JLM Energy and Ideal Power Complete 750 Kilowatt Purchase Order for Ideal Power’s Stabiliti™ Series Products
30 kW Stabiliti™ Series Products to be Integrated with ‘Behind the Meter’ Peak Shaving Solutions in California Market
AUSTIN, Texas, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Ideal Power Inc. (NASDAQ:IPWR), an innovative power conversion technology company, completed a purchase order agreement with JLM Energy, a leading provider of commercial and industrial (C&I) energy storage systems for ‘behind the meter’ peak shaving solutions in the California market. Utilizing Ideal Power’s power converters, JLM offers stand-alone commercial energy storage and microgrid projects from design to manufacturing, installation and system monitoring.
Following a master purchase agreement in October 2016, JLM is moving to Ideal Power’s newest product offerings. Ideal Power will supply JLM’s portfolio of commercial battery energy storage systems and microgrid projects with its 30 kW Stabiliti™ series products. The latest JLM purchase order is for 25 30kW dual-port Stabiliti™ series power conversion systems, to primarily provide ‘behind the meter’ peak shaving solutions to California manufacturing and industrial companies. The units are currently scheduled for delivery in March 2018.
JLM Energy’s primary customers are companies that operate printing, food processing, metal fabrication and finishing, plastic and foil converting and coating businesses where manufacturing equipment and processes often require large surges in electrical power. JLM's Gridz commercial energy storage systems effectively provide the necessary peak surges without drawing electricity demand from the grid and electric utility, reducing electrical demand charges and utility expenses considerably.
“The supply partnership with Ideal Power expands fulfillment capacity and improves support of a growing fleet of JLM’s commercial energy management and microgrid systems, including our Gridz and Measurz offerings,” said Bob Montano, vice president of operations for JLM Energy. “We’re a technology-driven, customer focused company, and we’re excited to continue working with Ideal Power to optimize energy use and maximize savings through safe and reliable solutions for our customers.”
“We are thrilled to provide JLM Energy with our latest power conversion technology to enable cost effective, flexible and efficient systems,” said Ideal Power CEO Dan Brdar. “We’re confident that Ideal Power’s UL 1741 SA certified 30 kW Stabiliti™ series products can help serve JLM’s pipeline of commercial storage projects.”
About JLM Energy
JLM Energy is an energy technology company. JLM has created a fully-integrated software platform and energy ecosystem that optimizes energy use and maximizes savings for customers. The ecosystem includes the market’s only plug-and-play energy storage product, monitoring devices, algorithms and load controllers that are all unified via a single software platform. JLM Energy is an employee-owned company. To learn more, visit www.jlmei.com.
About Ideal Power Inc.
Ideal Power (NASDAQ:IPWR) is a power conversion technology company that delivers innovative solutions to system integrators and project developers, enabling distributed energy resources for applications both on and off the grid. Ideal Power’s products deliver superior reliability and compelling return on investment for renewable energy and storage applications at a competitive cost, backed by first-rate customer service. With its patented power conversion technology, Ideal Power supports a broad set of growing markets, including solar + storage, battery energy storage, and microgrids. 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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Released January 17, 2018