Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) announced plans to raise approximately $30 million to fund commercialization of its B-TRAN technology, including customer design-ins, production ramp and custom development programs targeting data center and industrial power markets.
The Austin, Texas-based semiconductor company is planning to offer nearly 5.3 million shares priced at the market under Nasdaq rules.
Proceeds will be used to advance commercialization of the company's B-TRAN bidirectional semiconductor power switch technology, including customer design-ins, custom development programs and initial production ramp with strategic partners, as well as for general corporate and working capital purposes.
"This financing strengthens our balance sheet at a pivotal moment for Ideal Power," said David Somo, Ideal Power’s CEO.
"With the accelerating demand for data centers and power, hyperscalers have focused on more efficient power architectures. This financing allows us to be well-positioned to ramp the commercialization of our B-TRAN technology, advance customer engagements, and capitalize on the significant opportunities emerging across industrial markets."
The offering is expected to close by May 18.