Ideal Power Inc. is solely focused on the further development and commercialization of the company’s Bidirectional bipolar junction TRANsistor (‘B-TRAN’) solid-state switch technology.
The company is in the process of commercializing its B-TRAN technology and launched the company’s first two commercial products, the SymCool Power Module and SymCool IQ Intelligent Power Module, in 2023.
Product Launches
In early 2023, the company launched its first commercial product, the SymCool Power Module....
Ideal Power Inc. is solely focused on the further development and commercialization of the company’s Bidirectional bipolar junction TRANsistor (‘B-TRAN’) solid-state switch technology.
The company is in the process of commercializing its B-TRAN technology and launched the company’s first two commercial products, the SymCool Power Module and SymCool IQ Intelligent Power Module, in 2023.
Product Launches
In early 2023, the company launched its first commercial product, the SymCool Power Module. This multi-die B-TRAN module is designed to meet the very low conduction loss needs of the solid-state circuit breaker (‘SSCB’) market. The company commenced shipment of SymCool Power Modules to fulfill customer orders in early 2024.
In late 2023, the company launched its second commercial product, the SymCool IQ Intelligent Power Module (‘IPM’). The SymCool IQ IPM builds on the bidirectional B-TRAN multi-die packaging design of the company’s SymCool Power Module and adds an integrated intelligent driver optimized for bidirectional operation. This product targets several markets including renewable energy, energy storage, electric vehicle (‘EV’) charging and other industrial applications. The company expects initial sales of this product in late 2024.
Development Agreement
During the fourth quarter of 2022, the company announced, and began Phase 1 of, a product development agreement with Stellantis, a top 10 global automaker, for a custom B-TRAN power module for use in the automaker’s EV drivetrain inverters in its next generation EV platform. In Phase 1 of the program, the company provided packaged B-TRAN devices, test kits and technical data to Stellantis for their evaluation. During the third quarter of 2023, the company secured, and began Phase 2 of, this program. In Phase 2 of the program, the company collaborated with Stellantis and the program partners, including both the program’s packaging company and the organization building the initial drivetrain inverter, to supply B-TRAN devices for integration into the custom power module and inverter designs. Also, as part of Phase 2, the company provided Stellantis a comprehensive test plan for the testing required to achieve certification to automotive standards for B-TRAN. The test plan was subsequently approved as submitted. In early 2024, the company successfully completed Phase 2 of the program. Phase 3 builds on the completion of all Phase 1 and 2 deliverables and therefore transitions to Stellantis’ production team. The company is finalizing the scope of work for the next phase of the program with Stellantis. This phase is expected to include the extensive testing of the custom B-TRAN module to meet automotive certification standards enabling B-TRAN to be the core of the powertrain inverter for the automaker’s next-generation EVs. The objective of this phase is the completion and certification of a production-ready B-TRAN-based module and is targeted for 2025. The company will record the remaining Phase 2 revenue in the first quarter of 2024.
Test and Evaluation Agreements
Since the middle of 2021, the company announced several test and evaluation agreements with prospective customers, including a second top 10 global automaker, a top 10 global provider of power conversion solutions to the solar industry, two global diverse power management market leaders, a tier 1 automotive supplier and a global power conversion supplier. These companies, along with other participants in the company’s test and evaluation program, intend to test and evaluate the B-TRAN for use in their applications. The company expects to incorporate the feedback from these customers into the company’s future commercial products. The company began B-TRAN customer shipments to program participants in mid-2023.
Technology
To further improve the performance of bidirectional technologies and products, the company identified the need for a true bidirectional power switch and applied for, and in 2012, received a grant from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (‘ARPA-E’) to develop a bidirectional solid-state power switch. At the outset, the company’s efforts under the ARPA-E grant were focused on the development of, including the manufacturing process development for, a bidirectional insulated gate bipolar transistor (‘BD-IGBT’). Although work on BD-IGBTs had previously been done by others in research labs, it was a technology that had not yet been commercialized.
A bidirectional circuit incorporates multiple IGBTs, which are power switches used in the process to convert power from one current form to another. IGBTs switch current in only one direction and require the use of a blocking diode to prevent current from flowing back through the device. To enable a product to perform bidirectional power conversion, for each IGBT and diode used in a circuit, a second IGBT and diode must also be utilized. These additional components add voltage drops that affect the electrical efficiency of end-use products and generate heat that must be dissipated. To eliminate the need to utilize four devices to create one bidirectional switch and to improve the performance of bidirectional switching, a true bidirectional switch is necessary. While the company initially focused on the development of a BD-IGBT under the ARPA-E grant, the company shifted its focus under the grant to the development of a new, highly efficient power switch called a bidirectional bipolar junction transistor, or B-TRAN, that will allow product manufacturers to substitute one B-TRAN for two pairs of IGBTs and diodes used in bidirectional circuits in their products, and more importantly, be a potential replacement for conventional power switches, such as IGBTs, in the broader power semiconductor market. The B-TRAN leverages many of the same processing steps the company had developed for the BD-IGBT while also providing certain key advantages including patentability, reduced component count and higher efficiency compared to a BD-IGBT.
