Ideal Power Announces Collaboration With LG Chem to Enable Integrated Battery Energy Storage Systems

AUSTIN, TX--(Marketwired - Mar 19, 2015) - Ideal Power Inc., (NASDAQ: IPWR), a developer of a disruptive power conversion technology, has announced a multi-year alliance with LG Chem Ltd., one of the world's largest manufacturers of lithium-ion batteries, to supply Ideal Power's patented power conversion systems (PCS) alongside LG Chem's industry-leading battery solutions. The two companies will coordinate to jointly market and sell LG Chem's lithium-ion batteries and Ideal Power's power conversion systems for commercial demand charge reduction and microgrid applications.

Ideal Power and LG Chem will launch a joint effort using their collective resources and industry expertise to market and sell their power conversion and energy storage products in paired and tested combinations to ensure seamless integration and optimal system performance and value to system integrators. The collaboration is in response to the demand from system integrators for simple, paired sets of hardware that have been sized and matched to optimize system performance for specific applications, such as peak demand charge reduction for commercial & industrial customers.

"LG Chem is a well-respected global brand with a leading position in battery energy storage deployment," said Dan Brdar, President and CEO of Ideal Power. "This collaboration with LG Chem presents a new opportunity for our customers to buy components that are proven to work together seamlessly, and will allow Ideal Power to continue expanding our footprint in this market alongside a company with a strong reputation and global reach."

Sunghoon Jang, Senior Vice President for LG Chem, said of the collaboration with Ideal Power, "Their technology is a perfect fit for our growing base of commercial and industrial customers who demand the highest quality and performance. Ideal Power has proven the quality and efficiency of their products through repeated successful deployments in a variety of applications. Their technology is the most efficient in the industry, which made Ideal Power a natural choice for our system partner."