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Ideal Power Signs $1.2 Million Contract to Partner with Diversified Technologies on Demonstration of B-TRAN™ Enabled High Efficiency Direct Current Circuit BreakerAUSTIN, Texas, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Ideal Power Inc. (NASDAQ: IPWR) (the “Company”), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, was awarded a $1.2 million contract by Diversified Technologies, Inc. (DTI) to supply B-TRAN™ devices as part of a two-year, $3.0 million contract awarded to DTI by the United States Naval Sea Systems Command (NAVSEA). The objective of the project is to develop and demonstrate B-TRAN™ enabled high efficiency 12kV medium voltage direct current (MVDC) circuit breakers for the U.S. Navy as part of their ship electrification program. The project is funded under the Department of Defense’s Rapid Innovation Fund, which is designed to accelerate the commercialization of high-value, high-impact technologies. Ideal Power’s B-TRAN™ technology is an enabling technology for high-efficiency MVDC circuit breakers. The Company believes that the low conduction loss of B-TRAN™ is an improvement of more than 50% compared to conventional semiconductor power switches, such as insulated gate bipolar transistors (IGBTs). In an MVDC circuit breaker, where the device is continuously conducting electricity and producing heat, the importance of the B-TRAN™’s low conduction loss is magnified and results in higher energy efficiency and simpler, lower cost and more compact thermal management. In addition, the fast switching speed of the B-TRAN™ can protect power distribution systems from faults 100 to 200 times faster than conventional mechanical circuit breakers. DTI intends to introduce a family of MVDC circuit breaker products incorporating B-TRAN™ as a result of the demonstration. Ideal Power and DTI’s collaboration will help establish the viability of shipboard MVDC power distribution by delivering extremely fast fault interruption, low fault currents, flexible programmable coordination, and mechanical isolation, which are key factors to the reliable and safe operation of DC power systems. The U.S. Navy has stated a goal to electrify its fleet to increase shipboard power densities necessary to field more efficient ships with greater operational flexibility. The use of MVDCs in ship electrification and distributed DC networks would result in less vulnerable power distribution systems and naval vessels. “This project is a major step forward in demonstrating B-TRAN™’s capabilities,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Given the performance characteristics of B-TRAN™ versus conventional power switches - higher efficiency, lower cooling complexity, and fewer components - we believe that B-TRAN™ can enable a wide varietyof emerging applications. For this project, we are excited to be partnering with DTI, who brings expertise designing and building solid state MVDC circuit breakers, in demonstrating B-TRAN™ as an enabling technology for the U.S. Navy as part of their ship electrification program. We potentially see the U.S. military as one of the early adopters of B-TRAN™ devices. “Legacy circuit breakers have always been limited by their mechanical complexity, slow switching speed, and high conduction losses – all issues that are solved by the integration of our B-TRAN™ power semiconductor technology,” continued Mr. Brdar. “To date, the widespread adoption of DC distribution and transmission has been stalled by the lack of an efficient, low-loss, solid-state circuit breaker. B-TRAN™-enabled high-efficiency MVDC circuit breakers could potentially be utilized in various industrial applications, including medium-to-high voltage DC transmission systems and new electrical generation, such as solar and wind, that are DC-based. We believe B-TRAN to be a potential game-changer for distributed DC networks and will seek to leverage our collaboration with DTI for the U.S. Navy to establish inroads into the broader market for industrial and utility DC networks. According to a recent market research report from MarketsandMarkets™, the market for industrial and utility DC networks is anticipated to exceed $12 billion by 2024.” About Ideal Power Inc. About Naval Sea Systems Command About Diversified Technologies, Inc. (DTI) Safe Harbor Statement LHA Investor Relations |