Business
Ideal Power Reports Second Quarter 2021 Financial Results
AUSTIN, Texas, Aug. 12, 2021 (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, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq: IPWR), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, reported results for its second quarter ended June 30, 2021. “Our recent announcements of test and evaluation collaborations with leaders in the electric vehicle (EV), uninterruptible power supplies (UPS) for data centers and renewable energy markets represent the launch of our commercialization of B-TRAN™,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “These customer engagements are a crucial step forward in establishing B-TRAN™ as a differentiated semiconductor architecture technology addressing a large and growing market. We are also partnering with Diversified Technologies, Inc. (DTI) on a second project, a Phase I Small Business Innovation Research (SBIR) grant funded by the Department of Energy (DOE) to develop a B-TRAN™ alternating current (AC) solid state circuit breaker (SSCB) for use in utility transmission and distribution systems. Backed by our strong balance sheet and with the recent additions of highly qualified business development and engineering leaders, we believe we are well positioned to support our B-TRAN™ commercialization plan.” Key Second Quarter and Recent Operational Highlights Announced collaborations with a top 10 automaker, a top 10 solar power conversion provider and an EV charging company on the testing and evaluation of B-TRAN™. These companies’ technical teams are committing considerable resources to evaluating the device and driver for use in their applications and will provide valuable feedback that Ideal Power will incorporate into an intelligent module design for commercialization.Partnered with DTI, under a Phase I SBIR grant from the DOE, to develop a B-TRAN™-enabled low-loss AC SSCB. In the Phase I project, DTI and Ideal Power will design, build and demonstrate B-TRAN™ driven SSCB switch modules to interrupt AC power and confirm the efficiency and speed of the B-TRAN™ devices in AC operation. If successful and awarded a Phase II grant, DTI and Ideal Power will build and test a full 50 MW, 13.8kV SSCB.Recently began the next wafer fabrication run with Teledyne, our domestic semiconductor fabrication partner, under the Naval ...