year, around 3,500 companies from Intersolar exhibitions around the world and the electrical energy storage exhibition were invited to submit their innovations. Ideal Power's technology stood out because of its ability to combine PV and battery systems with an efficiency level of up to 97 percent. It also provides modular flexibility for different applications, particularly in off-grid systems."
Ideal Power's hybrid converter is the first 3-port product to leverage the Company's Power Packet Switching Architecture™ (PPSA), which allows it to combine PV inverter capabilities on one DC port, bi-directional battery converter capabilities on the second DC port, and provide an AC port supporting both grid-tied and off-grid applications. It can accomplish these functions with only a modest increase in product size and weight over its established 2-port battery converter and PV inverter products and with no loss of system efficiency. Conventional technology solutions to hybrid power conversion systems combining PV and storage require multiple power conversion steps, thereby reducing efficiency, and multiple power converter units, increasing size, weight and cost.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) has developed a novel, patented power conversion technology called Power Packet Switching Architecture™ (PPSA). PPSA improves the size, cost, efficiency, flexibility and reliability of electronic power converters. PPSA can scale across several large and growing markets, including commercial Battery Energy Storage Systems (BESS), electrified vehicle charging, and solar photovoltaic generation. Ideal Power utilizes a capital-efficient business model to commercialize our technology through the use of contract manufacturing, product licensing, and market distribution channels. Ideal Power has won multiple grants including one from the Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E) to commercialize bi-directional power switches, which are expected to improve power density by thirty percent and reduce efficiency losses by fifty percent. For more information, visit www.IdealPower.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of energy conversion products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements.
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Source: Ideal Power
Released June 9, 2014