Business
Ideal Power Reports First Quarter 2023 Financial Results
AUSTIN, Texas, May 04, 2023 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power,” the “Company,” “we,” “us” or “our”) (Nasdaq: IPWR), pioneering the
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, May 04, 2023 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power,” the “Company,” “we,” “us” or “our”) (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, 2023. “Our intense focus continues toward B-TRAN™ commercialization and we look forward to several announcements in 2023. The launch of our first commercial product in the first quarter of 2023, the SymCool™ Power Module, marks a pivotal development for our B-TRAN™ technology,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “We believe B-TRAN™ has the potential to displace conventional power semiconductor solutions in many applications, including electric vehicles (“EV”), renewable energy, energy storage, solid-state circuit breakers and motor drives. We remain on track to achieve our 2023 milestones.” Key First Quarter and Recent Operational Highlights Launched our first commercial product, the SymCool™ Power Module, a multi-die B-TRAN™ module designed specifically to enable solid-state circuit breakers to deliver very low conduction losses.Added a second Forbes 2022 Global 500 leader in diverse power management markets to the roster of the B-TRAN™ test and evaluation program. The Company will evaluate B-TRAN™ initially for use in solid-state circuit breakers in its smart infrastructure division.Added a Global Tier 1 automotive supplier to the B-TRAN™ test and evaluation program for its EV inverter, bidirectional charging, and circuit protection applications. The Tier 1 supplier is a leader in vehicle electrification, EV systems, and clean mobility. This agreement builds on our custom module development with a Top 10 global automaker.Completed first volume shipment of packaged B-TRAN™ devices to Diversified Technologies, Inc. (“DTI”), our Naval Sea Systems Command (“NAVSEA”) program collaboration partner, in preparation for a full-scale medium voltage direct current circuit breaker demonstration.Implemented an innovation in how we drive and control B-TRAN™. Subsequent testing demonstrated an additional 20% improvement in conduction losses, making B-TRAN™ conduction losses five times better than bidirectional circuits utilizing two IGBTs and two diodes. This improvement will be in...