AUSTIN, TX--(Marketwired - Oct 29, 2015) - Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has received initial purchase orders from two separate customers for multiple units each of its Grid Resilient 125kW Power Conversion Systems, utilizing the company's patented Power Packet Switching Architecture™ (PPSA). The systems will be incorporated into energy storage projects in Japan and China and represent the company's first commercial orders for deployment in Asia. The orders are for delivery in 2015.
"We have established a strong market position for behind-the-meter energy storage applications in the U.S.," commented Dan Brdar, CEO of Ideal Power. "We are beginning to receive interest in our grid resilient systems from around the globe for both BESS and microgrid applications. These orders represent our first grid-connected resilient power applications in China and Japan. We see tremendous growth opportunities for our products in Asia through these customers and other relationships we are establishing, and anticipate receiving volume orders in 2016."
Energy storage is a global business. According to Navigant Research, global installed energy storage capacity is expected to reach 20.8 GW in 2024. Navigant predicts that worldwide revenue from energy storage will reach $15.6 billion by 2024. Ideal Power supplies its Power Conversion Systems principally for distributed energy storage projects, a segment of the market that is growing rapidly.
Ideal Power's Grid Resilient 125kW Power Conversion System is a true global product as it is software configurable to operate in both 50Hz and 60Hz environments, making it well-suited for distributed energy storage applications worldwide. It provides best-in-class efficiency with the smallest footprint on the market, has dramatically lower shipping and installation costs when compared to conventional technology, and is designed to simplify deployment and systems integration.
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.
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, which may include our statement concerning potential growth opportunities in Asia, 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 tremendous growth opportunities for our products in Asia will materialize, whether the patents for our technology provide adequate worldwide protection and whether we can be successful in maintaining, enforcing and defending our patents globally, whether an international demand for energy storage products will grow, whether demand for our products 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 both domestically and internationally. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. The order described in this release is subject to commercial terms that, under certain circumstances, may allow the customer to delay delivery of product and associated revenue. 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.
(October 29, 2015 - 8:05 AM EDT)
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