ONEnergy Inc. (TSX VENTURE: OEG.A) and Ideal Power Inc., (NASDAQ: IPWR), a developer of innovative power conversion technologies, announced today that the Sunwave Energy Efficiency division of ONEnergy has selected Ideal Power's power conversion systems (PCS) for use in its line of energy storage solutions to be launched in Canada and select U.S. states beginning in mid-2015. Ideal Power's products will be included in certain Sunwave new energy storage solutions that address multiple commercial and industrial applications including demand charge management, peak shaving, off-peak energy storage, renewables integration, power quality and emergency backup systems.
"We're focused on providing the most efficient and flexible power conversion systems to optimize products made by the world's leading energy storage manufacturers," said Ryan O'Keefe, Senior Vice President of Business Development for Ideal Power. "Working with Sunwave to broaden our customer reach is a great opportunity to strengthen our impact in this market and expand the footprint of our power conversion systems within the energy storage industry."
"At Sunwave Energy Efficiency we aim to offer our customers best-in-class products to help them effectively manage their energy consumption and costs," said Sandro Costa, Vice President, Sunwave Energy Efficiency. "Ideal Power's products are a key part of a highly efficient and reliable energy storage solution, and we are pleased to add Ideal Power as a solution partner. The Ideal Power products are an integral part of ensuring that Sunwave's energy storage solutions deliver maximum efficiency and performance at a highly competitive total cost of ownership for our customers."
The deployment of these storage systems will help to fulfill the growing demand for behind-the-meter energy storage and management systems, and increase the availability of energy storage for grid-support and microgrid applications. Ideal Power expects this agreement to promote further adoption of its power conversion systems in the energy storage sector.
Ideal Power's grid resilient power conversion systems, based on its award-winning, patented Power Packet Switching Architecture (PPSA), enable the integration of multiple power sources including solar PV, battery storage and conventional generators to form stable, flexible, reliable energy on-grid or off-grid. Its PPSA eliminates the need for many of the bulky components comprising conventional converters. This advancement has allowed Ideal Power to develop the lightest power conversion systems with the smallest footprint in the industry, making it a modular and easy-to-install solution that lowers installed system costs.
