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Ideal Power: Company Selected for New Energy Storage Offering
Austin, Texas — May 4, 2015 — Ideal Power Inc., a developer of an innovative power conversion technology, announced that it has been selected by Gexpro, along with LG Chem and Geli (Growing Energy Labs, Inc.), to supply equipment to Gexpro's new Battery Energy Storage Solution (BESS), as announced by Gexpro on May 1.
The agreement expands Ideal Power's reach into the market to Gexpro's broad customer base in the electrical contractor and installer space.
Gexpro, a subsidiary of Rexel Holdings USA Corp., a leader in the distribution of electrical supplies and services, has expansive global reach with 2,300 branches in 38 countries. The agreement expands on the global distribution agreement between Gexpro and Ideal Power in which Gexpro began carrying Ideal Power's family of power conversion systems in its portfolio. It also expands on the recent multi-year alliance agreement with LG Chem in which the two companies launched a joint effort to test and market Ideal Power's power conversion systems with LG Chem's lithium-ion batteries to ensure superior efficiency and optimal performance from their products when used together.
This agreement is the latest indicator of Ideal Power's accumulating momentum in the battery storage sector.
"This is an enormous opportunity for Ideal Power," said Dan Brdar, CEO of Ideal Power. "We have made substantial progress within the battery storage market, developing relationships with many of the industry's first movers. We believe this agreement with Gexpro, which has such strong industry allies and a broad global reach, will further strengthen our foothold in the market."
The first system offering from Gexpro will be a 30kW, 45kWh complete turnkey "BESS." Rising energy demand charges in the U.S. have created a growing market for energy storage within the commercial & industrial (C&I) space. This offering from Gexpro will satisfy the need for C&I customers to manage their energy consumption and reduce operating expenditures related to electricity use.
For more information, visit www.IdealPower.com.