Ideal Power Inc (NASDAQ:IPWR) said on Thursday it is positioning for growth in electric vehicle and data center markets after securing a development order from Stellantis for its patented B-TRAN semiconductor technology.
The company said the purchase order covers custom development and packaged B-TRAN devices for multiple EV applications, with the first of five deliverables already completed and the remainder expected next year.
“We’re building strong momentum toward commercialization,” said CEO David Somo. “With Stellantis onboard and our first design win customer preparing for product launch, we’re advancing toward B-TRAN integration in high-growth markets like EVs and AI data centers.”
Ideal Power said it is also in discussions with a sixth global automaker evaluating B-TRAN for low-loss solid-state switching and protection applications, while additional large customers are testing new reference designs.
The company increased the power rating of its discrete B-TRAN product by 50% and began sampling to a growing pipeline of prospects. Automotive qualification testing is progressing with positive results and no failures to date.
Somo, who was appointed CEO earlier this month, told shareholders he was “thrilled by the strong foundation in place for growth.”
“Our first design win customer successfully completed testing of the updated prototype solid-state circuit breakers (SSCBs) and we are currently working with them on the finalization of their first product design," Somo added.
Ideal Power ended the quarter with $8.4 million in cash and no long-term debt, while continuing to invest in R&D as it works toward commercial launches. The company’s global patent portfolio now includes 97 issued and 73 pending patents across major markets, including North America, Europe and Asia.