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Ideal Power Inc., pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reported results for its third quarter ended September 30, 2023.
“We executed to plan again in the third quarter as we introduced our SymCool™ IQ intelligent power module and completed shipments to all the large companies in our test and evaluation program. We’re also thrilled with our advancement into Phase II of the program with a top 10 global automaker. The advancement into Phase II is 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.
Brdar continued, “In response to customer requests, we began providing high-volume quotes to large test and evaluation program participants. Participants in the program have expanded their plans for B-TRAN™ to include additional applications for our technology. Overall, the third quarter continued to underscore our across-the-board progress on our B-TRAN™ commercialization roadmap for the IGBT market, a market expected to grow at an 11% compound annual growth rate over the next three years to reach $11 billion in 2026.”
Key Third Quarter and Recent Operational Highlights
- Secured Phase II of our development program with a top 10 global automaker. Ideal Power is ahead of schedule having completed 3 of the 5 Phase II deliverables. The delivery of production-ready B-TRAN™ based modules for this program continues to be targeted for 2025.
- Added SymCool™ IQ to our commercial product offerings. The SymCool™ IQ product provides a low-loss, bidirectional solution complete with built-in intelligent controls for several of our key market segments including renewable energy, energy storage, UPS/data center, electric vehicle charging and other industrial power control applications.
- Completed shipments to large companies in the B-TRAN™ test and evaluation program including a top 10 global automaker, a global Tier 1 automotive supplier, a leading provider in the solar industry, two Forbes Global 500 power management companies, a global provider of backup power and energy management solutions with more kits to follow for additional and new program participants.
- Added a global European-based global power conversion and energy storage supplier with over $500 million in annual sales to the roster of the B-TRAN™ test and evaluation program. This global supplier presents multiple opportunities for Ideal Power as they address three of our target markets: UPS systems for data centers, renewable energy and energy storage.
- Completed volume shipments of packaged B-TRAN™ devices to DTI, our NAVSEA program collaboration partner. We fulfilled all our obligations under our subcontract with DTI for this program.
- B-TRAN™ Patent Estate: Currently at 77 issued B-TRAN™ patents with 33 of those issued outside of the United States and 36 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.
Third Quarter 2023 Financial Results
- Development revenue in the third quarter of 2023 was $1,557.
- Operating expenses in the third quarter of 2023 were $2.8 million compared to $1.8 million in the third quarter of 2022 due primarily to increased research and development spending.
- Net loss in the third quarter of 2023 was $2.7 million compared to $1.7 million in the third quarter of 2022.
- Cash used in operating and investing activities in the third quarter of 2023 was $1.9 million compared to $1.6 million in the third quarter of 2022.
- Cash used in operating and investing activities in the first nine months of 2023 was $5.6 million compared to $4.7 million in the first nine months of 2022.
- Cash and cash equivalents totaled $10.8 million at September 30, 2023.
- Ideal Power had no long-term debt outstanding at September 30, 2023.
2023 Milestones
The Company is actively engaged with multiple customers in each of its key target markets. Ideal Power completed all of its first nine months of 2023 milestones and is on track to achieve its remaining 2023 milestones. Our 2023 milestones and their status are:
- Launched first commercial product in January 2023, the SymCool™ Power Module, a B-TRAN™ multi-die module. First commercial sales later in 2023.
- Completed Phase I of multi-year development program with top 10 global automaker in the second quarter of 2023.
- Completed first engineering run with production fab in the second quarter of 2023.
- Delivered packaged B-TRAN™s to DTI under the NAVSEA program in the first half of 2023.
- Commenced customer shipments to B-TRAN™ test and evaluation participants in the second quarter of 2023.
- Introduced second commercial product, an intelligent power module, in the third quarter of 2023.
Original – Ideal Power
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Littelfuse, Inc. announced the launch of the FDA117 Optically Isolated Photovoltaic Driver. This innovative product generates a floating power source, making it an exceptional choice for isolated switching applications in a wide range of industries.
The FDA117 is specifically designed to control discrete standard power MOSFETs and IGBTs using a floating voltage source, ensuring isolation between the low-voltage drive input side and high-voltage load output side. With an input control current range of 5 mA to 50 mA, an integrated fast turn-off circuitry, and 5 kVRMS reinforced isolation, the FDA117 provides sufficient voltage and current to drive discrete power MOSFETs and IGBTs effectively.
One of the key differentiators of the FDA117 is its ability to generate a floating power source with up to 15.3 V voltage and 60 µA current, making it suitable for driving standard MOSFET devices and IGBTs. This feature allows for greater flexibility in application designs, enabling the direct driving of standard MOSFET/IGBT devices and securely turning off external power semiconductors in less than 0.5 milliseconds.
Product designs that can benefit from the FDA117 include power semiconductor applications in the following markets (to name a few):
- Industrial
- Energy
- Building Automation
- Smart Home
Whether it is used in custom solid-state relay designs, controlling electrical power and loads, or industrial process control, the FDA117 provides the necessary isolation barrier to protect equipment and individuals from electrical hazards.
“To give our customers more flexibility in their application designs, we developed the FDA117 to add a single-channel version to our existing portfolio of Photovoltaic Drivers,” said Mark P. Smith, Director, Product Management, Integrated Circuits & MCU. “High open circuit voltage and short circuit current, combined with 5 kVRMS reinforced isolation voltage, extend the design flexibility.”
The FDA117 is available in both 4-pin DIP through-hole and surface mount packages, providing pinout compatibility with other Photovoltaic Drivers available on the market. This compatibility ensures ease of integration into existing designs without any major modifications.
The FDA117 Optically Isolated Photovoltaic Driver includes the following key features:
- Operates with as low as 5 mA input control current
- Enables driving standard power MOSFETs and IGBTs
- Provides a floating output voltage ranging from 10.5 V to 15.3 V
- Integrated fast turn-off circuitry for controlled switching
- 5,000 VRMS reinforced insulation for enhanced safety
- 4-pin surface mount and through-hole package options
Original – Littelfuse
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VisIC Technologies announced that the samples of the V22TG D3GAN will be available in the first quarter of 2024. This early availability allows manufacturers to assess and experience the performance and benefits of the package firsthand, aiding in the rapid development of the next generation of systems.
Key Features and Benefits:
1. Advanced Leaded Top-Side Cooled Isolated.
2. Automotive and High Voltage Capability.
3. High Power Density and Low On-Resistance.
4. Versatile and Easy to Implement.Dr. Tamara Baksht, CEO and Co-Founder: “This advanced power package not only offers exceptional performance and reliability but also provides the versatility and ease of implementation required for emerging automotive and industrial applications. We are confident that the V22TG D3GAN will empower manufacturers to accelerate the adoption of electric vehicles.”
Original – VisIC Technologies
