Ideal Power has sold its Power Conversion Systems business and Power Packet Switching Architecture (PPSA) technology to CE+T Energy Solutions for a combination of cash and shares of common stock of CE+T Energy Solutions, a provider of innovative energy solutions for the data center, microgrid, energy storage and industrial markets. CE+T Energy Solutions is a subsidiary of CE+T Group, the winner of the $1 million Google Little Box Challenge for a revolutionary power converter. The transaction closed on September 19, 2019.
“This transaction allows us to devote 100% of our resources, personnel, time and energy to the development and commercialization of our highly efficient B-TRAN power switch technology while providing Ideal Power shareholders with an opportunity to benefit from our equity ownership in CE+T Energy Solutions,” said Dr. Lon E. Bell, Chairman and Chief Executive Officer of Ideal Power. “CE+T Energy Solutions’ power conversion expertise makes them an excellent choice to further the commercialization of the PPSA products and the solutions they enable.”
“PPSA is a very important strategic fit for us and complements our world-renowned power converter expertise,” said Mario Barbaresso, Chief Executive Officer of CE+T Energy Solutions. “This technology will help us better serve customers who require efficient and optimized energy solutions.”
“We are excited to add highly skilled members to our creative team and strengthen the company for the Green Energy Revolution,” said Robert Eyben, Chief Executive Officer of CE+T Group. “We are showcasing our latest power conversion solutions, including our newly acquired PPSA-based converters, at Solar Power International in Salt Lake City.”
Details of the transaction are described in Ideal Power’s 8-K filed today with the Securities and Exchange Commission.
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