Business
Ideal Power Reports Second Quarter 2023 Financial Results
AUSTIN, TX / ACCESSWIRE / August 10, 2023 / Ideal Power Inc. ("Ideal Power," the "Company," "we," "us" or "our") (NASDAQ:IPWR), pioneering the development and
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, TX / ACCESSWIRE / August 10, 2023 / 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 second quarter ended June 30, 2023.\"The second quarter and 2023 thus far were transformative in our transition from a technology development company to a commercial company and included some of the most significant accomplishments in the Company's history. We achieved all of our first half of 2023 milestones and we remain on track to achieve our remaining 2023 goals,\" said Dan Brdar, President and Chief Executive Officer of Ideal Power.Brdar continued, \"The B-TRAN™ full process flow engineering run by our wafer fabrication supplier with high-volume production capability demonstrated the manufacturability of B-TRAN™ with high yield and excellent device performance, clearing the last and by far the biggest technical risk for B-TRAN™ development and commercialization. This was a pivotal accomplishment and prerequisite for commercialization. In addition, we delivered hundreds of devices to Diversified Technologies, Inc. (\"DTI\") to complete our work under the Naval Sea Systems Command (\"NAVSEA\") program and completed B-TRAN™ shipments to the large companies in our test and evaluation program, representing a significant step in commercializing B-TRAN™.\"Key Second Quarter and Recent Operational HighlightsQualified a wafer fabrication supplier with high-volume production capability. The engineering run demonstrated the manufacturability of the B-TRAN™ with high yield and excellent device performance, clearing the last and by far the biggest technical risk for B-TRAN™ development and commercialization.Completed volume shipments of packaged B-TRAN™ devices to DTI, our NAVSEA program collaboration partner. We have now fulfilled all our obligations under our subcontract with DTI for this program.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 was incorporated into B-TRAN™ customer kits delivered to test a...