Ideal Power Signs B-TRAN™ Sampling Agreement for Electric Vehicle Charging Application
July 27 2021 - 8:30AM
Ideal Power Inc. (Nasdaq: IPWR), pioneering the
development and commercialization of highly efficient and broadly
patented B-TRAN™ bi-directional power switches, today announced
that an electric vehicle (EV) charger provider will be sampling
B-TRAN™ devices for its innovative portable and modular EV charging
system currently under development. This represents Ideal Power’s
second sampling agreement in the EV space and its first in the 2.1
million unit global EV charging station market. This market is
projected to grow at a compound annual growth rate (CAGR) of
approximately 47% to 30.8 million units by the end of 2027 as
governments phase out fossil fuel vehicles from the market and make
infrastructure investments to meet the growing demand for EV
charging stations to support the adoption of EVs.
The EV charging provider’s offering will combine a DC fast
charger with a swappable battery system and a modular design to
allow for scaling of the solution, and targets both on-demand fast
charging and roadside assistance to eliminate charging
anxiety. EV charging applications can benefit from the
advantages that B-TRAN™ has to offer over conventional IGBT
switches; greater efficiency, bi-directionality, smaller size and
reduced thermal management. However, these features are critically
important to mobile EV charging systems with battery storage.
“We are seeing a variety of innovative products and business
models to support the buildout of the EV charging infrastructure
and their need for smaller, lower operating cost solutions,” stated
Dan Brdar, President and Chief Executive Officer of Ideal Power.
“We look forward to collaborating with several EV charging
companies that want to take advantage of the benefits of B-TRAN™,
including its inherent bi-directionality, for their mobile,
stationary, vehicle-to-grid enabled and buffer storage and/or solar
paired EV charging solutions.”
B-TRAN™’s key benefit of improved efficiency is expected to
result in in faster EV charging, smaller thermal management systems
and OEM solutions, lower costs to consumers and higher margins for
fast charger owners. Additionally, if EV charging systems are
paired with buffer storage, the round-trip charge efficiency
improvement is even more significant, potentially further reducing
charging cost as time of use and/or peak damage charges from the
local utility company, which may represent up to 50% of the
electricity bill for a commercial installation, can be
mitigated.
Ideal Power’s patented semiconductor power switch, the
Bi-directional Bipolar Junction Transistor, or B-TRAN™, reduces
power losses by 50% or more over conventional power switches,
depending on the application. B-TRAN™’s higher efficiency results
in less heat being generated and therefore significantly lower
thermal management requirements, requiring significantly smaller
surface area to dissipate heat and giving rise to potentially
smaller OEM products. B-TRAN™ offers the industry’s only symmetric
bi-directional operation, reducing the number of components
required for application by 75% as compared to a conventional
bi-directional switch utilizing IGBTs and diodes. This highly
efficient and unique symmetric operation provides a strong
competitive advantage in bi-directional applications, which are
growing rapidly as transportation electrifies and power generation
shifts to renewable energy coupled with energy storage.
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 electric vehicle,
electric vehicle charging, renewable energy, energy storage, UPS /
data center and other industrial and military 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.
Forward-Looking Statements
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 Ideal Power’s 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 risks and
uncertainties associated with market conditions, the size and CAGR
of the global EV charging station market, our expectation that we
will collaborate with several EV charging companies to take
advantage of the benefits of B-TRAN™ and the expected performance
benefits of B-TRAN™ in EV charging applications, as well as risks
and uncertainties set forth in Ideal Power’s quarterly, annual and
other reports filed with the SEC. Furthermore, Ideal Power operates
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. Ideal Power disclaims any intention
to, and undertakes no obligation to, update or revise
forward-looking statements.
Ideal Power Investor Relations
Contact: LHA Investor RelationsCarolyn Capaccio,
CFAT: 212-838-3777IdealPowerIR@lhai.com
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