Ideal Power Receives 5 MW of Orders for Its 30kW and 125kW Power Conversion Systems
Systems to Be Used for Behind-the-Meter Demand Charge Management Applications
AUSTIN, TX -- (Marketwired) -- 07/06/15 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of innovative power conversion technologies, is pleased to announce it has received 5 MW of orders for its industry leading 30kW Battery Converter, its Grid Resilient 30kW Multi-Port Power Conversion System and its Grid Resilient 125kW Power Conversion System from multiple channel partners. The units will ship to commercial and industrial (C&I) customers for use in battery energy storage systems for behind-the-meter demand charge management applications.
Ideal Power's 30kW battery converter is widely used by industry leading developers and integrators of battery energy storage systems. Its Grid Resilient 30kW Multi-Port system, which was recently UL listed, allows direct integration of PV and battery storage without the need for a separate inverter, increasing efficiency for multi-port applications. Its Grid Resilient 125kW 2-Port system is designed for large scale applications and can scale to over a megawatt.
Ideal Power's patented Power Packet Switching Architecture™ (PPSA) technology enables power conversion systems that are smaller, lighter, and more efficient, resulting in dramatically lower installed costs compared to conventional systems. Ideal Power has tested its system with battery manufacturers to ensure optimal performance with different battery chemistries. Its grid resilient power conversion systems are capable of forming a microgrid to enable back-up power for critical loads.
"Our systems have seen rapid adoption in the industry for energy storage applications," said Ideal Power CEO Dan Brdar. "States such as California have an immediate and growing need for energy storage where peak demand charges can represent a significant portion of commercial and industrial customers' bills. We've worked with many manufacturers and integrators of systems designed to mitigate these charges, and interest in our technology is accelerating for this and other energy storage applications."
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 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, 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. 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 July 6, 2015