CE+T Energy Solutions Acquires Ideal Power’s Power Conversion Business Unit and Technology
September 24 2019 - 7:31AM
Ideal Power Inc. (NASDAQ: IPWR), pioneering the development and
commercialization of highly efficient and broadly patented B-TRAN™
bi-directional power switches, has sold its Power Conversion
Systems business and Power Packet Switching Architecture (PPSA™)
technology to CE+T Energy Solutions, Inc. for a combination of cash
and shares of common stock of CE+T Energy Solutions, a provider of
innovative energy solutions for the data center, microgrid, energy
storage and industrial markets. CE+T Energy Solutions is a
subsidiary of CE+T Group, the winner of the $1 million Google
Little Box Challenge for a revolutionary power converter. The
transaction closed on September 19, 2019.
“This transaction allows us to devote 100% of
our resources, personnel, time and energy to the development and
commercialization of our highly efficient B-TRAN™ power switch
technology while providing Ideal Power shareholders with an
opportunity to benefit from our equity ownership in CE+T Energy
Solutions,” said Dr. Lon E. Bell, Chairman and Chief Executive
Officer of Ideal Power. “CE+T Energy Solutions’ power conversion
expertise makes them an excellent choice to further the
commercialization of the PPSA products and the solutions they
enable.”
“PPSA is a very important strategic fit for us
and complements our world-renowned power converter expertise,” said
Mario Barbaresso, Chief Executive Officer of CE+T Energy Solutions.
“This technology will help us better serve customers who require
efficient and optimized energy solutions.”
“We are excited to add highly skilled members to
our creative team and strengthen the company for the Green Energy
Revolution,” said Robert Eyben, Chief Executive Officer of CE+T
Group. We are showcasing our latest power conversion solutions,
including our newly acquired PPSA™-based converters, at Solar Power
International in Salt Lake City, UT from September 23rd through
September 26th.”
Details of the transaction are described in
Ideal Power’s 8-K filed today with the Securities and Exchange
Commission.
About Ideal Power Inc.Ideal
Power (NASDAQ: IPWR) is pioneering the development of its broadly
patented bi-directional power switches, creating highly efficient
and ecofriendly energy control solutions for industrial,
alternative energy, military and automotive applications. The
company is focused on its patented Bi-directional, Bi-polar
Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is
a unique double-sided bi-directional AC switch able to deliver
substantial performance improvements over today's conventional
power semiconductors. Ideal Power believes B-TRAN modules will
reduce conduction and switching losses, complexity of thermal
management and operating cost in medium voltage AC power switching
and control circuitry. For more information, visit
www.IdealPower.com.
About CE+T Energy
SolutionsBased in Austin, Texas, CE+T Energy Solutions is
a North American subsidiary of CE+T Group, a leading global power
solutions company formed in 1934, headquartered in Belgium with
subsidiaries in Luxemburg, Germany, China, India and the USA
(Atlanta). CE+T Group designs, manufactures and markets a wide
range of world class power systems for commercial and industrial
customers for mission critical and energy management
applications.
CE+T Energy Solutions mission is to: • reduce
energy cost and total cost of ownership;• ensure systems
reliability and resilience;• improve power quality;• allow the
seamless blending of power between various energy sources; and •
offer harmonious integration of renewables, stored energy and the
grid.
For more information, please visit
www.cet-power.com/ces.
Safe Harbor StatementAll
statements in this release that are not based on historical fact
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. While Ideal
Power’s management has based any forward-looking statements
included in this release on its current expectations, the
information on which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of our
control that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors
include, but are not limited to, the success of our B-TRAN™
technology, whether the patents for our technology provide adequate
protection and whether we can be successful in maintaining,
enforcing and defending our patents, our inability to predict with
precision or certainty the pace of development and
commercialization of our B-TRAN™ technology, whether we can
continue as a going concern and uncertainties set forth in our
quarterly, annual and other reports filed with the Securities and
Exchange Commission. Furthermore, we operate in a highly
competitive and rapidly changing environment where new and
unanticipated risks may arise. Accordingly, investors should not
place any reliance on forward-looking statements as a prediction of
actual results. We disclaim any intention to, and undertake no
obligation to, update or revise forward-looking statements.
Ideal Power Investor Relations
Contact: MZ North AmericaChris
Tyson949-491-8235IPWR@mzgroup.uswww.mzgroup.us
CE+T Energy Solutions
Contact:Mario
Barbaresso678-780-1558m.barbaresso@cet-power.comLinkedIn
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