Ideal Power Inc (NASDAQ:IPWR) wrapped up the second quarter of 2024 with over $20 million in cash to advance its B-TRAN commercial strategy.
The company’s B-TRAN technology has continued to gain traction, with Ideal Power reporting collaborations and key developments in the last quarter.
“Our B-TRAN commercial progress continued with several significant developments over the last three months,” said Dan Brdar, CEO of Ideal Power.
The Austin, Texas-based firm is collaborating with a third global automaker, which is evaluating B-TRAN-enabled contactors as a potential replacement for electromechanical contactors in its electric vehicles, Brdar noted.
The company finalized an agreement with a second global distributor, with a strong presence in Asia, and has already begun receiving orders.
It also qualified a second wafer fabrication supplier in Europe with high-volume production capabilities, securing dual sources for wafer fabrication in different regions.
Meanwhile, Ideal Power secured orders for B-TRAN devices from a global leader in power semiconductor and power electronics solutions, as well as from a top 10 global provider of power conversion solutions to the solar industry.
“We are pleased to see multiple large companies in our test and evaluation program advancing to place initial orders,” Brdar added.
The company raised $15.7 million in net proceeds from a public offering during the first half of 2024, strengthening its cash position to $20.1 million as of June 30, 2024. Ideal Power reported no long-term debt and minimal commercial revenue of $1,331 for the quarter.
Ideal Power reported a net loss of $2.7 million for the second quarter of 2024, compared to a $2.3 million loss in the same period last year. Operating expenses rose to $2.9 million from $2.4 million, primarily driven by increased research and development spending.
The company is focused on converting large OEMs in its test and evaluation program to design wins and custom development agreements, as well as initiating third-party automotive qualification testing for its products.