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Ideal Power Inc. announced an agreement with Richardson Electronics, Ltd. (RELL) for the global distribution of Ideal Power’s products including the discrete B-TRAN™ device and SymCool™ power module.
“We are excited to announce Richardson Electronics as the first distributor for our products. They have strong technical sales capability, expertise in demand creation and securing sales for new technologies, robust customer support, and global reach. Our products are a perfect fit for Richardson Electronics’ existing customer base needing medium and high voltage power semiconductors,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.
“We are very excited to work with Ideal Power to bring their products to market worldwide. For years, Richardson has developed an excellent portfolio of Technology Partners for power management components and engineered solutions,” said Greg Peloquin, Executive Vice President and General Manager of Power & Microwave Technologies and Green Energy Solutions groups.
“Ideal Power’s products are an innovative and complementary addition to this portfolio, providing low loss and inherently bidirectional power semiconductors to customers globally for use in a wide variety of industrial applications.”
Ideal Power recently commenced shipment of its SymCool™ power modules to fulfill customer orders. The SymCool™ power module delivers clear advantages for several applications, including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles (“EVs”), and EV charging.
Ideal Power looks forward to industrial markets, particularly the solid-state circuit breaker market served by our SymCool™ power module, to be the earliest source of our sales ramp beginning in the second half of 2024, as expected.
Ideal Power utilizes an asset-light business model leveraging the large investment already made in the silicon processing, distribution, demand creation and support infrastructure. This business model allows the Company to focus on the further development of its disruptive B-TRAN™ technology while minimizing capital requirements.
Original – Ideal Power
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Ideal Power Inc. reported the results for its fourth quarter and full year ended December 31, 2023.
“We made great progress delivering against our B-TRAN™ commercial roadmap in 2023 and that progress has continued into 2024,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Strong momentum continues with participants in our test and evaluation program, particularly for solid-state circuit breaker and hybrid and electric vehicle applications. We expect to convert large OEMs into design wins and/or additional custom development agreements this year.”
Brdar continued, “We recently completed Phase II of our development agreement with Stellantis and commenced shipment of SymCool™ power modules to fulfill customer orders. We expect industrial markets, particularly the solid-state circuit breaker market served by our SymCool™ power module, to be the earliest source of our product sales ramp.”
Key Fourth Quarter and Recent Operational Highlights
- Commenced commercial shipment of SymCool™ power modules to fulfill customer orders. The SymCool™ power module targets several applications including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles (“EVs”) and EV charging.
- Successfully completed Phase II of a product development program with Stellantis, a top 10 global automaker. All Phase II deliverables were completed ahead of schedule including a wafer run and deliveries of tested B-TRAN™ devices, drivers and a Stellantis approved comprehensive reliability test plan for automotive qualification. Ideal Power is partnering with Stellantis’ advanced technology development team to develop a custom B-TRAN™ power module for use in EV drivetrain inverters in Stellantis’ next generation EV platform.
- Stellantis recognized Ideal Power and its program with Stellantis as a finalist in the 2023 Stellantis Venture Awards, which was the result of the excellent performance of the commercial B-TRAN™ devices provided to the Stellantis team for testing and evaluation.
- Released B-TRAN™ and SymCool™ videos and application notes for the technical audience at prospective customers, resulting in the addition of new opportunities to our sales funnel. The videos demonstrate the testing of discrete B-TRAN™ devices and SymCool™ power modules and the compelling advantages B-TRAN™ offers to solid-state circuit breaker applications.
- Nearing completion of a qualification run with our second high-volume wafer fabrication partner. This wafer fab in Europe will support future revenue growth and add dual sourcing for wafer fabrication.
- B-TRAN™ Patent Estate: Currently at 82 issued B-TRAN™ patents with 36 of those issued outside of the United States and 39 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.
Fourth Quarter and Full Year 2023 Financial Results
- Commercial revenue increased to $61,483 in the fourth quarter of 2023 from $0 in the fourth quarter of 2022. Commercial revenue increased to $161,483 for the full year 2023 from $0 for the full year 2022.
- Grant revenue was $0 in the fourth quarter of 2023 and $37,388 for the full year 2023 compared to $16,608 in the fourth quarter of 2022 and $203,269 for the full year 2022.
- Operating expenses in the fourth quarter of 2023 were $2.5 million compared to $2.0 million in the fourth quarter of 2022 driven primarily by higher research and development spending.
- Operating expenses in the full year 2023 were $10.4 million compared to $7.3 million in the full year 2022 driven primarily by higher research and development spending and stock-based compensation expense.
- Net loss in the fourth quarter of 2023 was $2.4 million compared to $1.9 million in the fourth quarter of 2022. Net loss in the full year 2023 was $10.0 million compared to $7.2 million in the full year 2022.
- Cash used in operating, investing and financing activities in the fourth quarter of 2023 was $2.3 million compared to $2.1 million in the fourth quarter of 2022. Cash used in operating, investing and financing activities in the full year 2023 was $7.9 million compared to $6.8 million in the full year 2022.
- Cash and cash equivalents totaled $8.5 million at December 31, 2023.
- No long-term debt was outstanding at December 31, 2023.
2024 Milestones
For 2024, the Company has set or achieved the following milestones:
- Successfully completed Phase II of development program with Stellantis
- Secure Phase III of development program with Stellantis
- Complete qualification of second high-volume production fab
- Convert large OEMs in our test and evaluation program to design wins/custom development agreements
- Add distributors for SymCool™ products
- Initial sales of SymCool™ IQ intelligent power module
- Begin third-party automotive qualification testing
Original – Ideal Power
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Ideal Power Inc. announced the successful completion of Phase II deliverables of a product development agreement with Stellantis, a top 10 global automaker.
