AUSTIN, Texas, April 14, 2020 (GLOBE NEWSWIRE) -- Ideal Power Inc. (Nasdaq: IPWR), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, today is providing a corporate update on recent business initiatives, including the appointment of Dan Brdar as President and Chief Executive Officer.

Dr. Lon Bell, Chairman of Ideal Power, has retired from his position as President and Chief Executive Officer effective immediately. Dr. Bell will remain as Chairman of Ideal Power during a transition period through the remainder of his current term.

As part of a comprehensive corporate succession planning process led by Ted Lesster, the Chairman of Ideal Power’s Nominating and Corporate Governance Committee, the Board of Directors conducted a retained search to identify a new Chief Executive Officer. That process concluded with the appointment of Dan Brdar, formerly Ideal Power’s B-TRAN Chief Commercial Officer, as the Company’s new President and Chief Executive Officer. Mr. Brdar will continue to serve as a member of the Board of Directors.

Management Commentary

“Dan Brdar has been instrumental in our development efforts, pre-commercialization strategy, pursuit of government-sponsored R&D support and in our supply chain development and management. As a result, Dan is uniquely qualified to lead B-TRAN to the next stage of commercialization as our Chief Executive Officer. I would like to congratulate him in his new role,” said Dr. Lon Bell, Chairman of Ideal Power.

“I would like to thank Lon for his contributions as Chief Executive Officer, and for his continued contributions as our Chairman,” added Dan Brdar, President and Chief Executive Officer of Ideal Power.

“On the development front, we have completed the fabrication qualification process with Teledyne, our new domestic semiconductor fabrication partner, and we are releasing our next-generation parts to our semiconductor partners for fabrication. In addition, we were recently notified of our selection for our first award of a government-funded technology demonstration project, where B-TRAN™ will act as an enabling technology in an exciting application. We will provide further details on this front as they become available,” concluded Mr. Brdar.

“On the financial front and in response to the programs made available to date by the Federal government, we submitted applications for both the Economic Injury Disaster loan as well as a Payroll Protection Program loan,” added Tim Burns, Chief Financial Officer of Ideal Power.

About Ideal Power Inc. 

Ideal Power (Nasdaq: IPWR) is pioneering the development of its broadly patented bi-directional power switches, creating highly efficient and ecofriendly energy control solutions for industrial, alternative energy, military and automotive applications. The company is focused on its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bi-directional AC switch able to deliver substantial performance improvements over today's conventional power semiconductors. Ideal Power believes B-TRAN™ modules will reduce conduction and switching losses, complexity of thermal management and operating cost in medium voltage AC power switching and control circuitry. For more information, visit www.IdealPower.com.