PATHION Inc. acquires Ideal Power’s power conversion business unit and technology
April 17 2019 - 7:30AM
PATHION Holdings, Inc. and its subsidiary, PATHION Inc. (together,
“PATHION”) a provider of safe and intelligent energy solutions has
entered into an agreement with Ideal Power Inc. (NASDAQ: IPWR), a
semiconductor and power conversion technology company, to purchase
Ideal Power’s Power Conversion Systems business and Power Packet
Switching Architecture (PPSA™) technology for a combination of cash
and shares of common stock in PATHION Holdings, Inc.
Ideal Power’s patented PPSA™ technology enables
innovative solutions for system integrators and project developers
for a broad set of growing markets, including on and off-grid
commercial solar+storage, utility grid services, electric vehicle
charging, stand-alone energy storage and microgrids. PPSA™
dramatically reduces the size, weight, and cost of power conversion
systems, while also increasing system efficiency and flexibility.
“Ideal Power’s bi-directional AC and DC inverter technology
will greatly increase the flexibility and resiliency of PATHION’s
energy storage systems in the future,” said PATHION CEO Mike
Liddle. “This technology provides PATHION with a sustainable
competitive advantage, delivering intelligent optimized energy
generation.”
PATHION’s approach to the commercial and
industrial (C&I) energy storage market is to bring a
comprehensive energy solution complete with batteries, power
conversion system, thermal management, advanced monitoring, and
energy management system. “We believe integrating PPSA™ technology
into PATHION’s total solution will provide a greater competitive
advantage in the C&I market sector. Additionally, incorporating
our B-TRAN™ technology into future PPSA™-based power converters
provides a sustainable long-term competitive advantage for
PATHION’s solutions. We are excited to help enable this opportunity
and its potential to directly benefit our shareholders through our
equity position in PATHION,” said Dr. Lon Bell, Chairman and CEO of
Ideal Power.
As we move toward a clean energy future, we
shift from slower mechanical power sources to more precise and
flexible inverter-based resources. PATHION is at the forefront,
working to deliver more ways to benefit our partners and customers
with energy applications ranging from reducing the cost of supply
when demand is high, or simply allowing PV to time-shift to better
align with consumption to providing off-grid operations in
emergencies, or supplying instant high-power to critical
processes.
“Looking forward into 2019 and beyond, Ideal
Power can now focus all our resources and efforts on the
commercialization of our proprietary B-TRAN™ technology. Our
business model leverages capabilities at existing semiconductor
fabrication facilities, collaborations with major universities and
our relationships with semiconductor experts to complement our
company’s modeling, power switch development and characterization
capabilities,” concluded Bell.
Details of the transaction are described in
Ideal Power’s 8-K filed today with the Securities and Exchange
Commission.
About PATHION Inc.
PATHION provides safe and intelligent energy
solutions that address today’s critical problems of energy costs,
reliability, and quality. PATHION produces high-performance energy
systems for commercial, marine, industrial, utility and government
applications. PATHION’s solutions result in maximized energy
savings, ongoing energy resilience and security, and new-found
revenue. Our system combines any energy generation source
including solar, wind and grid with advanced energy storage to
provide a fully-financed, turnkey solution delivering the highest
performance.
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is a semiconductor
and power conversion technology company focused on its patented
Bi-directional, Bi-polar Junction Transistor (B-TRAN™)
semiconductor technology. B-TRAN™ is a unique double-sided
bi-directional AC switch expected to deliver substantial
performance improvements over today's conventional power
semiconductors. B-TRAN™ offers the potential to improve efficiency
and system economics of a wide variety of power converter
applications including electrified vehicle traction drives, energy
storage applications, PV inverters and wind converters, variable
frequency (VFD) motor drives, and AC and DC power control
applications.
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, the successful closing of the sale
of our PPSA business, the success of our B-TRAN™ technology,
whether the patents for our technology provide adequate protection
and whether we can be successful in maintaining, enforcing and
defending our patents, our inability to predict with precision or
certainty the pace of development and commercialization of our
B-TRAN™ technology, whether we can continue as a going concern and
uncertainties set forth in our quarterly and annual reports filed
with the Securities and Exchange Commission. 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. Ideal Power Investor Relations Contact: Chris
Tyson, IPWR@mzgroup.us 949.491.8235 PATHION Press
Relations Contact: Dave Hurley, dhurley@pathion.com
408.484.9009
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