Ideal Power, a developer of a disruptive technology in the power conversion industry, announced R. Daniel Brdar was appointed as its CEO and chairman of the board of directors on Wednesday.
Paul Bundschuh will assume the role of president and chief commercial officer.
"We are delighted Dan has accepted the position of chairman and CEO," said Bundschuh. "He brings a deep understanding of the power generation and power electronics markets and an impressive track record of building world-class, cross-functional teams, developing innovative products, expanding into global markets and driving meaningful growth in early-stage companies.
"We continue to make progress positioning and commercializing our disruptive Power Packet Switching Architecture for the power converter market.
"Dan will be instrumental in leading us in our next stage of growth and in helping us attain a competitive position in the fast-growing renewable energy, grid storage and other green technology markets in the U.S. and internationally."
Brdar has more than 25 years' experience in the power systems and energy industries and has held a variety of leadership positions.
From 2006 through 2011, he was president and CEO of FuelCell Energy, a NASDAQ-listed company with a market cap of over $250 million. During his tenure, the company's revenues increased 235%, to $100 million, manufacturing production increased by over 200% and more than $100 million was raised from institutional and strategic investors.
Former COO of Petra Solar
Before joining Ideal Power Brdar was chief operating officer of Petra Solar, a private, venture-funded solar and smart grid company, where he held full P&L responsibility and led a cross-functional management team across several international markets.
From 1997 to 2000, Brdar held management positions including gas turbine product manager, for GE's power systems division, a world leader in power generation systems and products.
Brdar has extensive research and development experience at the U.S. Department of Energy through various roles at the National Energy Technology Laboratory in Morgantown and Pittsburgh. He holds a BS in engineering from the University of Pittsburgh.
"I am thrilled to have the opportunity to lead Ideal Power into its next exciting phase," said Brdar. "I believe Ideal Power's power conversion architecture is one of the most innovative and disruptive technologies in the market today and will be a competitive presence in several important emerging markets such as power converters for renewable energy applications, including commercial grid storage.
"I look forward to working with Ideal Power's executive team in driving growth for the company and the entire power electronics ecosystem."
Ideal Power's board of directors unanimously approved the appointment of Brdar as CEO and chairman.
Inducement Award
In accordance with Section 5635(c)(4) of the rules of the NASDAQ stock market and in connection with his appointment, Ideal Power will make a stock option grant to Brdar pursuant to a standalone award agreement outside the company's 2013 equity incentive plan as an inducement to Brdar entering employment with Ideal Power.
The inducement grant was approved by the compensation committee of Ideal Power's board of directors, comprised solely of independent directors. Brdar's inducement grant is a stock option to purchase up to 250,000 shares of Ideal Power's common stock, with a per-share exercise price equal to the closing price of the company's common stock on Wednesday, the date his employment began.
Brdar's option vests and becomes exercisable in four equal annual installments beginning on the one-year anniversary of the date of grant, subject to his continuous service through each vesting date.
The option has a term of 10 years from the date of grant.
