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Ideal Power Reports First Quarter 2022 Financial Results
AUSTIN, Texas, May 16, 2022 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq: IPWR), pioneering the development and
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, May 16, 2022 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq: IPWR), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reported results for its first quarter ended March 31, 2022. “Since the year began, we made strong advancements along our 2022 roadmap to commercialize B-TRAN™ as an innovative technology that we believe can disrupt high-growth markets by solving immediate power control application needs. We added several commercial businesses to our test and evaluation program and, in collaboration with Diversified Technologies, Inc. (DTI), we completed our project commitments under the Small Business Innovation Research (SBIR) Phase I grant with the Department of Energy (DOE) to demonstrate a 13.8 kV alternating current (AC) solid-state circuit breaker (SSCB). We also qualified a second domestic semiconductor fabrication partner, began the qualification process of a non-domestic fabricator for high-volume production, and completed trial mechanical builds at a world-class packaging firm. In all, it is a strong start to the year and our momentum continues toward our objective to introduce our first commercial product by year end,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. Key First Quarter and Recent Operational Highlights Added participants to the B-TRAN™ test and evaluation program, including: a leading manufacturer of commercial electric vehicles (EVs), EV powertrain components and EV charging infrastructure for use in power conversion applications in its commercial EVs;a Fortune 1000 global semiconductor manufacturer interested in evaluating B-TRAN™ for its low losses and bidirectional capability;a space applications systems developer interested in evaluating B-TRAN™ for use in SSCBs; andan aerospace and defense systems integrator, also interested in evaluating B-TRAN™ for use in SSCBs, with whom Ideal Power is jointly pursuing additional government grants. Delivered on the Company’s project commitments under the SBIR Phase I grant won in collaboration with DTI from the DOE to develop a B-TRAN™-driven low-loss 13.8 kV AC SSCB. DTI submitted, in collaboration with Ideal Power, an SBIR Phase II proposal to demonstrate a 13.8 kV AC SSCB. If awarded a Phase II gr...