AUSTIN,
Texas, Aug. 7, 2024 /PRNewswire/ -- Ideal Power
Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us"
or "our"), pioneering the development and commercialization of the
highly efficient and broadly patented B-TRAN™ bidirectional
semiconductor power switch, today announces the Company is
collaborating with a third global automaker. This global automaker
is working closely and meeting regularly with Ideal Power engineers
on the use of B-TRAN™-enabled contactors to potentially replace
electromechanical contactors in its electric vehicles (EVs).
"We are delighted to announce this collaboration with a third
global automaker for the evaluation of B-TRAN™ in a new EV
application for us. Their initial focus is on EV contactors.
Solid-state contactors in EVs are an emerging market and our
technology is potentially enabling for this application due to its
very low conduction losses and inherent bidirectionality. This
represents another engagement for us with the world's leading
automakers along with our previously announced engagements with
Stellantis and a second Top 10 global automaker," said Dan Brdar, President and Chief Executive Officer
of Ideal Power.
Contactors serve as cutoff switches for high voltage
applications in EVs. They play a critical role in isolating the
battery, inverter, and onboard charger to ensure safety when the
vehicle is off or being serviced. Contactors are bidirectional and
there are typically 4 to 6 high-power contactors in every EV. The
high-power EV contactor market is forecasted to grow to over
$3.7 billion in 2025 and the Company
believes that, over time, solid-state contactors will potentially
displace electromechanical contactors in half or more of this
market.
Solid-state contactors provide several benefits over
electromechanical contactors. They are much faster acting, thereby
eliminating arcing and improving safety, and are more reliable as
they do not include physical contacts subject to wear. In addition,
they provide programmable settings for trip and current limits as
well as built-in safety diagnostics. Solid-state contactors are
also expected to cost less than electromechanical contactors in EV
applications.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the development and
commercialization of its broadly patented bidirectional
semiconductor power switch, creating highly efficient and
ecofriendly energy control solutions for electric vehicle, electric
vehicle charging, renewable energy, energy storage, UPS/data
center, solid-state circuit breaker and other industrial and
military applications. The Company is focused on its patented
Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor
technology. B-TRAN™ is a unique double-sided bidirectional AC
switch that delivers substantial performance improvements over
today's conventional power semiconductors. Ideal Power's B-TRAN™
can reduce conduction and switching losses, complexity of thermal
management and operating cost in AC power switching and control
circuitry. For more information, visit the Company's website at
www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.
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.
Such forward-looking statements include, but are not limited to,
statements regarding the high-power EV contactor market being
forecasted to grow to over $3.7
billion in 2025 and our belief that, over time, solid-state
contactors will potentially displace mechanical contactors in half
or more of this market. 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, including whether the patents for our
technology provide adequate protection and whether we can be
successful in maintaining, enforcing and defending our patents, our
inability to predict with precision or certainty the pace and
timing of development and commercialization of our B-TRAN™
technology, including the timing of the completion of our wafer
fabrication runs with our semiconductor fabrications partners, the
rate and degree of market acceptance for our B-TRAN™, the impact of
global health pandemics on our business, supply chain disruptions,
and the expected performance of future products incorporating our
B-TRAN™, 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, except as required by
applicable law.
Ideal Power Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917
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SOURCE IDEAL POWER INC.