AUSTIN, TX / ACCESSWIRE / September 28, 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, today announced the launch of its second commercial product, the SymCool IQ Intelligent Power Module. SymCool IQ builds on the bidirectional B-TRAN multi-die packaging design of our SymCool power module and adds an integrated intelligent driver optimized for bidirectional operation.
The SymCool IQ, rated at 1200V and 160A, has significant advantages compared to IGBT modules, including lower losses and inherent bidirectionality. For OEM customers incorporating SymCool IQ into their products, these advantages translate to increased energy savings, lower product operating costs, and significantly lower thermal management requirements resulting in more compact and lower cost products. The addition of an integrated intelligent driver in the SymCool IQ provides protection features such as overcurrent protection, undervoltage protection and temperature sensing. OEM customers will also recognize its popular 62-millimeter package as it is a standard for industrial power semiconductor packaging.
According to Mordor Intelligence, the power semiconductor market for energy, power and industrial applications is forecasted to be $13 billion in 2028, growing at a compound annual growth rate of 6% through the forecast period (2023-2028). SymCool IQ addresses a variety of applications in this market including renewable energy, energy storage, electric vehicle charging, UPS systems for data centers and several other industrial power control applications.
"The introduction of our second product marks another commercialization milestone for Ideal Power and our B-TRAN technology. 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. These industrial markets typically have design cycles of about a year. We look forward to our first commercial sales from this product next year with sales ramping as customers incorporate SymCool IQ into their OEM product designs," said Dan Brdar, President and Chief Executive Officer of Ideal Power.
"We are introducing products at a great time when renewables, energy storage and electric vehicle charging are in the early stages of adoption. OEMs are looking for more efficient power semiconductors to improve the efficiency of their OEM products and lower operating costs for their customers in these applications. These market segments still have the largest part of their growth curve ahead of them," concluded Brdar.
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 first commercial sales from our SymCool IQ next year and the forecasted size and growth rate of the power semiconductor market for energy, power and industrial applications. 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
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