Gexpro Selects Ideal Power Products for New Energy Storage Offering
AUSTIN, TX -- Ideal Power Inc., (NASDAQ: IPWR), a developer of an innovative power conversion technology, is pleased to announce that it has been selected by Gexpro, along with LG Chem, and Geli (Growing Energy Labs, Inc.), to supply equipment to Gexpro's new Battery Energy Storage Solution (BESS) as announced by Gexpro on May 1st. This agreement expands Ideal Power's reach into the market to Gexpro's broad customer base in the electrical contractor and installer space.
Gexpro, a subsidiary of Rexel Holdings USA Corp., a leader in the distribution of electrical supplies and services, has expansive global reach with 2,300 branches in 38 countries. Today's agreement expands on the global distribution agreement between Gexpro and Ideal Power in which Gexpro began carrying Ideal Power's family of power conversion systems in its portfolio. It also expands on the recent multi-year alliance agreement with LG Chem in which the two companies launched a joint effort to test and market Ideal Power's power conversion systems with LG Chem's lithium-ion batteries to ensure superior efficiency and optimal performance from their products when used together.
This agreement is the latest indicator of Ideal Power's accumulating momentum in the battery storage sector. "This is an enormous opportunity for Ideal Power," said Dan Brdar, CEO of Ideal Power. "We have made substantial progress within the battery storage market, developing relationships with many of the industry's first movers. We believe this agreement with Gexpro, which has such strong industry allies and a broad global reach, will further strengthen our foothold in the market."
SVP and General Manager of Gexpro, Jim Hibberd, said, "As part of Gexpro's total energy solution program of energy reduction and production, we are excited to add energy storage to complete our total energy solution offering."
The first system offering from Gexpro will be a 30kW, 45kWh complete turnkey "BESS." Rising energy demand charges in the U.S. have created a growing market for energy storage within the commercial & industrial (C&I) space. This offering from Gexpro will satisfy the need for C&I customers to manage their energy consumption and reduce operating expenditures related to electricity usage.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) 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 photovoltaic generation, commercial and industrial grid storage, combined solar and storage, and microgrids. Ideal Power also has a capital-efficient business model that can enable it to address these markets simultaneously. Ideal Power has won multiple grants for its PPSA technology, including a $2.5 million grant from the Department of Energy's Advanced Research Projects Agency - Energy (ARPA-E) program, and market-leading customers are incorporating PPSA as a key component of their systems. 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. Forward looking statements in this release include the potentially forward looking implications of our statement that we have growing momentum in the battery storage sector, and our statement that our agreement with Gexpro will strengthen our foothold in this market. 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 our commercial relationship with Gexpro will achieve the desired commercial outcomes, whether our perception of market dynamics is accurate, 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. 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.