Business
Ideal Power Reports Second Quarter 2024 Financial Results
AUSTIN, Texas, Aug. 14, 2024 /PRNewswire/ -- Ideal Power Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), pioneering the development
About this update from Ideal Power Inc.
[{"type":"text","content":"AUSTIN, Texas, Aug. 14, 2024 /PRNewswire/ -- Ideal Power Inc. (Nasdaq: IPWR) (\"Ideal Power,\" the \"Company,\" \"we,\" \"us\" or \"our\"), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reports results for its second quarter ended June 30, 2024.\n\"Our B-TRAN™ commercial progress continued with several significant developments over the last three months. We are now collaborating with a third global automaker and achieved two more of our 2024 milestones with the addition of a second global distributor and the qualification of a second high volume production fab. We are pleased to see multiple large companies in our test and evaluation program advancing to place initial orders,\" said Dan Brdar, President and Chief Executive Officer of Ideal Power. \"We remain on track to achieve our 2024 milestones and look forward to more commercial announcements in the coming months.\"\nKey Second Quarter and Recent Business Highlights\nExecution to our B-TRAN™ commercial roadmap continues, including:\nCollaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its electric vehicles.Finalizing a distribution agreement with a second global distributor with particular strength in Asia. This distributor is already placing orders with us.Qualified a second wafer fabrication supplier with high-volume production capability. With the addition of this European partner, we are dual sourced for wafer fabrication in different parts of the world with ample capacity to support anticipated customer demand over the next few years.Secured orders for B-TRAN™ devices and circuit breaker evaluation boards from a global leader in power semiconductor and power electronics solutions in connection with its launch of a multi-year DC power distribution system program. This global leader presents multiple opportunities for us as it addresses several of our target industrial markets: solid-state circuit breakers (\"SSCB\") for industrial facilities and electric utility grid infrastructure and renewable energy.Secured an order for B-TRAN™ devices for evaluation in solar inverter applications from a top 10 global provider of power conversion solutions to the solar industry. T...