-
Ideal Power Inc. announced all deliverables related to the first design win for solid-state circuit breakers (SSCBs) were successfully completed three months ahead of schedule.
In connection with the design win announced in December 2024, the Company entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices with one of the largest circuit protection equipment manufacturers in Asia serving the data center, renewable energy, energy storage, industrial, and utility markets. In accordance with the agreement, Ideal Power installed multiple B-TRAN® devices and related drive circuitry and controls into the customer’s SSCB prototypes.
The replacement of SiC devices with B-TRAN® devices in their SSCB prototypes resulted in a greater than a 60% reduction in total losses and added bidirectionality. Based on testing, it was confirmed the B-TRAN®-based circuit breaker design meets or exceeds all of the customer-defined target specifications. The SSCB prototypes were then shipped to the customer for further testing and to enable them to begin marketing this new ultra-low loss breaker to their customers sooner than planned. The B-TRAN®-based solution easily fits into the customer’s existing design for a SSCB product, accelerating the time to market for their initial B-TRAN®-enabled circuit breaker product.
“Our first design win and related joint development agreement represented significant validation of B-TRAN® as an enabling technology for solid-state circuit breakers. We are now excited to deliver the circuit breaker prototypes to this customer a full quarter ahead of schedule. This customer will be the first to offer an innovative ultra-low loss and inherently bidirectional circuit breaker to a market that has long been waiting for such a solution. We expect the marketing and successful launch of this B-TRAN®-enabled SSCB product to lead to an expanded opportunity with this customer and accelerate engagements and potentially design wins with the large global companies currently evaluating our technology for circuit protection applications. Given the size of these companies, any one of them could represent millions of dollars or more of annual revenue to us over time. A few key design wins would be enough to get us to profitability,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.
Based on the customer’s projections, for Ideal Power, the opportunity from this customer’s first B-TRAN®-based product alone could translate to revenue of several hundred thousand dollars in its first year of sales, with the opportunity to exceed a million dollars in revenue in the second year of sales. This initial B-TRAN®-enabled SSCB will be marketed to renewable energy and energy storage equipment providers and utility electric distribution network companies.
Ideal Power expects this product to be the first of multiple products incorporating B-TRAN® into SSCBs as the customer is interested in offering a suite of B-TRAN®-enabled SSCBs with a wide range of ratings. As a result, the overall opportunity with this customer could eventually lead to sales of a million units per year based on the customer’s projections. Other potential applications for future products with this customer include data centers, lighting and air conditioning systems, and electric vehicles, including vehicle-to-grid power conversion and EV contactors.
Original – Ideal Power
-
Ideal Power Inc. published results for its fourth quarter and full year ended December 31, 2024.
“We’re thrilled with our first design win representing significant validation of B-TRAN® as an enabling technology for SSCBs and a catalyst for our anticipated revenue ramp starting in the second half of 2025. Based on the customer’s projections, the opportunity from this customer’s first B-TRAN®-based product alone could translate to revenue of several hundred thousand dollars in its first year of sales, with the opportunity to exceed a million dollars in revenue in the second year of sales. After the successful roll-out of this first product, we expect this OEM to expand its offerings to include a suite of B-TRAN®-enabled SSCBs with a wide range of ratings presenting a substantial opportunity for revenue growth,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.
Brdar continued, “We are leveraging this design win for SSCBs to potentially secure additional design wins with other large SSCB customers in the coming months to drive long-term value creation for our shareholders. Solid-state switchgear, which includes SSCBs, is at least a $1.0 billion market opportunity for us and is expected to drive our sales ramp followed by a $1.4 billion opportunity in the energy and power market. In the fourth quarter, we secured a multi-unit order for our SymCool® IQ intelligent power module. This product targets the energy and power market, a market that includes renewable energy, energy storage and EV charging.”
Key Fourth Quarter and Recent Operational Highlights
Execution to our B-TRAN® commercial roadmap continues, including:
- Secured first design win for solid-state circuit breakers (SSCB) with one of the largest circuit protection equipment manufacturers in Asia serving industrial and utility markets. The program is ahead of schedule with product design, prototype builds, testing, and delivery of the SSCBs targeted for completion in late March or early April to be followed by commercial sales later in the year.
- Secured order for our SymCool® IQ intelligent power module from a customer that specializes in the development and manufacture of circuit protection and power conversion solutions. This customer is interested in SymCool® IQ modules for several end markets including renewable energy, energy storage, electric vehicle (EV) charging, and data centers.
