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Ideal Power Reports Third Quarter 2022 Financial Results
AUSTIN, Texas, Nov. 14, 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, Nov. 14, 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 third quarter ended September 30, 2022. “Our progress toward B-TRAN™ commercialization continues as we engaged with another top 10 global automaker, entering into a product development agreement. In addition, we shipped additional 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 engaged a design partner who is nearing completion of the packaging design of our first commercial product, a multi-die power module. Heading into the remaining weeks of 2022, we remain focused on execution toward delivering on our objective of introducing our first commercial B-TRAN™ module by year end,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. Key Third Quarter and Recent Operational Highlights Entered into a product development agreement with a top 10 global automaker for a custom B-TRAN™ power module for use in electric vehicle (“EV”) drivetrain inverters in the automaker’s next generation EV platform. This represents Ideal Power’s second engagement with a leading global automobile manufacturer.Under the NAVSEA program, shipped additional B-TRAN™ devices to DTI. These devices were tested prior to shipment and demonstrated the very low conduction losses anticipated by prior internal and third-party simulations. DTI will incorporate these packaged B-TRAN™s into a full-scale MVDC circuit breaker.Fabricated and tested the latest generation of B-TRAN™ driver, which will support the test and evaluation program.Designed and fabricated test and evaluation kit that includes a B-TRAN™ device, driver, power board and enclosure for safety and ease of connection to facilitate and accelerate setup, test and evaluation of B-TRAN™ by customers in the Company’s evaluation program.Selected a design firm who is nearing completion of the packaging design for Ideal Power’s first commercial product, a multi-die power module, planned for introduction later this year. Due to signifi...