Pathion Holdings and its subsidiary, Pathion Inc. (together, PATHION) a provider of safe and intelligent energy solutions has entered into an agreement with Ideal Power (IPWR), a semiconductor and power conversion technology company, to purchase Ideal Power’s Power Conversion Systems business and Power Packet Switching Architecture (PPSA) technology for a combination of cash and shares of common stock in Pathion Holdings.
Ideal Power’s patented PPSA technology enables innovative solutions for system integrators and project developers for a broad set of growing markets, including on and off-grid commercial solar+storage, utility grid services, electric vehicle charging, stand-alone energy storage and microgrids. PPSA dramatically reduces the size, weight, and cost of power conversion systems, while also increasing system efficiency and flexibility. “Ideal Power’s bi-directional AC and DC inverter technology will greatly increase the flexibility and resiliency of Pathion’s energy storage systems in the future,” said Pathion CEO Mike Liddle. “This technology provides Pathion with a sustainable competitive advantage, delivering intelligent optimized energy generation.”
Pathion’s approach to the commercial and industrial (C&I) energy storage market is to bring a comprehensive energy solution complete with batteries, power conversion system, thermal management, advanced monitoring, and energy management system. “We believe integrating PPSA technology into Pathion’s total solution will provide a greater competitive advantage in the C&I market sector. Additionally, incorporating our B-TRAN technology into future PPSA-based power converters provides a sustainable long-term competitive advantage for Pathion’s solutions. We are excited to help enable this opportunity and its potential to directly benefit our shareholders through our equity position in Pathion,” said Dr. Lon Bell, Chairman and CEO of Ideal Power.
As we move toward a clean energy future, we shift from slower mechanical power sources to more precise and flexible inverter-based resources. Pathion is at the forefront, working to deliver more ways to benefit our partners and customers with energy applications ranging from reducing the cost of supply when demand is high, or simply allowing PV to time-shift to better align with consumption to providing off-grid operations in emergencies, or supplying instant high-power to critical processes.
“Looking forward into 2019 and beyond, Ideal Power can now focus all our resources and efforts on the commercialization of our proprietary B-TRAN technology. Our business model leverages capabilities at existing semiconductor fabrication facilities, collaborations with major universities and our relationships with semiconductor experts to complement our company’s modeling, power switch development and characterization capabilities,” concluded Bell.
Details of the transaction are described in Ideal Power’s 8-K filed today with the Securities and Exchange Commission.
Source: Company Press Release