California Energy Storage Installations to Use Ideal Power Products
14 April 2014 - 2:00PM
Marketwired
California Energy Storage Installations to Use Ideal Power Products
Ideal Power Receives Initial Production Orders From Battery
Energy Storage System Integrators
AUSTIN, TX--(Marketwired - Apr 14, 2014) - Ideal Power Inc.
(NASDAQ: IPWR), a developer of a disruptive power conversion
technology, received initial purchase orders for 20 units of its
30kW battery converter from two Battery Energy Storage System
(BESS) integration customers to be installed in commercial storage
systems in California. The identities of the system integrators and
project details are protected by customer non-disclosure
agreements, but Ideal Power expects to make joint announcements on
specific customer installations when they are
operational. These system integrators are early market leaders
in what is anticipated to be a large and rapidly growing market for
commercial BESS.
The State of California requires at least 1.3GW of energy
storage to be procured by 2020, a part of which will be
behind-the-meter commercial installations. The commercial energy
storage systems can be used to store energy locally, on site, to
help businesses offset peak demand -- when their energy use is at
its highest during the day -- through improved energy management.
The systems are designed to release energy during their peak load
periods, significantly reducing the demand portion of their monthly
utility bills. Peak demand rates from California's investor owned
utilities have increased an average of 45 percent over the past
five years, and can represent over 50 percent of the monthly
utility bill.
"We believe these orders demonstrate the unique advantages and
competitiveness of our products when integrated into distributed
storage systems to solve the growing industry need to lower
commercial demand charges and satisfy the California mandate," said
Dan Brdar, Chief Executive Officer of Ideal Power. "We anticipate
that the attractive financial return on these systems to commercial
building owners will fuel rapid growth, and accelerate the wide
adoption of commercial energy storage systems."
Ideal Power's 30kW battery converter offers high efficiency in a
compact, modular and an easy-to-install solution that can improve
the economics for energy storage applications. It is based on the
company's patented Power Packet Switching Architecture™ (PPSA) that
provides electrical isolation without the use of a bulky and
expensive transformer. Among the many benefits of PPSA is the
unique capability to reduce the size, cost, and efficiency loss
associated with conventional systems.
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, electric vehicle
charging, and solar photovoltaic generation. 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 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 Email Contact www.mercomcapital.com Ideal Power Inc.
Investor Relations Contact: MZ North America Matt Hayden
1.949.259.4986 Email Contact www.mzgroup.us
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