On Monday, Ideal Power Inc (NASDAQ:IPWR) announced that it had secured its first design win for solid-state circuit breakers (SSCBs) with one of the largest circuit protection equipment manufacturers in Asia, serving the industrial and utility markets.
In connection with this design win, the company entered a joint development agreement for an SSCB product incorporating multiple B-TRAN devices.
The agreement includes the product design, prototype builds and testing of the SSCB which is targeted for completion in the second quarter of 2025 to be followed by commercial sales later in the year. The financial terms were not disclosed.
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According to the company, the opportunity from this customer's first B-TRAN-based product could translate to several hundred thousand dollars in the first year of sales, with the opportunity to exceed a million dollars in revenue in the second year.
Ideal Power expects this product to be the first of multiple products incorporating B-TRAN into SSCBs. The customer is interested in offering a suite of B-TRAN-enabled SSCBs with a wide range of ratings.
Based on the customer's projections, the overall opportunity with this customer could eventually lead to sales of a million units per year, the company said in the release.
The customer's products are focused on renewable energy, circuit protection for industrial equipment and facilities, utility grid infrastructure, and power distribution. They currently sell over 200,000 circuit breakers per year to their large, established customer base in the Asian market.
Other potential applications with the customer include data centers, lighting and air conditioning systems, electric vehicles, including vehicle-to-grid power conversion and EV contactors, and other energy storage solutions.
The customer evaluated B-TRAN against SiC MOSFETs and selected B-TRAN due to its ultra-low conduction losses and inherent bi-directionality.
Ideal Power CEO expects to leverage its first design win with SSCB to help secure additional design wins with other SSCB customers.
For SSCB applications, the company's B-TRAN technology dramatically lowers conduction losses compared to IGBT and silicon carbide MOSFET-based SSCBs while offering inherent bidirectionality, reducing the number of devices required for a given circuit breaker rating, the company said.
The company estimates a $1 billion serviceable addressable market (SAM) for B-TRAN for the solid-state switchgear market, including SSCBs.
Price Action: IPWR stock closed higher by 0.47% at $6.36.
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