Ideal Power's Power Conversion System Selected by Sonnenbatterie for Their Commercial Energy Storage Solutions
LOS ANGELES, CA and AUSTIN, TX -- (Marketwired) -- 08/06/15 -- Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, and Sonnenbatterie, Europe's leading smart energy storage provider, announced today that Sonnenbatterie has selected Ideal Power's power conversion systems, utilizing its award-winning Power Packet Switching Architecture™ (PPSA), for integration with the commercial Sonnenbatterie system. Sonnenbatterie also has placed initial product orders with Ideal Power for delivery in August.
The first product from Sonnenbatterie for the North American commercial market is based on a 30kW and 24kWh building block creating energy storage systems from 24kWh to 240kWh, which will be used for demand charge reduction for commercial and industrial customers.
Ryan O'Keefe, Senior Vice President of Business Development for Ideal Power, commented, "We are delighted to work with Sonnenbatterie, the recognized leader in delivering the latest storage solutions in Europe. As they make their entry into the North American market where peak demand management is a growing issue, Ideal Power was the clear choice to integrate with their system."
According to Mr. O'Keefe, "The relationship is a major step for both companies, providing an opportunity for further growth and global inroads. We see it as a perfect partnership, marrying the foremost European storage solution with our groundbreaking technology."
"The U.S. market is ready for Sonnenbatterie's easy to install, reliable and cost-effective energy storage system," Boris von Bormann, CEO of Sonnenbatterie USA said. "We have diligently researched power conversion partners and Ideal Power's technology proved to be the most efficient and reliable available and since it is much smaller and lighter than other power conversion systems we evaluated, it made our choice easy as our Sonnenbatterie systems are designed and engineered with exceptional quality."
Sonnenbatterie leads the German market in lithium-ion energy storage systems for residential customers wanting a reliable system for self-consumption. Sonnenbatterie also offers applications for backup power, enabling energy independence with alternative energy sources to reduce electricity costs for the U.S. market. For commercial customers, Sonnenbatterie's system will help reduce demand spikes that lead to costly peak load charges and takes advantage of varying tariff rates.
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.
Sonnenbatterie is a pioneer in the smart energy storage market and a unique software solutions company that designs and manufactures fully integrated energy storage systems, with US headquarters in Los Angeles, California and corporate headquarters in Bavaria, Germany. The Sonnenbatterie solution is installed extremely fast and inexpensively while providing unique features such as remote energy management, peak-shaving, full-home backup, smart-home integration, aggregation of storage networks, and grid-services features. The product offers an industry-leading expected life of 10,000 charge cycles. Sonnenbatterie has doubled sales every year from 2012 to 2014, and the company has raised venture capital to date from partners including SET Ventures, Munich Venture Partners, eCAPITAL, and INVEN Capital. For more information visit www.sonnen-batterie.com or contact Sonnenbatterie at firstname.lastname@example.org.
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 August 6, 2015