News: Ideal Power Announces Distribution Agreement with WESCO International
AUSTIN, Texas - February 1, 2016 - 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.
About WESCO
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.
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