Business
Ideal Power Reports First Quarter 2020 Financial Results
AUSTIN, TX / ACCESSWIRE / May 13, 2020 / Ideal Power Inc. (NASDAQ:IPWR) ("Ideal Power, the "Company," "we" and "our"), pioneering the development and
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, TX / ACCESSWIRE / May 13, 2020 / Ideal Power Inc. (NASDAQ:IPWR) (\"Ideal Power, the \"Company,\" \"we\" and \"our\"), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, reported results for its first quarter ended March 31, 2020.First Quarter 2020 Operational HighlightsCompleted the second B-TRAN™ run with our international semiconductor fabricator.Packaged double-sided B-TRAN™ dies that are currently undergoing testing in our laboratory to generate switching data and evaluate the preliminary package design and build quality.Testing results to date are consistent with our simulations, earlier unpackaged die testing and the requirements of our engineering prototype sampling program.Completed the first B-TRAN™ run with our new domestic semiconductor fabricator.Subsequent Operational Highlights:Appointed Dan Brdar as President and Chief Executive Officer following the retirement of Dr. Lon Bell, who will remain as Chairman of Ideal Power during a transition period through the remainder of his current term.Completed the fabrication qualification process with Teledyne, our new domestic semiconductor fabrication partner.Released our next-generation parts to our semiconductor partners for fabrication.Recently notified of our selection for our first award of a government-funded technology demonstration project, where B-TRAN™ will act as an enabling technology in an application that has both industrial and military applications.B-TRAN™ Patent Estate: Currently have 56 issued B-TRAN™ patents with 20 of those issued outside of the United States and 24 pending B-TRAN™ patents. Our current geographic coverage now includes North America, China, Japan and Europe, with potential to expand coverage into South Korea and India.COVID-19 Impact to Operations:Impact has been manageable and our supply chains remain intact.Development and commercialization timeline remain on track without significant disruption.In early May 2020, staff returned to the office upon the expiration of the Texas stay-at-home order.Fabrication and device packaging partners and key suppliers remain operating and are able to produce parts for our testing and evaluation and to support our partnering and demonstration efforts.Continue to leverage the external testing facilities of our partners,...