- Conducted a comprehensive program review in Detroit with Stellantis’ U.S. and European production and engineering teams along with other major suppliers contributing to Stellantis’ new EV platform. Based on the successful program review and positive feedback from Stellantis, we expect to not only continue advancing the drivetrain inverter program but also add a new high priority program for EV contactors.
- Secured orders from a third Global Tier 1 automotive supplier for numerous discrete B-TRAN® devices, a SymCool® power module, a SSCB evaluation board and a driver. This customer is interested in using B-TRAN® for solid-state EV contactor applications.
- Initiated third-party automotive qualification and reliability testing of B-TRAN® devices. This testing requires well over a thousand packaged B-TRAN® devices from multiple wafer runs. Test results continue to be positive with no die failures to date. Successful completion of B-TRAN® automotive qualification and reliability testing is expected later this year.
- B-TRAN® Patent Estate: Currently at 94 issued B-TRAN® patents with 45 of those issued outside of the United States and 53 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.
Fourth Quarter and Full Year 2024 Financial Results
- Cash used in operating and investing activities in the fourth quarter of 2024 was $2.6 million compared to $2.1 million in the fourth quarter of 2023. Cash used in operating and investing activities in the full year 2024 was $9.2 million compared to $7.7 million in the full year 2023.
- Cash and cash equivalents totaled $15.8 million at December 31, 2024.
- No long-term debt was outstanding at December 31, 2024.
- Commercial revenue was $5,408 in the fourth quarter of 2024 and $86,032 in the full year 2024.
- Operating expenses in the fourth quarter of 2024 were $2.8 million compared to $2.5 million in the fourth quarter of 2023 driven primarily by higher research and development spending.
- Operating expenses in the full year 2024 were $11.1 million compared to $10.4 million in the full year 2023 driven primarily by higher research and development and sales and marketing spending.
- Net loss in the fourth quarter of 2024 was $2.6 million compared to $2.4 million in the fourth quarter of 2023. Net loss in the full year 2024 was $10.4 million compared to $10.0 million in the full year 2023.
2025 Milestones
For 2025, the Company has set the following milestones:
- Secure next phase of development program with Stellantis
- Complete deliverables in 1H 2025 related to first design win
- Capture additional design wins / custom development agreements
- Start initial sales ramp in second half of year
- Increase current rating of products
- Complete third-party automotive qualification testing
Original – Ideal Power
-
Ideal Power Inc. secured its first design win for solid-state circuit breakers (SSCBs) with one of the largest circuit protection equipment manufacturers in Asia serving the industrial and utility markets.
In connection with this design win, the Company entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices. The agreement includes the product design, prototype builds and testing of the SSCB which is targeted for completion in the second quarter of 2025 to be followed by commercial sales later in the year.
For Ideal Power, the opportunity from this customer’s first B-TRAN®-based product could potentially translate to revenue of several hundred thousand dollars in the first year of sales, with the opportunity to exceed a million dollars in revenue in the second year of sales. We expect this product to be their first of multiple products incorporating B-TRAN® into SSCBs as the customer is interested in offering a suite of B-TRAN®-enabled SSCBs with a wide range of ratings. As a result, the overall opportunity with this customer could eventually lead to sales of a million units per year based on the customer’s projections.
The customer’s products are focused on renewable energy, circuit protection for industrial equipment and facilities, utility grid infrastructure and power distribution. They currently sell over 200 thousand circuit breakers per year to their large established customer base in the Asian market. They have a decades-long legacy of innovation to meet the current and future needs of their customers. Their initial B-TRAN®-enabled SSCB will be marketed to grid-tied solar and energy storage equipment providers and utility electric distribution network companies.
Other potential applications with the customer include data centers, lighting and air conditioning systems, electric vehicles, including vehicle-to-grid power conversion and EV contactors, and other energy storage solutions. The customer evaluated B-TRAN® against SiC MOSFETs and selected B-TRAN® due to its ultra-low conduction losses and inherent bidirectionality.
“Today’s design win is a milestone representing significant validation of B-TRAN® as an enabling technology for SSCBs and a catalyst for our revenue ramp in industrial markets. Now that we have captured our first design win for SSCBs, we will leverage this win to secure additional design wins with other SSCB customers in the coming months to drive long-term value creation for our shareholders,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.
For SSCB applications, the Company’s B-TRAN® technology dramatically lowers conduction losses compared to IGBT and silicon carbide MOSFET-based SSCBs while offering inherent bidirectionality, reducing the number of devices required for a given circuit breaker rating. Compared to conventional electromechanical breakers, B-TRAN®-based SSCBs are expected to offer orders of magnitude faster operation along with programmability and diagnostic capability and enhanced safety and reliability. B-TRAN® potentially lays a path to broad SSCB adoption by industrial, utility and military customers. The Company estimates a $1 billion serviceable addressable market (SAM) for B-TRAN® for the solid-state switchgear market, inclusive of SSCBs.
