Ideal Power Inc (NASDAQ:IPWR) said on Thursday its first design win customer is close to completing prototype testing for a B-TRAN-enabled solid-state circuit breaker (SSCB) ahead of a planned rollout later this year.
“Our first design win customer is nearing completion of their B-TRAN-enabled solid-state circuit breaker (SSCB) prototype testing,” CEO Dan Brdar said in a statement.
“Following their initial product rollout later this year, we anticipate this OEM will expand its offerings to include a suite of B-TRAN-enabled SSCBs with a wide range of power ratings, presenting us with a significant revenue growth opportunity.”
Meanwhile, automaker Stellantis NV (NYSE:STLA, EPA:STLA) has approved an order for custom devices targeting multiple electric vehicle applications.
The Texas-based semiconductor company said the Stellantis deal could lead to multiple uses of its patented B-TRAN bidirectional power switch across the carmaker’s EV platforms.
Ideal Power also began collaborating with its fourth and fifth global Tier 1 automotive suppliers.
The company also signed a distribution partnership with Taiwan’s Kaimei Electronic Corp to expand its reach in Asia, the world’s largest power electronics market.
Ideal Power shipped updated SSCB prototypes to its first customer and SSCB reference designs to several large companies, including two Forbes Global 500 power management leaders. Its B-TRAN patent portfolio now stands at 96 issued patents, with coverage across North America, China, Taiwan, Japan, South Korea, India and Europe.
For the quarter ended June 30, Ideal Power reported an operating loss of $3.1 million, up from $2.9 million a year earlier, on higher research and development spending. Net loss widened to $3 million from $2.7 million.
Cash used in operating and investing activities was $2.5 million, compared with $2.2 million a year earlier, leaving the company with $11.1 million in cash and no long-term debt.
The company reaffirmed its 2025 goals, including securing the next phase of the Stellantis program, capturing more design wins, increasing product power ratings, starting an initial sales ramp in the second half of the year, and completing third-party automotive qualification testing.
Shares of Ideal Power jumped nearly 40% on Thursday afternoon to reach around $5.39.