Ideal Power Appoints Global Energy Executive, R. Daniel Brdar, CEO and Chairman of the Board
08 Januar 2014 - 1:30PM
Marketwired
Ideal Power Appoints Global Energy Executive, R. Daniel Brdar, CEO
and Chairman of the Board
Paul Bundschuh Assumes Role of President and Chief Commercial
Officer
AUSTIN, TX--(Marketwired - Jan 8, 2014) - Ideal Power Inc.
(NASDAQ: IPWR), a developer of a disruptive technology in the power
conversion industry, today announced that R. Daniel Brdar has been
appointed as the Company's Chief Executive Officer and Chairman of
the Board of Directors, effective January 8, 2014. Paul Bundschuh
will assume the role of President and Chief Commercial Officer.
"We are delighted that Dan has accepted the position of Chairman
and CEO. He brings a deep understanding of the power generation and
power electronics markets and an impressive track record of
building world-class, cross-functional teams, developing innovative
products, expanding into global markets, and driving meaningful
growth in early-stage companies," commented Mr. Bundschuh. "We
continue to make progress in positioning and commercializing our
disruptive Power Packet Switching Architecture™ for the power
converter markets. Dan will be instrumental in leading us in our
next stage of growth and in helping us attain a competitive
position in the fast-growing renewable energy, grid storage and
other green technology markets both in the U.S. and
internationally."
Mr. Brdar has over 25 years of experience in the power systems
and energy industries and has held a variety of leadership
positions during his career. From 2006 through 2011, he was
President and CEO of FuelCell Energy Inc., a NASDAQ-listed company
with a market cap of over $250 million. During his tenure, the
company's revenues increased 235%, to $100 million, manufacturing
production increased by over 200% and over $100 million was raised
from institutional and strategic investors. Prior to joining Ideal
Power Inc., Mr. Brdar served as the Chief Operating Officer of
Petra Solar, a privately held, venture funded solar and smart grid
company, where he held full P&L responsibility and led a
cross-functional management team across several international
markets. From 1997 to 2000, Mr. Brdar held management positions,
including Gas Turbine Product Manager, for GE's Power Systems
Division, a world leader in power generation systems and products.
Additionally, Mr. Brdar has extensive research and development
experience at the U.S. Department of Energy through various roles
at the National Energy Technology Laboratory in Morgantown, WV and
Pittsburgh, PA. Mr. Brdar has a BS in Engineering from the
University of Pittsburgh.
"I am thrilled to have the opportunity to lead Ideal Power into
its next exciting phase," said Mr. Brdar. "I believe that Ideal
Power's power conversion architecture is one of the most innovative
and disruptive technologies in the market today and will be a
competitive presence in several important emerging markets such as
power converters for renewable energy applications, including
commercial grid storage. I look forward to working with Ideal
Power's executive team in driving growth for the company and the
entire power electronics ecosystem."
Ideal Power's Board of Directors unanimously approved the
appointment of R. Daniel Brdar as CEO and Chairman.
Inducement Award
In accordance with Section 5635(c)(4) of the rules of the NASDAQ
Stock Market and in connection with his appointment, Ideal Power
will make a stock option grant to Mr. Brdar pursuant to a
stand-alone award agreement outside of the Company's 2013 Equity
Incentive Plan as an inducement material to Mr. Brdar entering into
employment with Ideal Power. The inducement grant was approved by
the compensation committee of Ideal Power's Board of Directors,
which is comprised solely of independent directors. Mr. Brdar's
inducement grant consists of a stock option to purchase up to
250,000 shares of Ideal Power's common stock, with a per share
exercise price equal to the closing price of the Company's common
stock on January 8, 2014, the date that his employment will begin.
Mr. Brdar's option vests and becomes exercisable in four equal
annual installments beginning on the one-year anniversary of the
date of grant, subject to his continuous service through each
vesting date. The option has a term of 10 years from the date of
grant.
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 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 program, and market-leading customers are
incorporating PPSA as a key component of their systems. For
more information on Ideal Power, visit www.IdealPower.com.
Safe Harbor Statement
All statements in this release that are not based on historical
fact are "forward looking statements". 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 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.
Ideal Power Media Contact: Mercom Communications Wendy Prabhu
1.512.215.4452 www.mercomcapital.com Email Contact Investor
Relations Contact: MZ North America Matt Hayden 1.949.259.4986
www.mzgroup.us Email Contact
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