IDEAL POWER ANNOUNCES DISTRIBUTION AGREEMENT WITH WESCO INTERNATIONAL
WESCO added Ideal Power's Grid Resilient 30kW and 125kW power conversion systems to its distribution portfolio
AUSTIN, TX -- Ideal Power Inc. (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has entered into a distribution agreement with WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications maintenance, repair and operating ("MRO") and original equipment manufacturers ("OEM") products, construction materials, and advanced supply chain management and logistics services. WESCO added Ideal Power's Grid Resilient 30kW and 125kW power conversion systems to its distribution portfolio in markets including California, New York and Hawaii, where the energy storage opportunity complements its core PV solar business. These grid-resilient power conversion systems enable the integration of solar photovoltaic systems and conventional generation with battery storage to deliver stable, flexible, and reliable energy whether on or off the grid. WESCO currently has inventory in stock at its warehouses in California.
"We're excited about the possibilities this agreement brings to our customers, particularly utilities and those working in remote locations," said David Bemoras, WESCO Vice President, Global Sales and Marketing. "These products have proven to be an economical choice by enabling customers to store energy created by solar and use it at a later time."
The distribution agreement gives Ideal Power access to WESCO's network of 80,000 worldwide customers and 500 branches in North America and overseas.
"This agreement with WESCO will give Ideal Power additional channels to market, increasing our access to WESCO's loyal base of customers," commented Dan Brdar, CEO of Ideal Power. "We look forward to working with WESCO as we continue expanding our business."
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.
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating ("MRO") and original equipment manufacturers ("OEM") product, construction materials, and advanced supply chain management and logistic services. 2015 annual sales were approximately $7.5 billion. The Company employs approximately 9,300 people, maintains relationships with over 25,000 suppliers, and serves over 80,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers and utilities. WESCO operates nine fully automated distribution centers and approximately 500 full-service branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as well as the Company's other reports filed with the Securities and Exchange Commission.
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. 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.