IDEAL POWER INC
AUSTIN, Texas , July 26, 2017 (GLOBE NEWSWIRE) -- Ideal Power Inc., (NASDAQ:IPWR), an innovative power conversion technology company and W Energies Solar One, a streamlined solar energy provider, have partnered to develop one of the first commercial solar-plus-storage energy system in North Texas. The system, which will include grid resiliency and critical load backup, is being deployed at the headquarters of Tyler Technologies, Inc., a leading provider of end-to-end information management solutions and services for local governments. The solar panels backed by batteries are being implemented to help Tyler deliver environmentally friendly and cost-effective power, while withstanding power outages.
For the people and products that serve the public – police officers, teachers, 911 dispatchers and trial judges – the systems and technology that they depend on must not be compromised when the power grid goes down. For this reason, this public-sector technology provider has commissioned this solar-plus-storage resilient energy system to support its operations, and allow the company to continue to work and address its clients’ needs at any time.
“Thanks to declining system costs – primarily in batteries – public sector agencies and the companies that support them now have the opportunity to capitalize on clean renewable energy, coupled with energy storage to protect operations against power failures and keep our cities, counties and states moving forward,” said Dan Brdar, CEO of Ideal Power. “We believe that this pilot project will become a unique value add to Tyler Technologies and the services it provides to its clients.”
The project will entail two separate systems, each comprised of a 150 kilowatt (kW) solar photovoltaics (PV) array coupled with 300 kilowatt hours (kWh) of energy storage that will maintain power generation for two corporate campus buildings. Each of these solar and storage systems are integrated through five Ideal Power Stabiliti™ 30C3 multiport power converters, a compact solution that efficiently enables bi-directional power flow between solar, storage and the microgrid, all in one box. In the event the power grid fails, the system will keep power generation stable for several hours, sustaining the power load the on-site computing and information technology systems require.
“We’re pleased to see the potential for this project to scale across public sector entities as this cost-effective and environmentally progressive solution gains more attention,” said Matthew Rater, director of operations for W Energies Solar One. “According to our analysis, we believe that our systems combined with Ideal Power’s power conversion technologies can offer payback in less than seven years, making it a compelling solution for renewable electricity that can withstand power outages.”
About Ideal Power Inc.
Ideal Power (NASDAQ:IPWR) is a power conversion technology company that delivers efficient and compact solutions to system integrators and project developers to connect distributed energy resources to the grid. Ideal Power’s products offer enhanced performance for battery-enabled applications at a competitive cost, backed by first-rate customer service. With its patented power conversion technology, Ideal Power supports a broad set of growing markets, including solar photovoltaics, battery energy storage, mobile power and microgrids. For more information, visit www.IdealPower.com.
About W Energies Solar One
W Energies Solar One is an energy management and solar development firm that partners with businesses, educational facilities, and municipalities to substantially lower their energy costs. Solar One evaluates a customer’s energy needs holistically, finding innovative solutions to lower their energy price and their demand charges, thus making their daily operations more efficient and opening up new budget opportunities for their operations and community. Solar One products, services, and installations are designed and handled by energy experts, are fully insured, and come with up to 25 year warranties, so that the energy investment that is built today will provide substantial savings for decades to come. For more information, visit www.solar-one.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of our partnership with W Energies Solar One, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether a demand for energy storage products will grow, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of energy conversion products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements.
Ideal Power Media Contact: Antenna Kalena Gravina idealpower@antennagroup.com 1.201.465.8013 www.antennagroup.com Ideal Power Investor Relations Contact: MZ North America Chris Tyson IPWR@mzgroup.us 1.949.491.8235 www.mzgroup.us
