Ideal Power Receives Multi-Unit Order to Support Green Charge Networks' Intelligent Energy Storage for California Schools
AUSTIN, TX -- (Marketwired) -- 03/17/15 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of a disruptive power conversion technology, today announced it signed a Strategic Supplier Agreement to provide power conversion systems to Green Charge Networks and received a multi-unit order for its 30kW Battery Converter. The units will be used to support Green Charge's intelligent energy storage solution at several California schools in the districts of Mountain View and Tulare. The installations will help the schools reduce costly peak demand charges with a projected cumulative energy savings of more than $1.5 million over the contract term.
"Peak demand is a critical issue in California and Green Charge is at the forefront of delivering intelligent energy storage solutions," commented Dan Brdar, CEO, President and Chairman of Ideal Power. "We are seeing significant traction in product orders for energy storage systems and this reflects a growing market demand for our products."
Ideal Power's 30kW battery converter offers high efficiency with the smallest footprint in the industry. Utilizing the company's award-winning Power Packet Switching Architecture™ (PPSA), the 30kW Battery Converter provides electrical isolation while eliminating the need for a transformer, making it smaller, lighter and more cost effective than traditional power converters. It is ideal for commercial and community-scale energy storage systems and can smooth intermittent renewable generation, provide load shifting, reduce peak demand and buffer EV fast chargers.
"We are committed to using the best of breed technology in our intelligent energy storage systems," said Vic Shao, CEO of Green Charge Networks. "Green Charge's system requires a power conversion solution that can scale and adapt to multiple applications in order to meet the growing demand for energy storage. We are pleased to be working with Ideal Power."
Ideal Power has worked closely with Green Charge Networks since 2013, providing systems for more than a dozen California customers including municipal buildings, schools, and electric vehicle fast charging installations.
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. 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 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. 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 March 17, 2015