AUSTIN, TX and ROCKLIN, CA — (Marketwired) — 10/24/16 — Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that it has signed a Master Purchase Agreement with JLM Energy, a leading provider of commercial and industrial (C&I) energy storage systems, to supply its 30kW and 125kW power conversion systems for JLM Energy’s portfolio of commercial battery energy storage systems and microgrid projects. The agreement includes an initial purchase order for 4 MW of products to be delivered over the course of the next year.
“We researched all options for power conversion systems from manufacturers both domestic and abroad,” said Bob Montano, Vice President of Operations for JLM Energy. “Ideal Power offers a full range of products that fulfill the requirements of our product line while also providing industry-leading performance, cost, and customer focus.”
Ideal Power’s power conversion systems are based on its patented, industry-leading Power Packet Switching Architecture™ (PPSA) which offers customers a proven, compact, high-efficiency solution that has gained broad acceptance in the industry.
“JLM is a leading energy storage technology company with an impressive pipeline of commercial and residential projects. Their ability to drive stand-alone energy storage or microgrid projects through every development phase from design to manufacturing, installation, and system monitoring makes them a highly valued partner. We are pleased to supply our award-winning power conversion systems to their customers,” commented Ryan O’Keefe, Senior Vice President of Business Development of Ideal Power.
About JLM Energy
JLM Energy is an innovative technology company that offers a broad set of renewable energy and energy storage products. JLM manages every aspect of the value chain delivered to customers from product design to installation and service.
JLM Energy’s full portfolio of advanced energy solutions provides consumers with choice and control over their electricity expenditure. Founded in 2011 by Farid Dibachi and Kraig Clark, JLM Energy is an employee-owned company. www.jlmei.com
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) is a technology company dedicated to advancing the efficiency of electric power conversion. The company has developed a novel, patented power conversion technology called Power Packet Switching Architecture™ (“PPSA”). PPSA improves the size, cost, efficiency, flexibility and reliability of electronic power converters. PPSA can scale across several large and growing markets, including solar PV, variable frequency drives, battery energy storage, mobile power and microgrids, and electric vehicle charging. The Company is also developing and has patented a bi-directional, bi-polar junction transistor (“B-TRAN™”) which has the potential to dramatically increase bi-directional power switching efficiency and power density. Ideal Power employs a capital-efficient business model which enables the company to address several product development projects and markets simultaneously. For more information, visit www.IdealPower.com.
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 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. 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, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether a demand for energy storage products will grow, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of energy conversion products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. The order described in this release is subject to commercial terms that enable the customer to delay or reschedule delivery of product, thereby impacting the timing of our recognition of associated revenue. 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.
Source: Ideal Power
Released October 24, 2016