Ideal Power Receives 14.5 MW Order
Largest Order to Date from an Existing Customer
AUSTIN, TX -- (Marketwired) -- 11/04/15 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has received an order for 14.5 MW of its power conversion products for use in Battery Energy Storage Systems predominately for California and Hawaii. The order comes from an existing customer and includes a mixture of the Company's 30kW Battery Converter, Grid-Resilient 30kW Multi-Port Power Conversion System, and the newly released Grid-Resilient 125kW Power Conversion System. The products are expected to be delivered throughout 2016 with initial deliveries expected to begin in January.
"This represents the largest order in Ideal Power's history and positions us to enter 2016 with a robust backlog and enhanced visibility," said Dan Brdar, CEO of Ideal Power. "This commitment validates that our channel partners are closing business, further establishing our market leadership in providing power conversion systems for behind-the-meter energy storage solutions."
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 commercial grid storage, combined solar and storage, microgrids, and electrified vehicle charging. 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, 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. The order described in this release is subject to commercial terms that enable the customer to delay or reschedule delivery of product, thereby impacting the timing of our recognition of 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.
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Ideal Power Inc. Investor Relations Contact:
MZ North America
Source: Ideal Power
Released November 4, 2015