Ideal Power (IPWR) LD Micro Main Event XVI summary

Technology and product overview

• B-Tran is a proprietary, double-sided, bi-directional power semiconductor switch, protected by 89 issued and 46 pending patents, and additional trade secrets.

• Enables energy flow in both directions, replacing four conventional devices, reducing voltage drop, and offering over five times lower conduction losses than IGBT and diode circuits.

• Allows for smaller, lower-cost OEM products and enables new EV architectures, improving vehicle efficiency and range by 7–10%.

• Commercial products include B-Tran discrete (tested up to 150A) and SymCool power module (tested up to 430A), with SymCool IQ launching later this year.

• Target gross margins for product sales are 50% at scale, with potential incremental benefit from licensing.

Market opportunity and applications

• Serviceable addressable market for B-Tran is projected to grow from $3.6 billion in 2023 to nearly $8 billion by 2028, at a 16% CAGR.

• Initial focus is on the $1 billion solid-state switchgear market, with expansion into renewables, energy storage, and EVs.

• Collaborations underway with three global automakers, two Forbes Global 500 companies, a top 10 solar provider, and a Tier 1 automotive supplier.

• Multiple large companies have converted from test and evaluation to initial orders and custom agreements.

• Design cycles for industrial customers are about 12 months, with several large companies currently testing modules.

Commercial progress and partnerships

• Initial sales of SymCool power module have begun, with design wins and custom development agreements expected in coming months.

• Multi-year development program with Stellantis for custom EV drivetrain modules, aiming for production readiness in 2025.

• Added distributors in the US, Japan, and China to drive demand generation for SymCool products.

• Second high-volume production fab qualified in Europe, with yields close to production level.

• Third-party automotive qualification and reliability testing of B-Tran die underway, with industrial qualification expected this year and automotive by mid-2025.