Ideal Power Signs Master Purchase Agreement with NEXTracker for Solar-Plus-Storage Products
10 Juli 2017 - 2:31PM
Ideal Power Inc., (NASDAQ:IPWR), an innovative power conversion
technology company, today announced that it has signed a master
purchase agreement with NEXTracker, a Flex company and global
leader in solar tracker technology. Ideal Power will supply
NEXTracker with its 30 kilowatt (kW) SunDial storage-enabled
multi-port photovoltaic (PV) string inverter, its 30 kW Stabiliti
power conversion system, and a custom NEXTracker-exclusive 15 kW
SunDial. NEXTracker will integrate the systems into its NX Fusion
Plus solar-plus-storage product and deploy them to various
commercial, industrial and utility sites throughout North America.
“Ideal Power’s system is compact and versatile, enabling the
seamless integration of solar-plus-storage in one inverter
package,” said NEXTracker CTO Alex Au. “Now, project developers and
system integrators have a solution for rapid installation,
scalability and maximum energy output. We’re pleased to be working
with Ideal Power to drive the adoption of integrated solar and
storage.”
NEXTracker’s NX Fusion Plus may include either the SunDial,
Stabiliti or both, depending on the specific needs of each project,
and will come fully equipped, pre-wired, pre-assembled and ready to
power up with the systems in place. Ideal Power’s SunDial inverter
includes full galvanic isolation and is field upgradeable anytime
with a plug-and-play bidirectional direct current (DC) power port
kit. The inverter also eliminates the complicated alternating
current (AC) coupling that has been traditionally prominent in the
industry. Ideal Power’s Stabiliti series is a
grid-resilient power conversion system that brings many of the
benefits of the SunDial plus grid forming capabilities for
microgrid applications.
“NEXTracker’s solar-plus-storage product helps safeguard against
the reduction or elimination of net metering incentives for new
solar installations happening across North America, while providing
a higher return on investment than solar alone,” said Ideal Power
CEO Dan Brdar. “Customers should also be able to access the 30
percent federal investment tax credit available for storage
installed with new solar. We are pleased to partner with NEXTracker
to deliver this superior product.”
“This agreement establishes our relationship with a successful
and fast growing global supplier to the solar market,” said Ideal
Power Chairman Lon Bell. “Further, it allows us to focus on energy
storage markets which we believe benefit from our proprietary
multi-port and microgrid-capable products.”
Ideal Power will be selling product initially, before
transitioning to licensing. A licensing agreement with Flex for the
NX Fusion Plus is already in place.
About Ideal Power Inc.Ideal Power (NASDAQ:IPWR)
is a power conversion technology company that delivers efficient
and compact solutions to system integrators and project developers
connecting distributed energy resources to the grid. Ideal Power’s
products offer enhanced performance for battery-enabled
applications at a competitive cost backed by first-rate customer
service. With its patented power conversion technology, Ideal Power
supports a broad set of growing markets, including solar
photovoltaics, battery energy storage, mobile power and microgrids.
For more information, visit www.IdealPower.com.
About NEXTrackerNEXTracker, a Flex
company, advances the power plant of the future with solar
tracker and energy storage innovations to increase performance and
reduce costs for power plants of all sizes. As the #1 tracker
supplier worldwide with over 9 GW delivered, NEXTracker is globally
recognized for delivering the most advanced photovoltaic solutions
for hundreds of projects across five continents. Headquartered
in the San Francisco Bay Area, the Company has offices in China,
India, Spain, Latin America, and Australia. For more
information, visit: NEXTracker.com and follow the Company on
Twitter @NEXTracker.
Safe Harbor StatementAll 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 our partnership with NEXTracker will be
successful under the Master Purchase Agreement, 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.
Ideal Power Media Contact:
Antenna
www.antennagroup.com
Kalena Gravina
idealpower@antennagroup.com
1.201.465.8013
Ideal Power Investor Relations Contact:
MZ North America
www.mzgroup.us
Chris Tyson
IPWR@mzgroup.us
1.949.491.8235
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