Largest Order to Date from an Existing Customer
AUSTIN, TX -- 11/04/15 -- Ideal Power Inc. (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has received an order for 14.5 MW of its power conversion products for use in Battery Energy Storage Systems predominately for California and Hawaii. The order comes from an existing customer and includes a mixture of the Company's 30kW Battery Converter, Grid-Resilient 30kW Multi-Port Power Conversion System, and the newly released Grid-Resilient 125kW Power Conversion System. The products are expected to be delivered throughout 2016 with initial deliveries expected to begin in January.
"This represents the largest order in Ideal Power's history and positions us to enter 2016 with a robust backlog and enhanced visibility," said Dan Brdar, CEO of Ideal Power. "This commitment validates that our channel partners are closing business, further establishing our market leadership in providing power conversion systems for behind-the-meter energy storage solutions."
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.