Ideal Power to Enter the German Energy Storage Market
Successful Demonstration in Germany Prompts Half Megawatt Order
AUSTIN, TX -- (Marketwired) -- 11/14/16 -- Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, received a half megawatt order for its Grid-Resilient 30kW Power Conversion Systems (PCS) for the German market. The order comes after the successful deployment of an initial demonstration system at a commercial facility in Germany using Ideal Power's technology. The Ideal Power 30kW PCS, based on its patented Power Packet Switching Architecture™ (PPSA™), will be integrated into new commercial energy storage projects in Germany.
Germany is one of the world's leading energy storage markets with 67 megawatts of energy storage (128 megawatt-hours) at the end of 2015. Factors including the nation's declining feed-in tariffs, high retail electricity rates and abundance of installed renewables make it an attractive market for the energy storage value proposition. According to GTM Research, the German energy storage market will grow eleven fold in megawatt terms between 2015 and 2021 to reach an annual value of just over $1 billion.
"We are pleased to expand into Germany, which has a mature residential storage market and burgeoning demand for commercial and industrial (C&I) storage," said Dan Brdar, CEO of Ideal Power. "The pilot commercial installation was a successful case study and shows that our products combined with distributed energy storage have value beyond the U.S. demand charge application."
Ideal Power's patented PPSA™-based PCS are smaller and lighter than traditional technology without the efficiency losses associated with conventional power converters. The grid resilient 30kW PCS offers customers a proven, compact, high-efficiency solution for integrating energy storage at C&I facilities where space can be limited. Ideal Power's systems are also software configurable, which allows operation in 50Hz or 60Hz environments -- improving the ease of deployment in different geographical markets -- and provides the flexibility to enhance performance for a variety of energy applications. The significant reduction in the size and weight of Ideal Power systems also results in dramatically lower installation costs.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) is a technology company dedicated to advancing the efficiency of electric power conversion. The company has developed a novel, patented power conversion technology called Power Packet Switching Architecture™. PPSA™ improves the size, cost, efficiency, flexibility and reliability of electronic power converters. PPSA™ can scale across several large and growing markets, including solar PV, variable frequency drives, battery energy storage, mobile power and microgrids, and electric vehicle charging. The Company is also developing and has patented a bi-directional, bipolar junction transistor (B-TRAN™) which has the potential to dramatically increase bi-directional power switching efficiency and power density. Ideal Power employs a capital-efficient business model which enables the company to address several product development projects and markets simultaneously. 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 November 14, 2016