First Volume Order Received From Recently Announced System Integration Partner
AUSTIN, TX -- 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.
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 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, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether a demand for energy storage products will grow, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of energy conversion products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. The order described in this release is subject to commercial terms that, under certain circumstances, may allow the customer to delay delivery of product and associated revenue. 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.