AUSTIN,
Texas, Dec. 16, 2024 /PRNewswire/ -- Ideal Power
Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us"
or "our"), developer and innovative provider of the highly
efficient and broadly patented B-TRAN® bidirectional semiconductor
power switch, today announced the Company secured its first design
win for solid-state circuit breakers (SSCBs) with one of the
largest circuit protection equipment manufacturers in Asia serving the industrial and utility
markets.
In connection with this design win, the Company entered into a
joint development agreement for a SSCB product incorporating
multiple B-TRAN® devices. The agreement includes the product
design, prototype builds and testing of the SSCB which is targeted
for completion in the second quarter of 2025 to be followed by
commercial sales later in the year. For Ideal Power, the
opportunity from this customer's first B-TRAN®-based product could
potentially translate to revenue of several hundred thousand
dollars in the first year of sales, with the opportunity to exceed
a million dollars in revenue in the second year of sales. We expect
this product to be their first of multiple products incorporating
B-TRAN® into SSCBs as the customer is interested in offering a
suite of B-TRAN®-enabled SSCBs with a wide range of ratings. As a
result, the overall opportunity with this customer could eventually
lead to sales of a million units per year based on the customer's
projections.
The customer's products are focused on renewable energy, circuit
protection for industrial equipment and facilities, utility grid
infrastructure and power distribution. They currently sell over 200
thousand circuit breakers per year to their large established
customer base in the Asian market. They have a decades-long legacy
of innovation to meet the current and future needs of their
customers. Their initial B-TRAN®-enabled SSCB will be marketed to
grid-tied solar and energy storage equipment providers and utility
electric distribution network companies. Other potential
applications with the customer include data centers, lighting and
air conditioning systems, electric vehicles, including
vehicle-to-grid power conversion and EV contactors, and other
energy storage solutions. The customer evaluated B-TRAN® against
SiC MOSFETs and selected B-TRAN® due to its ultra-low conduction
losses and inherent bidirectionality.
"Today's design win is a milestone representing significant
validation of B-TRAN® as an enabling technology for SSCBs and a
catalyst for our revenue ramp in industrial markets. Now that we
have captured our first design win for SSCBs, we will leverage this
win to secure additional design wins with other SSCB customers in
the coming months to drive long-term value creation for our
shareholders," stated Dan Brdar,
President and Chief Executive Officer of Ideal Power.
For SSCB applications, the Company's B-TRAN® technology
dramatically lowers conduction losses compared to IGBT and silicon
carbide MOSFET-based SSCBs while offering inherent
bidirectionality, reducing the number of devices required for a
given circuit breaker rating. Compared to conventional
electromechanical breakers, B-TRAN®-based SSCBs are expected to
offer orders of magnitude faster operation along with
programmability and diagnostic capability and enhanced safety and
reliability. B-TRAN® potentially lays a path to broad SSCB
adoption by industrial, utility and military customers. The Company
estimates a $1 billion serviceable
addressable market (SAM) for B-TRAN® for the solid-state switchgear
market, inclusive of SSCBs.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is the developer and innovator
provider of its broadly patented bidirectional semiconductor power
switch, creating highly efficient and ecofriendly energy control
solutions for electric vehicle, electric vehicle charging,
renewable energy, energy storage, UPS/data center, solid-state
circuit breaker and other industrial and military applications. The
Company is focused on its patented Bidirectional, Bipolar Junction
Transistor (B-TRAN®) semiconductor technology. B-TRAN® is a unique
double-sided bidirectional AC switch that delivers substantial
performance improvements over today's conventional power
semiconductors. Ideal Power's B-TRAN® can reduce conduction and
switching losses, complexity of thermal management and operating
cost in AC power switching and control circuitry. For more
information, visit the Company's website at www.IdealPower.com, on
LinkedIn, on Twitter, and on Facebook.
Safe Harbor Statement
All 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.
Such forward-looking statements include, but are not limited to,
statements regarding the timing of development and sales and the
revenue potential for the customer's B-TRAN®-based SSCB product,
our expectation that this product will be the first of multiple
products from the customer incorporating B-TRAN® into SSCBs, that
the overall opportunity with this customer could eventually lead to
sales of a million units per year based on the customer's
projections, that this design win will be a catalyst for our
revenue ramp in industrial markets, and our expectation we will
successfully leverage this win to secure additional design wins
with other SSCB customers in the coming months to drive long-term
value creation for our shareholders. 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, including
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 and timing of development and commercialization
of our B-TRAN® technology, the rate and degree of market acceptance
for our B-TRAN®, the impact of global health pandemics on our
business, supply chain disruptions, and the expected performance of
future products incorporating our B-TRAN®, 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, except
as required by applicable law.
Ideal Power Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917
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SOURCE IDEAL POWER INC.
