Ideal Power Inc (NASDAQ:IPWR) ended the third quarter of 2024 with $18.7 million in cash and cash equivalents and no long-term debt as it advanced its B-TRAN commercialization efforts.
The Texas-based company, which focuses on efficient power switches for applications in electric vehicles and other industries, highlighted its strategic partnerships and ongoing collaborations in the automotive sector, aiming to replace traditional electromechanical contactors with its B-TRAN-enabled solutions.
Ideal Power announced a new partnership with a third global automaker to explore the use of B-TRAN technology in electric vehicle (EV) contactors. Additionally, the company received initial orders from a Tier 1 automotive supplier for discrete B-TRAN devices, a SymCool power module, and a solid-state circuit breaker (SSCB) evaluation board.
Meetings with Stellantis, a key partner, have continued with plans to move to Phase III of their collaborative development, pending Stellantis’ selection of a Tier 1 supplier for its new EV drivetrain inverter.
Ideal Power has expanded its distribution network, adding RYOSHO, which has introduced B-TRAN to Japanese automakers, and Sekorm Advanced Technology in Shenzhen, China, which has begun quoting Ideal Power products for SSCB applications to large industrial customers.
In product advancements, Ideal Power Inc (NASDAQ:IPWR) increased the current rating of its SymCool power module by 25%, enhancing power density. Automotive qualification tests have begun, with preliminary results showing strong performance.
For the third quarter, Ideal Power reported a net loss of $2.7 million, unchanged from the same period in 2023. Operating expenses rose slightly to $2.9 million, up from $2.8 million last year. Cash used in operations and investments was $2.4 million, compared to $1.9 million in the third quarter of 2023.
Ideal Power’s CEO, Dan Brdar, emphasized the company’s progress in its B-TRAN commercialization roadmap.
"Overall, the momentum we are building is working to advance companies to orders followed by potential custom development agreements and/or design wins to drive long-term value creation for our shareholders,” Brdar said in a statement.
Upcoming milestones for 2024 include securing a Phase III development program with Stellantis, converting large OEMs currently in the testing phase into formalized agreements, and initial sales of the SymCool IQ intelligent power module.
The firm has already announced the completion of Phase II in its Stellantis program, adding distributors for SymCool products, and launching third-party automotive qualification testing for B-TRAN devices as per its previously outlined goals for the year.