NEW YORK and AUSTIN, Texas – February 4, 2014 – Eos Energy Storage, a developer of cost-effective energy storage solutions, and Ideal Power Inc. (NASDAQ: IPWR), a developer of a disruptive power conversion technology, today announced that Eos has selected Ideal Power’s 30kW battery converter technology to be integrated with its Aurora energy storage system. This system will be connected to the grid and deployed by Con Edison in a New York City pilot project in the second quarter of 2014.
The Aurora system employs Eos’s safe, low-cost zinc hybrid cathode (ZnythTM) battery technology and is designed to enhance renewable energy generation, increase the grid’s efficiency and resiliency, and reduce utilities’ costs and consumers’ electricity bills. The compact modular design of both the battery pack and power converter is uniquely suited for office buildings and facilities with space-constrained environments.
“We have successfully tested Ideal Power’s 30kW battery converter with our Aurora system to demonstrate bi-directional AC power flow and have been very pleased with the results,” said Michael Oster, CEO of Eos Energy Storage. “Based on this performance, Eos has selected Ideal Power for the multi-kW scale distributed energy storage system to be installed at a Con Edison site.
Eos’s low-cost Aurora battery system is designed specifically to meet the requirements of the grid-scale energy storage market. With many hours of discharge capability, immediate response time, and modular construction, the Aurora system may be scaled and configured to maximize profitability in utility, commercial and industrial, and residential market segments.
“We are pleased to support the innovative work by Eos and to be selected for the pilot project with Con Ed. This represents an opportunity to demonstrate our complementary technologies and to create a best-in-class AC-integrated energy storage system,” said Dan Brdar, Chairman and CEO of Ideal Power.
Ideal Power’s 30kW battery converter offers high efficiency in a compact, modular and easy-to-install solution that can improve the economics for energy storage applications. It is based on the company’s patented Power Packet Switching Architecture™ (PPSA) that provides electrical isolation without the use of a bulky and expensive transformer. Among the many benefits of PPSA is the unique capability to reduce the size, cost, and efficiency loss associated with conventional systems.
Eos enters 2014 after a year of meeting aggressive development and prototyping goals. It completed its first AC-integrated system, putting the company’s ZnythTM battery technology on track to achieve its $160/kWh commercial cost and performance targets. Ideal Power begins the year on the heels of a successful IPO and plans to begin shipping commercial samples of its next-generation 3-Port Hybrid Converters in 2014. The demonstration project with Con Edison is supported by funding from the New York State Energy Research and Development Authority (NYSERDA).
About Eos Energy Storage
Eos is developing a low-cost energy storage solution for electric utilities, with additional applications in commercial and industrial, telecom, and residential markets. Eos’s mission is to produce safe, robust, cost-effective energy storage solutions that are less expensive than incumbent alternatives, such as gas turbines for power generation. Eos is located in Edison, NJ, and New York, NY. More information is available at www.eosenergystorage.com.
About Ideal Power Inc.
Ideal Power Inc. (NASDAQ: IPWR) has developed a novel, patented power conversion technology called Power Packet Switching Architecture™ (PPSA). PPSA improves the size, cost, efficiency, flexibility and reliability of electronic power converters. PPSA can scale across several large and growing markets, including solar photovoltaic generation, electrified vehicle charging, and commercial grid storage. Ideal Power also has a licensing-based, capital-efficient business model that can enable it to address these markets simultaneously. Ideal Power has won multiple grants for its PPSA technology, including a $2.5 million grant from the Department of Energy’s Advanced Research Projects Agency – Energy (ARPA-E) program, and market-leading customers are incorporating PPSA as a key component of their systems. For more information on visit www.IdealPower.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, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, 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.