Ideal Power's Power Conversion Systems Selected by Sunwave Energy Efficiency for Energy Storage Solutions
TORONTO, ON and AUSTIN, TX -- (Marketwired) -- 05/05/15 -- ONEnergy Inc. (TSX VENTURE: OEG) (TSX VENTURE: OEG.A) and Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that the Sunwave Energy Efficiency division of ONEnergy has selected Ideal Power's power conversion systems (PCS) for use in its line of energy storage solutions to be launched in Canada and select U.S. states beginning in mid-2015. Ideal Power's products will be included in certain Sunwave new energy storage solutions that address multiple commercial and industrial applications including demand charge management, peak shaving, off-peak energy storage, renewables integration, power quality and emergency backup systems.
"We're focused on providing the most efficient and flexible power conversion systems to optimize products made by the world's leading energy storage manufacturers," said Ryan O'Keefe, Senior Vice President of Business Development for Ideal Power. "Working with Sunwave to broaden our customer reach is a great opportunity to strengthen our impact in this market and expand the footprint of our power conversion systems within the energy storage industry."
"At Sunwave Energy Efficiency we aim to offer our customers best-in-class products to help them effectively manage their energy consumption and costs," said Sandro Costa, Vice President, Sunwave Energy Efficiency. "Ideal Power's products are a key part of a highly efficient and reliable energy storage solution, and we are pleased to add Ideal Power as a solution partner. The Ideal Power products are an integral part of ensuring that Sunwave's energy storage solutions deliver maximum efficiency and performance at a highly competitive total cost of ownership for our customers."
The deployment of these storage systems will help to fulfill the growing demand for behind-the-meter energy storage and management systems, and increase the availability of energy storage for grid-support and microgrid applications. Ideal Power expects this agreement to promote further adoption of its power conversion systems in the energy storage sector.
Ideal Power's grid resilient power conversion systems, based on its award-winning, patented Power Packet Switching Architecture™ (PPSA), enable the integration of multiple power sources including solar PV, battery storage and conventional generators to form stable, flexible, reliable energy on-grid or off-grid. Its PPSA™ eliminates the need for many of the bulky components comprising conventional converters. This advancement has allowed Ideal Power to develop the lightest power conversion systems with the smallest footprint in the industry, making it a modular and easy-to-install solution that lowers installed system costs.
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, commercial and industrial grid storage, solar combined with storage, and microgrids. Ideal Power also has a 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.
About ONEnergy Inc.
ONEnergy is a fast-growing, dynamic energy management firm serving commercial, industrial, multi-residential and residential clients via its Sunwave™-branded energy and energy-efficiency businesses. Sunwave specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including sales and rental of energy-efficient furnaces, boilers and air conditioners, complete turnkey LED lighting retrofits (including financing), supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, home protection plans, building envelope upgrades, energy audits and more to help our customers conserve, simplify and effectively manage their energy costs.
Sunwave serves customers in both Canada and the United States, with offices in Toronto, Vancouver, Ottawa, and Norwalk, CT.
ONEnergy shares are listed on the TSX Venture Exchange under the symbols "OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting Shares. ONEnergy's corporate website may be found at www.onenergyinc.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. In particular, our statements concerning growing demand for behind-the-meter energy storage and management systems, and increased availability of energy storage for grid-support and microgrid applications, and our expectation that the Sunwave Energy Efficiency agreement will promote further adoption of its power conversion systems in the energy storage sector, are forward looking statements. 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 our perception of demand in the energy storage and management systems market is accurate or whether market demand levels may decline, 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.
Ideal Power Media Contact:
Ideal Power Inc. Investor Relations Contact:
MZ North America
ONEnergy Inc. Contact:
Chief Executive Officer
ONEnergy Inc. Investor Relations:
Source: Ideal Power
Released May 5, 2015