Ideal Power is partnering with Stellantis’ advanced technology development team to develop a custom B-TRAN™ power module for use in electric vehicle (“EV”) drivetrain inverters in Stellantis’ next generation EV platform. Due to its compelling advantages, B-TRAN™ is also being evaluated for the automaker’s vehicle power management and 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 Stellantis and the program’s packaging company. Ideal Power also provided technical support, device characterization and test data to Stellantis on B-TRAN™ performance and related drive circuitry. The B-TRAN™ devices delivered to Stellantis outperformed the device performance specifications provided to Stellantis at the beginning of the program.
All Phase II deliverables were successfully completed ahead of schedule including a wafer run and delivery of tested B-TRAN™ devices and drivers to both the program’s packaging company and the organization building the initial drivetrain inverter. In Phase II, Ideal Power collaborated closely with Stellantis and the program partners to supply B-TRAN™ devices for integration into the custom power module and inverter designs.
The device testing results by the Stellantis program team validated the expected efficiency improvements anticipated from B-TRAN™ use in the drivetrain and its readiness for implementation in EV applications. Stellantis also approved the comprehensive reliability test plan for automotive qualification provided by Ideal Power.
Phase III builds on the completion of all Phase I and II deliverables and therefore transitions to Stellantis’ production team. Ideal Power and Stellantis are currently finalizing the scope of work for the next phase of the program. This phase is expected to include the 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 EVs. The objective of this phase is the completion and certification of a production-ready B-TRAN™-based module and is targeted for 2025.
“We’re thrilled with the success of both Phase I and II and advancement into the next phase of the program with Stellantis. Successful completion of Phases I and II were 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 are leveraging our success with Stellantis to attract and engage other automobile OEMs and Tier 1 auto suppliers.”
This program represents Ideal Power’s second engagement with the world’s leading automotive manufacturers as another top 10 global automaker is already in company’s test and evaluation program.
Original – Ideal Power
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Ideal Power Inc. announced that the Company commenced commercial shipment of its SymCool™ Power Module to a large, global customer.
“The commencement of SymCool™ shipments to fulfill customer orders is an exciting time for Ideal Power and a pivotal step in the commercialization of our B-TRAN™ technology. We could not be more excited,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “We expect to convert large OEMs into design wins and/or additional custom development agreements this year. We’re thrilled we are successfully executing against our commercialization roadmap, remain on track to achieve our 2024 milestones, and look forward to several commercial announcements in the coming months.”
The SymCool™ Power Module targets several applications including solid-state switchgear, renewable energy inverters for solar and wind, industrial inverters, electric vehicles (EVs) and EV charging. Customer evaluations confirmed the B-TRAN™ technology packaged into the multi-die SymCool™ Power Module has lower conduction losses and significant efficiency benefits over existing IGBT-based designs.
SymCool™ Power Module is a Groundbreaking Innovation
The SymCool™ Power Module delivers clear advantages for several markets including the large, growing solid-state switchgear market where there is a need for low conduction losses in a wide range of applications such as solid-state circuit breakers (SSCBs), protective relays and contactors.
The SymCool™ Power Module utilizes Ideal Power’s B-TRAN™ technology, a dual-sided semiconductor with inherent bidirectional capability. Existing power semiconductors, such as IGBTs, are single-sided and operate as unidirectional switches.
The inherent bidirectional capability of the SymCool™ Power Module means that half as many switches are needed compared to implementation with IGBTs, as IGBT-based modules need a dedicated switch for each direction of energy flow. Fewer components translate to smaller, more cost-efficient OEM designs. In addition, SymCool™ Power Modules can be configured in parallel to achieve the required current for a wide range of applications and OEM products.
The Company looks forward to the SymCool™ sales ramp beginning in the second half of 2024 as expected.
SymCool™ Energy Savings
Circuit breakers continuously conduct current, so it is critical to keep conduction losses to a minimum. The SymCool™ Power Module exhibits dramatically lower conduction losses compared to IGBTs, thereby allowing for energy savings that are necessary as power grids are modernized. In particular, the integration of renewable energy sources and energy storage systems into the grid will require circuit breakers that do not waste the precious energy generated by solar or wind. The low conduction losses of the SymCool™ Power Module meet this requirement.
Circuit Breakers are Everywhere
Circuit breakers perform critical functions in controlling the flow of electricity and containing high currents created by faults in that flow in a wide variety of applications. In addition to the high demand for circuit breakers from renewable energy, microgrids, energy storage, and EV applications, there is a tremendous need to upgrade aging infrastructure, including utility transmission and distribution networks and railway systems.
Two critical circuit breaker operating requirements are fast switching and low conduction losses. Traditional mechanical circuit breakers are slow acting and prone to wear and arcing; IGBT and MOSFET-based SSCBs suffer from high conduction losses. The fast-switching speed of B-TRAN™ solves the slow operating time and electrical arcing of electromechanical circuit breakers while also providing more than 50% lower conduction losses compared to SSCBs utilizing conventional semiconductor power switches.
In addition to energy savings, the improved efficiency also results in lower cost and less complex cooling systems, benefits that significantly impact the economics of SSCBs and applications incorporating the SSCBs such as transmission and distribution systems. This is why B-TRAN™ is an enabling technology for SSCBs.
Original – Ideal Power
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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
