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Ideal Power Reports Fourth Quarter and Full Year 2022 Financial Results
AUSTIN, Texas, March 02, 2023 (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, March 02, 2023 (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 fourth quarter and full year ended December 31, 2022. “Ideal Power accomplished a great deal in 2022 and early 2023. The recent launch of our first commercial product, the SymCool™ Power Module, marks a pivotal development for our B-TRAN™ technology,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Our intense focus continues toward B-TRAN™ commercialization. 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.” Key Fourth Quarter and Recent Operational Highlights Launched its 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.Entered into a product development agreement with a top 10 global automaker for a custom B-TRAN™ power module for use in EV drivetrain inverters in the automaker’s next generation EV platform. Represents Ideal Power’s second engagement with a leading global automobile manufacturer.Shipped additional B-TRAN™ devices to Diversified Technologies, Inc., our Naval Sea Systems Command program collaboration partner, in preparation for a full-scale medium voltage direct current circuit breaker demonstration.To prepare for commercial product shipments, the Company is nearing completion of a full process flow engineering run at a wafer fabrication partner with high-volume production capability.Released a new Ideal Power whitepaper entitled B-TRAN™ - Device Structure, Performance and Applications. The test results in the new whitepaper match the Company’s previous simulation data, further validating the B-TRAN™ technology. This whitepaper includes recent test results using the Company’s newly designed driver and double-sided cooled packaged devices. It shows switching characteristics and waveforms important for customer technical teams using double pulse testing, including testing in bidirectional mode.B-TRAN™ Patent...