Based on discrete B-TRAN device and SymCool power module testing, the B-TRAN can significantly improve electrical efficiency in power converters and many other power conversion applications. Compared to conventional power switches, such as IGBTs, B-TRAN can reduce power losses by 50% or more depending on the application. This higher efficiency will substantially reduce the heat generated by the operation of products utilizing this technology. As a result, products incorporating B-TRANs will have lower thermal management requirements. This in turn requires a significantly smaller surface area for heat dissipation which will enable increased power density, or power per pound, and potentially result in smaller original equipment manufacturer, or OEM, products. In addition, B-TRAN’s symmetric bidirectional operation reduces the number of components by 75% as compared to a conventional bidirectional switch utilizing IGBTs and diodes. This highly efficient and unique symmetric operation should provide a strong competitive advantage in bidirectional applications which are growing at rapid rates due to the electrification of transportation, the shift to renewable energy coupled with energy storage and utility grid modernization.
The results from the company’s testing of discrete B-TRAN devices and SymCool power modules is consistent with third-party simulations that predicted significant performance and efficiency improvements over conventional power switches such as silicon-controlled rectifiers (‘SCRs’), IGBTs and MOSFETs. The company has also qualified a high-volume production foundry that successfully fabricated B-TRAN wafers, validating the ability to make B-TRAN semiconductor power switches using conventional silicon semiconductor fabrication equipment and processes. Test results measured B-TRAN electrical losses at less than 50% that of conventional power switches such as silicon IGBTs.
As part of the B-TRAN development and commercialization process and in partnership with the company’s semiconductor fabrication partners, the company continues with additional B-TRAN wafer runs, incorporating the results of prior runs and subsequent testing into the B-TRAN wafer fabrication. With the double-sided transistor behavior and low conduction losses validated and upgrades and improvements in the manufacturing process implemented, the company began shipping multiple packaged B-TRAN devices, a device driver, and a power test board housed in a safety enclosure to the large companies in the company’s test and evaluation program in mid-2023. Feedback from potential customers in the test and evaluation program will be incorporated into future B-TRAN products. In early 2024, the company commenced shipments of its SymCool power module to fulfill customer orders.
The primary raw material used in the fabrication of B-TRAN devices is silicon wafers. Silicon is abundant and the production of silicon wafers is a large, global business with most manufacturers in Europe and Asia.
Business Strategy and Target Markets
The company utilizes a strategic partnership model focused on leveraging the existing silicon processing infrastructure, allowing the company to focus on the further development and commercialization of the company’s B-TRAN technology.
Target markets for B-TRAN-based products include, but are not limited to, electric and hybrid electric vehicles, electric vehicle charging, renewable energy and energy storage system power converters, uninterruptible power supplies (‘UPS’) for data centers, industrial motor drives, solid-state circuit breakers, distribution and transmission switches and controls and other industrial and military markets. These markets typically utilize IGBTs for power switching in their applications. According to Mordor Intelligence, the power electronics market was $29.2 billion in 2022 and is forecasted to grow to $37.7 billion by 2028. The company is initially targeting large and growing segments of the IGBT market, such as solid-state circuit breakers, electric and hybrid electric vehicles, electric vehicle charging, renewable energy and energy storage. B-TRAN provides a competitive advantage in several IGBT markets due to its higher expected efficiency and inherent bidirectionality, the growth in bidirectional applications such as electric vehicles and energy storage, and as it seems the IGBT has almost reached its technological limit. The company began to commercialize its B-TRAN technology in 2021 as the company reached agreements with several potential customers and partners to participate in the company’s B-TRAN test and evaluation program. The company delivered multiple packaged B-TRAN devices, a device driver, and a power test board housed in a safety enclosure to the large companies in the company’s test and evaluation program in mid-2023. In late 2022, the company entered into its first product development agreement. In 2023, the company launched its first two commercial products.
Intellectual Property
As of December 31, 2023, the company had 45 U.S. and 35 foreign issued patents, as well as 38 additional pending U.S. and international patent applications on the company’s B-TRAN technology. The company’s first B-TRAN patent issued in 2015 and the company’s patents generally have a 20-year life from the date of initial filing prior to expiration.
License Agreements
In 2015, the company entered into a licensing agreement which expires in February 2033. Per the agreement, the company has an exclusive royalty-free license associated with semiconductor power switches which enhances the company’s intellectual property portfolio.
In 2023, the company amended a 2021 license agreement which expires in February 2034. Per the agreement, the company has an exclusive royalty-free license associated with semiconductor drive circuitry which enhances the company’s intellectual property portfolio.
Research and Development Expenses
The company’s research and development expenses were $5,743,211 in the year ended December 31, 2023.
History
The company was founded in 2007. It was incorporated in Texas in 2007 under the name Ideal Power Converters, Inc. The company changed its name to Ideal Power Inc. in 2013 and re-incorporated in Delaware in 2013.
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