Business
Ideal Power Reports Third Quarter 2021 Financial Results
AUSTIN, Texas, Nov. 10, 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, Nov. 10, 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™ bidirectional power switches, reported results for its third quarter ended September 30, 2021. “We added several market leading companies to our test and evaluation program, including large global companies in the electric vehicle (EV), renewable energy, uninterruptible power supply (UPS) and circuit breaker markets, as well as smaller, innovative companies and research universities,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “We are now on our final major milestone under the U.S. Navy/Naval Sea Systems Command (NAVSEA) program under our partnership with Diversified Technologies, Inc. (DTI), and recently began work with DTI under a Phase I Small Business Innovation Research (SBIR) project 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. With a strong balance sheet and highly talented and capable team, we believe we are well positioned to complete a successful year of milestone achievement and to continue to execute on our plan to commercialize B-TRAN™ in the second half of 2022.” Key Third Quarter and Recent Operational Highlights Announced several B-TRAN™ test and evaluation program participants including: a Forbes 2021 Global 500 leader in diverse power management markets for use in bidirectional direct current (DC) SSCB applications for solar and wind systemsa top 10 global automaker for EV drivetrain, power conversion, circuit protection and other EV applicationsa top 10 global provider of power conversion solutions to the solar industry for various applications with an initial focus on UPS systems for data centers and the potential to expand to include renewable energy, EV and other applications served by this provider, andan EV charging company for its portable and modular EV charging system currently under development. Partnered with DTI, under a Phase I SBIR grant from the DOE, to develop a B-TRAN™-enabled low-loss AC SSCB. Ideal Power recently completed the first milestone under this program.Achieved another major milestone under the NAVSEA program with...