Ideal Power Secures Phase II of Development Program with Top 10 Global Automaker

AUSTIN, TX / ACCESSWIRE / August 22, 2023 / Ideal Power Inc. ("Ideal Power," the "Company," "we," "us" or "our") (NASDAQ:IPWR), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, entered into Phase II of a product development agreement with a top 10 global automaker. Under this agreement, Ideal Power is partnering with the automaker's advanced technology development team and an innovative packaging company selected by the automaker to develop a custom B-TRAN™ power module for use in electric vehicle ("EV") drivetrain inverters in the automaker's next generation EV platform. Due to its compelling advantages, B-TRAN™ is also being evaluated for the automaker's EV charging ecosystem.

All Phase I deliverables were successfully completed including a wafer run and delivery of packaged and tested B-TRAN™ devices and test boards to both the automaker and the packaging company in the program. Ideal Power also provided technical support and device characterization and test data to the automaker on B-TRAN™ performance and related drive circuitry. The B-TRAN™ devices delivered to the automaker outperformed the device performance specifications provided to them at the beginning of the program.

Phase II builds on the completion of all Phase I deliverables.In Phase II, Ideal Power will collaborate closely with the automaker's packaging company to supply B-TRAN™ devices for integration into the custom power module design. The Company will also provide a comprehensive reliability test plan and, once approved, conduct third party testing of packaged B-TRAN™ devices.

Phase III will be extensive testing of the custom B-TRAN™ module to meet automotive certification standards enabling B-TRAN™ to be the core of the powertrain inverter for the automaker's next-generation electric vehicles. The delivery of production-ready B-TRAN™ based modules for this program continues to be targeted for 2025.

"We're thrilled with the success of Phase I and advancement into Phase II of the program with a top 10 global automaker. Successful completion of Phase I was customer validation of the performance of B-TRAN™ and its potential impact in improving EV range and cost," said Dan Brdar, President and Chief Executive Officer of Ideal Power. "We plan to leverage our success with this customer to attract and engage other automobile OEMs and Tier 1 auto suppliers."

This program represents our second engagement with the world's leading automotive manufacturers as another top 10 global automaker is already in our test and evaluation program.

B-TRAN™ offers the ability to reduce cost and improve performance in EV applications, including greater vehicle range and lower thermal management requirements, reducing the need for high-cost materials such as silicon carbide.

About Ideal Power Inc.

Ideal Power (NASDAQ: IPWR) is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN™ can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. For more information, visit the Company's website at www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.

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 Ideal Power's 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. Such forward-looking statements include, but are not limited to, statements regarding the Company's plan to leverage our success with a top 10 global automaker to attract and engage other automobile OEMs and Tier 1 auto suppliers and the program targeting 2025 for delivery of production-ready B-TRAN™ based modules. 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, the success of our B-TRAN™ technology, including whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace and timing of development and commercialization of our B-TRAN™ technology, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, the rate and degree of market acceptance for our B-TRAN™, the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN™, and uncertainties set forth in our quarterly, annual and other reports filed with the Securities and Exchange Commission. 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, except as required by applicable law.

Ideal Power Investor Relations Contact

Jeff Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917

SOURCE: Ideal Power