Original – Ideal Power
-
Ideal Power Inc. announced that the Company secured a multi-unit order for its SymCool® IQ intelligent power module from a customer that specializes in the development and manufacture of circuit protection and power conversion solutions.
The customer previously ordered multiple SymCool® power modules and drivers. They are interested in SymCool® and SymCool® IQ modules for solid-state circuit protection and power conversion solutions across their product lines focused on several end markets including electric vehicles, electric vehicle charging, renewable energy, and data centers.
“This multi-unit order for our SymCool® IQ is a significant milestone in the commercialization of our B-TRAN® technology. SymCool® IQ opens up additional markets for us including renewable energy, energy storage and electric vehicle charging. This customer is evaluating SymCool® IQ for use in pairing renewable energy with energy storage to take advantage of both the improved efficiency and bidirectionality of our technology,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.
SymCool® IQ builds on the bidirectional BTRAN® multi-die packaging design of the Company’s SymCool® power module and adds an integrated intelligent driver optimized for bidirectional operation. The SymCool® IQ, rated at 1200V and 200A, 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 solutions. 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.
Original – Ideal Power
-
Ideal Power Inc. reported results for its third quarter ended September 30, 2024.
“Our Q3 accomplishments underscore the continued execution of our B-TRAN™ commercial roadmap with several significant developments. We are collaborating with a third global automaker and recently secured initial orders from a global Tier 1 automotive supplier. We added our second and third distributors with expertise in demand-creation and they are already placing customer orders and providing quotes of our products to large global companies,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Overall, the momentum we are building is working to advance companies to orders followed by potential custom development agreements and/or design wins to drive long-term value creation for our shareholders.”
Key Third Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
- Secured orders from a Global Tier 1 automotive supplier for numerous discrete B-TRAN™ devices, a SymCool® power module, a solid-state circuit breaker (SSCB) evaluation board and a driver. This customer is interested in using B-TRAN™ for solid-state electric vehicle (EV) contactor applications.
- Meeting regularly with Stellantis’ technical and production teams with Phase III expected to begin shortly after Stellantis selects a Tier 1 supplier to design and build the drivetrain inverter for its new EV platform. In a parallel initiative, Stellantis continues working with the Company and a large semiconductor company with expertise in driver control circuity for the B-TRAN™ inverter drivers.
- Collaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its EVs. The Company recently delivered a SSCB evaluation board to this automaker.
- Added our second distributor, RYOSHO. RYOSHO already placed orders with Ideal Power from a large global customer interested in the Company’s products for solid-state circuit protection applications and introduced B-TRAN™ to global automakers based in Japan.
- Added our third distributor, Sekorm Advanced Technology (Shenzhen) Co., Ltd. In response to customer requests, Sekorm began quoting our products to large companies for SSCB applications.
- Initiated third-party automotive qualification and reliability testing of B-TRAN™ devices. This testing requires over a thousand packaged B-TRAN™ devices from multiple wafer runs. Initial test results are positive with no failures to date.
- Increased the current rating of our SymCool® power module from 160A to 200A, a 25% increase, based on the results of testing. In conjunction with a power module size reduction of approximately 50%, this significantly increases the power density of the SymCool® power module.
- B-TRAN™ Patent Estate: Currently at 90 issued B-TRAN™ patents with 42 of those issued outside of the United States and 50 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, Europe, and Taiwan.
Third Quarter 2024 Financial Results
- Cash used in operating and investing activities in the third quarter of 2024 was $2.4 million compared to $1.9 million in the third quarter of 2023.
- Warrant proceeds in the third quarter of 2024 were $1.0 million.
- Cash used in operating and investing activities in the first nine months of 2024 was $6.6 million compared to $5.6 million in the first nine months of 2023.
- Cash and cash equivalents totaled $18.7 million at September 30, 2024.
- No long-term debt was outstanding at September 30, 2024.
- Operating expenses in the third quarter of 2024 were $2.9 million compared to $2.8 million in the third quarter of 2023.
- Net loss was $2.7 million in both the third quarter of 2024 and the third quarter of 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
√ Completed qualification of second high-volume production fab
• Convert large OEMs in our test and evaluation program to design wins/custom development agreements
√ Added distributors for SymCool® products
• Initial sales of SymCool® IQ intelligent power module
√ Began third-party automotive qualification testingOriginal – Ideal Power
-
Ideal Power Inc. announced that the Company received orders from a global Tier 1 automotive supplier, a NYSE listed company. This global customer serves many automotive OEMs and is a leading supplier of sensors and electrical protection component solutions for automobile electrification and electric vehicles (EVs). They represent the latest addition to the Company’s customer list of Tier 1 suppliers targeting the EV market.
