IPWR News & Events

Ideal Power announced that it has entered into a definitive agreement with certain institutional investors for the purchase and sale of an aggregate of 5,291,005 shares of common stock priced at the market under Nasdaq rules. The offering is expected to result in gross proceeds of approximately $30M, before deducting offering expenses. The closing of the offering is expected to occur on or about May 18, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from these financings to advance commercialization of B-TRAN, including customer design-ins, custom development programs, initial production ramp with strategic partners, and general corporate and working capital purposes. Titan Partners, a division of American Capital Partners, is acting as the sole placement agent for the financing.

"We had a strong start to the year as we initiated two additional projects with our lead Asia customer, signed a letter of intent with an industry partner to co-develop a B-TRAN-enabled prototype for evaluation by a U.S. hyperscaler supporting the new NVIDIA Rubin Ultra 800V DC AI data center power distribution architecture, advanced Stellantis deliverables on schedule, and engaged on new opportunities with several multinational customers," said David Somo, President and Chief Executive Officer of Ideal Power. "The industry's transition toward next generation, high-voltage DC power architectures is real and in its early stages, creating what we believe will be a significant demand for advanced solid-state power solutions, and B-TRAN is uniquely positioned to address these emerging opportunities. Our focus remains on converting our expanding sales funnel into production orders, revenue growth and long-term shareholder value creation."

"We're excited to have signed two new customer agreements for the development of B-TRAN-enabled solutions addressing focus applications that span solid-state circuit protection for data centers, renewable energy and energy storage systems, grid, electric vehicles and charging infrastructure," said David Somo, President and CEO of Ideal Power. "We detailed the company's strategy, commercial opportunities, priorities and expectations on our recent Business Update Webcast Call. It's a plan designed to accelerate commercialization and deliver increased value to our shareholders and our customers. Now that we have set out a clear path, our focus is on disciplined execution."