Eos Names Ideal Power as Aegis Partner and Orders More than 1 MW of Ideal Power Converters
Eos Energy Storage and Ideal Power announced that Ideal Power has been named an Eos Aegis Partner. Eos has also ordered over one megawatt (1 MW) of Ideal Power's power converters for upcoming projects.
AUSTIN, Texas – Eos Energy Storage, a developer of cost-effective energy storage solutions, and Ideal Power (NASDAQ: IPWR), a developer of a disruptive power conversion technology, announced that Ideal Power has been named an Eos Aegis Partner. Eos has also ordered over one megawatt (1 MW) of Ideal Power's power converters for upcoming projects, following successful demonstration of the company's power converter with an Eos battery system in a NYSERDA-funded project hosted by Con Edison of New York last year.
"Early on, Eos established itself as a frontrunner in finding ways to answer the energy needs of commercial customers in space-constrained markets like New York City. With this pilot, our complementary technologies, which enable AC-integrated energy storage, have proven to demonstrate lower peak power usage – a growing concern for building owners and operators," said Dan Brdar, CEO of Ideal Power. "We are thrilled to have been selected by EOS as a supplier of power conversion technology for their Aurora megawatt-scale energy storage systems."
Ideal Power converters offer high efficiency in a compact, modular and easy-to-install solution that can improve the economics for energy storage applications. Utilizing the company's patented Power Packet Switching Architecture™ (PPSA), Ideal Power converters are the only power converters on the market that provide isolation without the use of a bulky and expensive transformer. Among the many benefits of PPSA is the unique capability to reduce the size, cost and efficiency loss associated with conventional transformer-based systems.
"Eos conducted thorough due diligence before selecting Ideal Power's converter solution. It was clear to us that their product offers numerous benefits including size, input flexibility, and cost," said Michael Oster, CEO of Eos Energy Storage.
Eos recently announced the commercial availability of its MW-scale Aurora energy storage system for deliveries starting in 2016 at a price of $160 per kWh in volume, which makes it competitive with gas peaking generation and utility distribution infrastructure. The Eos Aurora product employs Eos' patented Znyth™ battery technology that uses a safe aqueous electrolyte and a novel zinc-hybrid cathode to enable extremely low-cost electricity storage and long life. Eos' grid-scale product is designed to reliably integrate renewable energy, improve grid efficiency and resiliency, and reduce costs for utilities and consumers.
Eos is working with Ideal Power and various controls and integration partners to sell, install, and maintain AC-integrated battery systems through its Aegis Program. The program is structured such that Eos supplies the containerized DC battery and battery management system while Aegis Partners provide the power control systems and integration layer. Eos plans to announce further details of the Aegis program and the positive market response from its earlier commercial launch in the coming weeks.
About Eos Energy Storage
Eos is developing a low-cost energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom, and residential markets. Eos' mission is to produce safe, robust, cost-effective energy storage solutions that are less expensive than incumbent alternatives, such as gas turbines for power generation. Eos is located in Edison, NJ, and New York, NY. More information is available at www.eosenergystorage.com.
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 solar photovoltaic generation, electrified vehicle charging, and commercial grid storage. Ideal Power also has a licensing-based, 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 product 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.