Ideal Power Receives Purchase Orders for Additional 3MW of Its 30kW Battery Converter
AUSTIN, TX -- (Marketwired) -- 11/11/14 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of a disruptive power conversion technology, announced today that it has received purchase orders for 3 megawatts of its 30kW battery converter product. The orders were received for delivery through mid-2015.
These 30kW systems will be incorporated into energy storage systems targeting demand charge reduction in California and several other states. Demand charges can be up to 50 percent of a commercial customer's total energy bill. Many of these energy storage systems are expected to be installed with PV systems.
According to analytics firm IHS, commercial grid-tied battery systems co-sited with PV are forecasted to grow from 36MW of global installations in 2014 to 643 MW by 2018 with a Cumulative Annual Growth Rate of 111%.i
Dan Brdar, Chief Executive Officer of Ideal Power, commented, "We are seeing significant traction in product orders for commercial energy storage systems, which we believe reflects the growing market demand for these products."
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 solar photovoltaic generation, electrified vehicle charging, and commercial grid storage. Ideal Power also has a licensing-based, capital-efficient business model that can enable it to address these markets simultaneously. Ideal Power has won multiple grants for its PPSA technology, including a $2.5 million grant from the Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E) program, and market-leading customers are incorporating PPSA as a key component of their systems. 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. These statements include our expectations regarding the scheduled delivery of our products, incorporation of our products into energy storage systems targeting retail demand charge reduction, that these storage systems will be installed with PV systems, and that the market for commercial energy storage systems is growing. While management has based any forward looking statements included in this release on its current expectations and the forecasts of analytics firm IHS, 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, uncertainty surrounding whether or when significant growth in demand for commercial energy systems will occur, whether we can successfully manufacture and deliver our products to meet market demand, the risk that orders for our products may be deferred or cancelled, the risks our patents for our technology may not provide adequate protection, whether a demand for energy storage products will grow, 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. The product orders described in this release are subject to commercial terms that, under certain circumstances, may allow the customer to delay delivery of product and associated revenue. 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.
i IHS: The Role of Energy Storage in the PV Industry. September 2014
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Source: Ideal Power
Released November 11, 2014