AUSTIN,
Texas, Oct. 31, 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, today announces that the Company
received orders from a global Tier 1 automotive supplier, a NYSE
listed company. This global customer serves many automotive OEMs
and is a leading supplier of sensors and electrical protection
component solutions for automobile electrification and electric
vehicles (EVs). They represent the latest addition to the Company's
customer list of Tier 1 suppliers targeting the EV market.
The Company is meeting regularly with this Tier 1 auto supplier
and educating them on the benefits of B-TRAN™ in EV applications.
As a result of these ongoing discussions, the customer placed
orders for numerous discrete B-TRAN™ devices, a SymCool® power
module, a solid-state circuit breaker evaluation board and
a driver. This customer is interested in using B-TRAN™ for
solid-state EV contactor applications.
"We are pleased to see another global Tier 1 automotive supplier
securing B-TRAN™ products as part of their desire to bring lower
cost, more efficient semiconductor solutions to their numerous
automotive OEM customers. We are also working to advance other Tier
1 auto suppliers in our sales pipeline to orders and then to custom
development agreements and/or design wins," stated Dan Brdar, President and Chief Executive Officer
of Ideal Power. "Overall, we are leveraging our success with
Stellantis to attract and engage other auto OEMs as well as the
Tier 1 auto suppliers that provide sub-systems to these global
automakers."
Contactors serve as cutoff switches for high voltage
applications in EVs. They play a critical role in isolating the
battery, inverter, and onboard charger to ensure safety when the
vehicle is off or being serviced. In a collision, power must be
shut off from downstream systems to prevent further complications
or damage. Contactors are bidirectional and there are typically 4
to 6 high-power contactors in every EV. The high-power EV contactor
market is forecasted to grow to over $3.7
billion in 2025 and the Company believes that, over time,
solid-state contactors will potentially displace electromechanical
contactors in half or more of this market.
Solid-state contactors provide several benefits over
electromechanical contactors. They act much faster, thereby
eliminating arcing and improving safety, and are more reliable as
they do not include physical contacts subject to wear. In addition,
they provide programmable settings for trip and current limits as
well as built-in safety diagnostics. Solid-state contactors are
also expected to cost less than electromechanical contactors in EV
applications.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the development and
commercialization 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 potential advancement of Tier 1 auto
suppliers in our sales pipeline to orders and then to custom
development agreements and/or design wins, the forecasted size of
the high-power EV contactor market and the Company's expectation
that, over time, solid-state contactors will potentially displace
electromechanical contactors in half or more of this market. 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.