Powin Selects Ideal Power as Its Power Conversion Systems Provider
Ideal Power Systems to Be Integrated Into Powin Storage Offerings in the U.S. and China
AUSTIN, TX -- (Marketwired) -- 02/23/16 -- Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has signed a Master Purchase Agreement with Powin Corporation (Powin), a leading provider of commercial and industrial (C&I) energy storage systems, to supply its 30kW and 125kW power conversion systems for Powin's portfolio of commercial battery energy storage systems (BESS). Ideal Power's power conversion systems are based on its patented, industry-leading Power Packet Switching Architecture™ (PPSA) which offers customers a proven, compact, high-efficiency solution that has gained broad acceptance in the industry. Powin has placed orders for Ideal Power's products which are being shipped to customer sites in the U.S. and China for deployment in 2016.
"Powin is a long term customer of Ideal Power and we are pleased to partner with them as they scale their battery energy storage business in the U.S. and China," commented Ryan O'Keefe, Senior Vice President of Business Development for Ideal Power.
"Based on our experience using Ideal Power products, they were a natural choice for us as we look to scale our system offerings," said Virgil Beaston, Powin's Chief Technology Officer. "Ideal Power's industry-leading performance, cost and innovative products will allow us to have a competitive and differentiated product offering for our customers."
Ideal Power's systems are software configurable, allowing them to operate in 50Hz or 60Hz environments, maximizing the ease of deployment in different geographical markets and providing the flexibility to optimize performance for many energy applications. The significant reduction in the size and weight of Ideal Power systems results in dramatically lower installation costs.
About Powin Corporation (Powin)
Powin is a leading provider of scalable energy storage technologies in grid-level applications for electric utilities, and their commercial, industrial and institutional customers. Powin is a design and integration company that utilizes best-of-breed energy storage and conversion technologies, as well as strong industry partnerships, to deliver scalable energy storage systems that help organizations achieve the full potential of the rapidly-changing electricity economy on both sides of the meter. Led by a team of experienced and visionary professionals, Powin is pushing commercial energy storage technologies to new levels of efficiency and affordability, while maintaining the highest levels of quality and reliability. Powin recently won a grant project from the ODOE and USDOE for three energy storage systems for EWEB (Eugene Water and Electric Board), and raised capital from Shunfeng Clean Energy. To learn more about Powin, visit: www.powinenergy.com.
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. 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 February 23, 2016