Ideal Power Signs $1.2 Million Contract to Partner with Diversified Technologies on Demonstration of B-TRAN™ Enabled High E...
August 10 2020 - 08:30AM
Ideal Power Inc. (NASDAQ: IPWR) (the “Company”), pioneering
the development and commercialization of highly efficient and
broadly patented B-TRAN™ bi-directional power switches, was awarded
a $1.2 million contract by Diversified Technologies, Inc. (DTI) to
supply B-TRAN™ devices as part of a two-year, $3.0 million contract
awarded to DTI by the United States Naval Sea Systems Command
(NAVSEA). The objective of the project is to develop and
demonstrate B-TRAN™ enabled high efficiency 12kV medium voltage
direct current (MVDC) circuit breakers for the U.S. Navy as part of
their ship electrification program. The project is funded under the
Department of Defense’s Rapid Innovation Fund, which is designed to
accelerate the commercialization of high-value, high-impact
technologies.
Ideal Power’s B-TRAN™ technology is an enabling technology for
high-efficiency MVDC circuit breakers. The Company believes that
the low conduction loss of B-TRAN™ is an improvement of more than
50% compared to conventional semiconductor power switches, such as
insulated gate bipolar transistors (IGBTs). In an MVDC circuit
breaker, where the device is continuously conducting electricity
and producing heat, the importance of the B-TRAN™’s low conduction
loss is magnified and results in higher energy efficiency and
simpler, lower cost and more compact thermal management. In
addition, the fast switching speed of the B-TRAN™ can protect power
distribution systems from faults 100 to 200 times faster than
conventional mechanical circuit breakers. DTI intends to introduce
a family of MVDC circuit breaker products incorporating B-TRAN™ as
a result of the demonstration.
Ideal Power and DTI’s collaboration will help
establish the viability of shipboard MVDC power distribution by
delivering extremely fast fault interruption, low fault currents,
flexible programmable coordination, and mechanical isolation, which
are key factors to the reliable and safe operation of DC power
systems. The U.S. Navy has stated a goal to electrify its fleet to
increase shipboard power densities necessary to field more
efficient ships with greater operational flexibility. The use of
MVDCs in ship electrification and distributed DC networks would
result in less vulnerable power distribution systems and naval
vessels.
“This project is a major step forward in
demonstrating B-TRAN™’s capabilities,” said Dan Brdar, President
and Chief Executive Officer of Ideal Power. “Given the performance
characteristics of B-TRAN™ versus conventional power switches -
higher efficiency, lower cooling complexity, and fewer components -
we believe that B-TRAN™ can enable a wide variety of emerging
applications. For this project, we are excited to be partnering
with DTI, who brings expertise designing and building solid state
MVDC circuit breakers, in demonstrating B-TRAN™ as an enabling
technology for the U.S. Navy as part of their ship electrification
program. We potentially see the U.S. military as one of the early
adopters of B-TRAN™ devices.
“Legacy circuit breakers have always been
limited by their mechanical complexity, slow switching speed, and
high conduction losses – all issues that are solved by the
integration of our B-TRAN™ power semiconductor technology,”
continued Mr. Brdar. “To date, the widespread adoption of DC
distribution and transmission has been stalled by the lack of an
efficient, low-loss, solid-state circuit breaker. B-TRAN™-enabled
high-efficiency MVDC circuit breakers could potentially be utilized
in various industrial applications, including medium-to-high
voltage DC transmission systems and new electrical generation, such
as solar and wind, that are DC-based. We believe B-TRAN to be a
potential game-changer for distributed DC networks and will seek to
leverage our collaboration with DTI for the U.S. Navy to establish
inroads into the broader market for industrial and utility DC
networks. According to a recent market research report from
MarketsandMarkets™, the market for industrial and utility DC
networks is anticipated to exceed $12 billion by 2024.”
About Ideal Power Inc.
Ideal Power (Nasdaq: IPWR) is pioneering the development of its
broadly patented bi-directional power switches, creating highly
efficient and ecofriendly energy control solutions for industrial,
alternative energy, military and automotive applications. The
Company is focused on its patented Bi-directional, Bi-polar
Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is
a unique double-sided bi-directional AC switch able to deliver
substantial performance improvements over today's conventional
power semiconductors. Ideal Power believes B-TRAN™ modules will
reduce conduction and switching losses, complexity of thermal
management and operating cost in medium voltage AC power switching
and control circuitry. For more information,
visit www.IdealPower.com.
About Naval Sea Systems
CommandThe Naval Sea Systems Command (NAVSEA), part of the
Department of Defense, engineers, builds, buys and maintains ships,
submarines and combat systems that meet the Fleet's current and
future operational requirements. It is the largest of the Navy’s
five system commands and accounts for nearly one quarter of the
Navy's entire budget. NAVSEA has the further responsibility of
establishing and enforcing technical authority in combat system
design and operation. These technical standards use the
organization's technical expertise to ensure systems are engineered
effectively, and that they operate safely and reliably. For more
information on NAVSEA, please click here.
About Diversified Technologies, Inc.
(DTI)Diversified Technologies, Inc. designs, manufactures,
and markets the patented PowerMod™ line of high-voltage,
solid-state, pulsed power modulators and switching power supplies.
DTI's PowerMod technology is the recipient of prestigious local and
national awards and is recognized as a true breakthrough in
high-voltage electronic design. The company has shipped hundreds of
systems to customers in the U.S. Departments of Energy and Defense,
leading universities, and private sector companies for a range of
applications including semiconductor fabrication, food processing,
high energy physics research, medical electronics, and radar. For
more information on DTI, please click here.
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 Ideal
Power’s 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, the success of our B-TRAN™
technology, whether the patents for our technology provide adequate
protection and whether we can be successful in maintaining,
enforcing and defending our patents and our inability to predict
with precision or certainty the pace of development and
commercialization of our B-TRAN™ technology, our ability to secure
additional financing and uncertainties set forth in our quarterly,
annual and other reports filed with the Securities and Exchange
Commission. 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. Ideal Power Investor
Relations Contact:
LHA Investor RelationsCarolyn Capaccio, CFA / Keith Fetter
T: 212-838-3777 IdealPowerIR@lhai.com
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