AUSTIN, TX - Ideal Power Inc. (NASDAQ:IPWR), a developer of innovative power switch technology, has announced the completion of Phase II in its product development agreement with global automaker Stellantis (NYSE:STLA). The collaboration focuses on creating a custom B-TRAN™ power module for electric vehicle (EV) drivetrain inverters, which is also being evaluated for broader applications within Stellantis' EV and charging infrastructure.
Phase II achievements include the early delivery of tested B-TRAN™ devices and drivers for integration into custom power modules and inverter designs. Stellantis has confirmed the efficiency improvements offered by B-TRAN™, deeming the technology ready for EV applications. Additionally, Stellantis has approved Ideal Power's comprehensive reliability test plan for automotive qualification.
With Phase I and II completed, the project now progresses to Phase III, which involves extensive testing to meet automotive certification standards. This phase targets the certification of a production-ready B-TRAN™ module for Stellantis' next-generation EVs by 2025.
Dan Brdar, President and CEO of Ideal Power, expressed enthusiasm for the partnership's progress and the potential of B-TRAN™ to enhance EV range and cost efficiency. The company aims to leverage this success to attract further engagements with other automotive OEMs and Tier 1 suppliers.
Stellantis recently acknowledged the collaboration with Ideal Power as a finalist in the 2023 Stellantis Venture Awards, recognizing the program's innovation and potential impact on customer experience.
Ideal Power's B-TRAN™ technology is designed to reduce conduction and switching losses, simplify thermal management, and lower operating costs in various applications, including EVs, renewable energy, and industrial systems.
The information in this article is based on a press release statement from Ideal Power.
InvestingPro Insights
As Ideal Power Inc. (NASDAQ:IPWR) advances its collaboration with Stellantis, the financial health and market performance of Stellantis (NYSE:STLA) provide a backdrop that may influence the potential success of their joint projects. Stellantis boasts a robust market capitalization of $80.16 billion, underscoring its significant presence in the automotive industry. The company's financial stability is further highlighted by its attractive price-to-earnings (P/E) ratio, which stands at a low 3.87, suggesting that the stock could be undervalued relative to its earnings.
Stellantis also demonstrates a strong commitment to returning value to its shareholders, with a noteworthy dividend yield of 5.69%. This commitment is accompanied by a substantial dividend growth rate of 28.85% over the last twelve months as of Q2 2023, signaling confidence in the company's financial performance and future prospects.
InvestingPro Tips for Stellantis reveal additional insights that could be relevant for investors considering the impact of the partnership with Ideal Power. Stellantis is recognized as a prominent player in the Automobiles industry, which is critical as the company explores new technologies like the B-TRAN™ power module. Additionally, Stellantis holds more cash than debt on its balance sheet, providing a solid foundation for investment in innovation and development initiatives.
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