Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) announced that it has closed its previously announced registered direct offering with certain institutional investors, raising about $30 million in gross proceeds before expenses.
The Austin, Texas-based company sold about 5.3 million shares of common stock, or common stock equivalents, in the offering. The securities were priced at the market under Nasdaq rules, according to the company.
Ideal Power said it plans to use the net proceeds to support the commercialization of its B-TRAN bidirectional semiconductor power switch technology. Planned uses include advancing customer design-ins, funding custom development programs, supporting an initial production ramp with strategic partners, and for general corporate and working capital purposes.
Titan Partners, a division of American Capital Partners, acted as the sole placement agent for the offering.
Shares of Ideal Power moved over 3% higher on Tuesday morning.