First Volume Order Received From Recently Announced System Integration Partner
AUSTIN, TX -- 09/28/15 -- Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has received an order for 1.5 MW of its 30kW Battery Converters and Grid Resilient Power Conversion Systems, based on the company's patented Power Packet Switching Architecture (PPSA), for integration into commercial and industrial energy storage systems in California. This is the first volume order received from a recently announced system integration partner. The partner has completed their system design and will be ready to initiate volume production later this year. The order has deliveries scheduled beginning in Q4 2015 through mid-2016.
"We are pleased to see another partner rapidly develop and deploy an integrated system for behind-the-meter energy storage applications in California," commented Dan Brdar, CEO of Ideal Power. "With the growth of the energy storage market, Ideal Power continues to strengthen its foothold in the sector by partnering with new market entrants offering fully integrated solutions."
The energy storage market in North America is expanding rapidly due, in part, to the high cost of peak demand charges from utilities in densely populated states like California and New York which are trying to defer the costs of increasing peak generation capacity. This energy storage market, particularly in the commercial and industrial sector, continues to attract new companies developing storage systems for peak demand applications.
Ideal Power's power conversion systems, based on its patented PPSA, are well suited for battery storage. They provide best-in-class efficiency with the smallest footprint on the market, have dramatically lower installation costs compared to conventional technology, and are designed to simplify deployment and systems integration.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) has developed a novel, patented power conversion technology called Power Packet Switching Architecture™ (PPSA). PPSA improves the size, cost, efficiency, flexibility and reliability of electronic power converters. PPSA can scale across several large and growing markets, including commercial grid storage, combined solar and storage, microgrids, and electrified vehicle charging. Ideal Power also has a capital-efficient business model that can enable it to address these markets simultaneously. Ideal Power has won multiple grants for its PPSA technology, including a $2.5 million grant from the Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E) program, and market-leading customers are incorporating PPSA as a key component of their systems. For more information, visit www.IdealPower.com.