Ideal Power Enters Canadian Market with 360kW Order from KACO new energy
AUSTIN, TX -- (Marketwired) -- 12/12/16 -- Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, has received a 360kW purchase order from KACO new energy (KACO) to supply its 3-port, grid-resilient 30kW Power Conversion Systems (PCS) for the Living Energy Project at the Leduc #1 Energy Discovery Centre in Alberta, Canada. Ideal Power will supply the power conversion systems and KACO will provide the system integration and installation. The Living Energy Project will utilize solar PV with trackers, energy storage, a wind turbine mounted atop a purpose-built oil derrick, and a natural gas-fueled cogeneration unit to capture geothermal energy from an abandoned oil well. The PCS' single AC plus dual DC power ports will enable the integration of solar and energy storage utilizing single inverters at the Living Energy Project.
"The Living Energy Project will be an excellent showcase for our power conversion technology enabling energy storage to be integrated directly with a solar tracking system," said Dan Brdar, CEO of Ideal Power. "The project will demonstrate the intersection of oilfield services and renewable energy. The mobile solar PV system used at Leduc #1 will utilize a much cleaner and lower cost method to power remote, off-grid facilities than a traditional oil-fired diesel generator."
The Leduc #1 Energy Discovery Centre is located just outside of Edmonton, Alberta, and is the site of the initial oil well that kick-started the province's entrance to the oil industry in 1947. The now abandoned well has been converted into an energy museum and 55-acre park focused on the demonstration of environmental technology. The renewables integration and geothermal conversion are part of a plan to turn Leduc #1 into the world's first carbon neutral oil museum.
"For any renewable energy project that incorporates battery storage, Ideal Power offers the perfect power conversion technology because it allows us to deliver a solution that dramatically boosts efficiency and reliability, but with dramatically lower system costs for integrating solar power and energy storage," said Jurgen Krehnke, CEO for the Americas at KACO new energy. "The installation at Leduc #1 is particularly important because it will be a visual, working representation of the past meeting the future, highlighting our declining dependence on fossil fuels coupled with the ingenuity that promises a clean energy future."
Ideal Power's grid-resilient PCS is smaller, lighter, and more cost effective than traditional power conversion systems. For integration of solar with energy storage, the embedded power management algorithms deliver PV smoothing and PV firming for grid-tied applications and enable the deployment of high performance PV-based microgrids. PPSA™ also increases round-trip efficiency, which results in lower operational expenditures and combined with the reduction in material, manufacturing, shipping and installation costs greatly improves return on investment for a project owner.
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™"). 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, bi-polar 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. In particular, the Living Energy Project is a development-stage project, and our discussion of the use of our products within that project is forward-looking in nature. 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, the risk that the Living Energy Project may not proceed on the timeline we anticipate, or the use of our products and their impact on the project may ultimately be different than we currently expect. Other risks 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 December 12, 2016