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Ideal Power Reports Second Quarter 2022 Financial Results
AUSTIN, Texas, Aug. 15, 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, Aug. 15, 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 second quarter ended June 30, 2022. “We delivered initial packaged and tested 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 (MVDC) circuit breaker demonstration. We also added commercial and university participants to our test and evaluation program and released our new driver design for fabrication to support program participants. In addition, we completed the qualification of a world-class packaging firm for volume production. Our talented, energized team remains focused on execution of our commercialization strategy toward our objective of introducing our first commercial product by year end,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. Key Second Quarter and Recent Operational Highlights Under the NAVSEA program, delivered initial B-TRAN™ devices to DTI. The packaged devices were tested prior to shipment and demonstrated the very low conduction losses predicted by prior internal and third-party simulations. DTI will incorporate packaged B-TRAN™s into a full-scale MVDC circuit breaker. Ideal Power is on track to complete its deliveries of additional B-TRAN™ devices later this year and will continue to provide program support through the demonstration of the B-TRAN™ enabled direct current (DC) solid-state circuit breaker (SSCB).Added participants to the roster of B-TRAN™ test and evaluation program, including: a non-domestic designer and manufacturer of grid solutions interested in evaluating B-TRAN™ for SSCBs and other grid applications;a well-established domestic aerospace and defense systems integrator interested in evaluating B-TRAN™ for SSCBs; Ideal Power and this integrator are jointly pursuing additional government grants for B-TRAN™ based demonstrations; andtwo universities evaluating B-TRAN™ for electric vehicle charging applications. Completed testing of the latest generation B-TRAN™ driver and began fabrication of this driver to support the test and evaluation program.C...