AUSTIN, TX — (Marketwired) — 09/17/14 — Ideal Power Inc. (NASDAQ: IPWR), a developer of a disruptive power conversion technology, announced today that it received purchase orders from Sharp Electronics Corporation pursuant to the previously announced multi-year purchase agreement with Sharp. The 30kW battery converters are expected to be delivered starting in September with additional deliveries through the end of 2014. The units will be incorporated into Sharp–s SmartStorage systems, which are being installed in commercial buildings throughout California for demand charge reduction. The Company believes that these orders reflect a growing market demand for energy storage products.
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 solar photovoltaic generation, electrified vehicle charging, and commercial grid storage. Ideal Power also has a licensing-based, 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 .
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.
Mercom Communications
Wendy Prabhu
1.512.215.4452
MZ North America
Matt Hayden
1.949.259.4986