First Major Order for the Rapidly Growing Microgrid Market October 07, 2015: 08:05 AM ET
Ideal Power Inc. (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has received a multi-unit purchase order from EnerDel, a manufacturer of advanced lithium-ion batteries and energy storage systems for electric grid, transportation and industrial applications, for its Grid-Resilient 30kW Multi-Port Power Conversion Systems which will be used for multiple microgrid installations. The systems are scheduled to ship in Q4 2015. "Microgrids represent a significant opportunity for Ideal Power's Grid-Resilient Multi-Port products, allowing us to expand our product reach beyond traditional behind-the-meter battery energy storage systems," Dan Brdar, CEO of Ideal Power said. "Microgrids are a reliable and less expensive alternative to using diesel fuel-based gensets -- not only for the military, but anywhere conventional generators are used as a primary source of power." "Ideal Power's compact, efficient multi-port product provides unique features that enable robust deployment for mobile microgrid applications," stated Michael Canada, CEO of EnerDel. "Selecting Ideal Power was a natural choice for microgrid systems requiring renewable integration." This order represents Ideal Power's first significant multi-unit order for microgrids. A recent report from research firm Navigant shows that total global microgrid capacity nearly tripled between Q2 2014 and Q2 2015 to 12 MW. According to Navigant, the U.S. Department of Defense is the largest consumer of energy globally, and is pursuing microgrid technologies in order to reduce the amount of fuel the military consumes through the use of conventional generators. Ideal Power's patented Power Packet Switching Architecture™ (PPSA)-based power conversion systems are smaller and lighter than traditional technology without the high level of efficiency losses associated with conventional power converters. The Company's multi-port technology enables the integration of solar with battery storage and diesel generation using a single power conversion system, dramatically reducing the cost required to form stable, flexible microgrids. 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 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 the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether a demand for energy storage products will grow, whether demand for our products, which we believe are disruptive, 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. 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.
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