Stellantis Named Ideal Power Finalist in 2023 Stellantis Venture Awards
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AUSTIN, TX / ACCESSWIRE / December 18, 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, announced Stellantis, a top 10 global automaker, recognized Ideal Power and its program with Stellantis as a finalist in the 2023 Stellantis Venture Awards. Stellantis' selections were based on successful collaboration, top-performing startup, impact on customer experience, novelty of the technology, and its potential scale within Stellantis.
"With the Stellantis Venture Awards we recognize the fresh, creative perspectives of innovative startups that help us deliver useful, cutting-edge features," said Ned Curic, Stellantis Chief Engineering and Technology Officer. The high level of innovation embodied in B-TRAN™ and the excellent performance of the commercial B-TRAN™ devices provided to the Stellantis team for testing and evaluation resulted in Ideal Power securing Phase II of its development agreement with Stellantis and being recognized as a finalist in Stellantis' Venture Awards. Additional Information on Stellantis' Venture Awards may be found HERE.
"We are proud to receive this prestigious recognition from Stellantis and excited about our ongoing collaboration," said Dan Brdar, President and Chief Executive Officer of Ideal Power. "We are also thrilled that we are ahead of schedule in our development program with Stellantis, having already successfully completed 3 of the 5 Phase II deliverables. We expect to complete Phase II of this ongoing program for a custom B-TRAN™ module, including the delivery of additional B-TRAN™ devices to Stellantis, ahead of schedule. Commercial sales of B-TRAN™ began modestly in 2023 as expected with initial packaged devices sold to Stellantis as part of the program deliverables. Overall, we successfully completed all of our 2023 milestones and are poised for another strong year of executing our B-TRAN™ commercialization roadmap for many applications in large, growing markets such as electric vehicles."
Ideal Power is pioneering the development and commercialization of its award-winning B-TRAN™ low-loss, bidirectional solution for several key markets including electric vehicle, electric vehicle charging, solid-state circuit breaker, renewable energy, energy storage, UPS/data center, motor drive and other industrial and military power control applications.
Stellantis and Ideal Power in Phase II of Development Program
Ideal Power announced in August 2023 that the Company entered Phase II of a product development agreement with a top 10 global automaker. The name of that automaker, Stellantis, is disclosed by Ideal Power for the first time today. Under this agreement, Ideal Power is partnering with Stellantis' 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 Stellantis' next generation EV platform.
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.
This program represents our second engagement with the world's leading automotive manufacturers as another top 10 global automaker is in our test and evaluation program.
About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world's leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today's customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, the Company leads the way the world moves - aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com
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, our statements regarding expected timing of shipment of packaged devices to Stellantis, the timing of completion of Phase II deliverables and the potential adoption of our B-TRAN™ technology in EV drivetrain inverters in Stellantis' next generation EV platform. 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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