The Company is meeting regularly with this Tier 1 auto supplier and educating them on the benefits of B-TRAN™ in EV applications. As a result of these ongoing discussions, the customer placed orders for numerous discrete B-TRAN™ devices, a SymCool® power module, a solid-state circuit breaker evaluation board and a driver. This customer is interested in using B-TRAN™ for solid-state EV contactor applications.
“We are pleased to see another global Tier 1 automotive supplier securing B-TRAN™ products as part of their desire to bring lower cost, more efficient semiconductor solutions to their numerous automotive OEM customers. We are also working to advance other Tier 1 auto suppliers in our sales pipeline to orders and then to custom development agreements and/or design wins,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “Overall, we are leveraging our success with Stellantis to attract and engage other auto OEMs as well as the Tier 1 auto suppliers that provide sub-systems to these global automakers.”
Contactors serve as cutoff switches for high voltage applications in EVs. They play a critical role in isolating the battery, inverter, and onboard charger to ensure safety when the vehicle is off or being serviced. In a collision, power must be shut off from downstream systems to prevent further complications or damage. Contactors are bidirectional and there are typically 4 to 6 high-power contactors in every EV. The high-power EV contactor market is forecasted to grow to over $3.7 billion in 2025 and the Company believes that, over time, solid-state contactors will potentially displace electromechanical contactors in half or more of this market.
Solid-state contactors provide several benefits over electromechanical contactors. They act much faster, thereby eliminating arcing and improving safety, and are more reliable as they do not include physical contacts subject to wear. In addition, they provide programmable settings for trip and current limits as well as built-in safety diagnostics. Solid-state contactors are also expected to cost less than electromechanical contactors in EV applications.
Original – Ideal Power
-
Ideal Power Inc. announced the start of third-party automotive qualification and reliability testing of B-TRAN™ devices.
“This is a significant milestone in our commercialization roadmap as third-party automotive qualification and reliability testing of B-TRAN™ is now underway. Demonstration of compliance with automotive standards, the most stringent reliability standards for power semiconductor devices, is expected to accelerate the adoption of B-TRAN™ with large industrial customers as well as automotive OEMs and Tier 1 automotive suppliers,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.
Ideal Power successfully performed a critical subset of reliability testing of packaged B-TRAN™ devices in its lab and at a third-party testing site to confirm readiness for third-party automotive qualification and reliability testing. This testing focused on the reliability of packaged B-TRAN™ devices in extreme environmental conditions and under high electrical and thermal stress as well as blocking voltage and shock testing.
All of the tested devices packaged by commercial packaging partner passed these tests indicating a robust B-TRAN™ packaging design. As a result, the Company engaged a third-party to commence full automotive qualification and reliability testing.
The automotive qualification and reliability testing includes a broader array of testing as required by automotive codes and standards utilizing specified parameters and a wide range of test conditions. The testing to achieve automotive qualification requires over a thousand packaged B-TRAN™ devices from multiple wafer runs.
The process includes tens of thousands of power cycles at various current levels, thermal cycling at extreme temperature and humidity levels, blocking voltage and shock and vibration testing, and visual inspection. These tests are designed to expose B-TRAN™ to conditions that are intended to accelerate failure mechanisms and demonstrate the long-term reliability of the devices. Successful completion of B-TRAN™ automotive qualification and reliability testing is expected in the first half of 2025.
Original – Ideal Power
-
Ideal Power Inc. announced an agreement with Sekorm Advanced Technology (Shenzhen) Co., Ltd. for the distribution of Ideal Power’s products throughout China.
“This is a significant development in the commercialization of our B-TRAN™ technology as we add Sekorm as a third distributor for our products. Sekorm stands out for their expertise in demand creation throughout China, strong technical sales capability and securing sales for new technologies. This leading demand-creation distributor addresses B-TRAN™ target industrial and automotive markets in China, the world’s largest market for power semiconductors. We look forward to collaborating with Sekorm to secure orders that may potentially lead to design wins and/or custom development agreements,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.
Ideal Power has agreements with three distributors with demand generation expertise and comprehensive customer networks that expand our global reach: Richardson Electronics, Ltd. for global distribution of Ideal Power’s products; RYOSHO U.S.A, INC. (“RYOSHO”), a subsidiary of RYODEN CORPORATION (TSE: 8084), for the global distribution of Ideal Power’s products with particular strength in Japan; and Sekorm Advanced Technology (Shenzhen) Co., Ltd. for distribution of Ideal Power’s products throughout China.
Ideal Power utilizes an asset-light business model leveraging the large investment already made in silicon processing, distribution, demand creation and support infrastructure. This business model allows the Company to continue focusing on disruptive B-TRAN™ technology improvements and commercialization while driving working capital efficiency.
Original – Ideal Power
-
Ideal Power Inc. reported results for its second quarter ended June 30, 2024.
“Our B-TRAN™ commercial progress continued with several significant developments over the last three months. We are now collaborating with a third global automaker and achieved two more of our 2024 milestones with the addition of a second global distributor and the qualification of a second high volume production fab. We are pleased to see multiple large companies in our test and evaluation program advancing to place initial orders,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “We remain on track to achieve our 2024 milestones and look forward to more commercial announcements in the coming months.”
Key Second Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
- Collaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its electric vehicles.
- Finalizing a distribution agreement with a second global distributor with particular strength in Asia. This distributor is already placing orders with us.
- Qualified a second wafer fabrication supplier with high-volume production capability. With the addition of this European partner, we are dual sourced for wafer fabrication in different parts of the world with ample capacity to support anticipated customer demand over the next few years.
- Secured orders for B-TRAN™ devices and circuit breaker evaluation boards from a global leader in power semiconductor and power electronics solutions in connection with its launch of a multi-year DC power distribution system program. This global leader presents multiple opportunities for us as it addresses several of our target industrial markets: solid-state circuit breakers (“SSCB”) for industrial facilities and electric utility grid infrastructure and renewable energy.
- Secured an order for B-TRAN™ devices for evaluation in solar inverter applications from a top 10 global provider of power conversion solutions to the solar industry. This customer is a previously announced participant in our B-TRAN™ test and evaluation program.
- Secured an order for SymCool® power modules and drivers from a Forbes Global 500 power management market leader initially in our B-TRAN™ test and evaluation program. This global power management market leader is evaluating SymCool® against IGBT modules for use in SSCB applications.
- Added a global leader in circuit protection, industrial fuses and power conversion technology with over a billion in annual sales to the roster of the B-TRAN™ test and evaluation program.
- Based on the results of testing, we increased the current rating of our SymCool® power module from 160A to 200A, a 25% increase. In conjunction with a power module size reduction of approximately 50%, this results in a dramatic increase in power density for the SymCool® power module.
- B-TRAN™ Patent Estate: Currently at 87 issued B-TRAN™ patents with 40 of those issued outside of the United States and 45 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.
Second Quarter 2024 Financial Results
- Cash used in operating and investing activities in the second quarter of 2024 was $2.2 million compared to $1.8 million in the second quarter of 2023.
- Cash used in operating and investing and activities in the first half of 2024 was $4.2 million compared to $3.7 million in the first half of 2023.
- Raised $15.7 million in net proceeds from a public offering. Received net proceeds of $13.7 million upon initial closing in March 2024 followed by net proceeds of $2.0 million from the exercise of the underwriter’s overallotment option in April 2024.
- Cash and cash equivalents totaled $20.1 million at June 30, 2024.
- No long-term debt was outstanding at June 30, 2024.
- Commercial revenue was $1,331 in the second quarter of 2024.
- Operating expenses in the second quarter of 2024 were $2.9 million compared to $2.4 million in the second quarter of 2023 driven primarily by higher research and development spending.
- Net loss in the second quarter of 2024 was $2.7 million compared to $2.3 million in the second quarter of 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 testingOriginal – Ideal Power
-
Ideal Power Inc. announced an agreement with RYOSHO U.S.A, INC., a subsidiary of RYODEN CORPORATION, for the global distribution of Ideal Power’s products. RYOSHO has already placed orders with Ideal Power from a large global customer interested in the Company’s products for solid-state circuit protection applications.
“This is a significant development in the commercialization of our B-TRAN™ technology as we add a second distributor for our products. RYOSHO has a strong technical sales team with expertise in securing sales for new technologies and global reach, with particular strength in Asia. We look forward to collaborating with RYOSHO to secure additional orders that may potentially lead to design wins and/or custom development agreements,” said Dan Brdar, President and Chief Executive Officer of Ideal Power.
Ideal Power utilizes an asset-light business model leveraging the large investment already made in silicon processing, distribution, demand creation and support infrastructure. This business model allows the Company to continue focusing on disruptive B-TRAN™ technology improvements and commercialization while minimizing capital requirements.
Original – Ideal Power
