Ideal Power Inc (NASDAQ: IPWR) is a power semiconductor company developing a patented bidirectional power switch technology called B-TRAN. The company has not yet generated material commercial revenue as of FY2025 and operates on a pre-commercialization model, funding operations through equity and warrant issuances while pursuing licensing arrangements and strategic partnerships with semiconductor fabricators. It has no direct equivalent competitor in true high-efficiency bidirectional power switching for high-power applications, according to its FY2025 10-K. Target end markets include AI data centers, solid-state circuit protection, static transfer switches, electric vehicles, EV charging, renewable energy, energy storage, uninterruptible power supplies, industrial motor drives, and defense. The company secured a product development agreement with Stellantis, a top-10 global automaker, announced in 2022. B-TRAN is designed to replace two pairs of IGBTs and diodes in bidirectional circuits with a single device, reducing voltage drops and heat dissipation. The primary raw material is silicon wafers, sourced from a global supply chain concentrated in Europe and Asia.

Revenue model

Pre-revenue stage as of FY2025. Intended revenue model is licensing arrangements, strategic partnerships, and eventual product sales of B-TRAN-based devices. Prototype units have been sold in small quantities for customer evaluation. Capital is raised through public and private equity offerings, warrants, and potential debt financings.

Products and services

B-TRAN (bidirectional bipolar junction transistor): a single power semiconductor switch designed to replace two pairs of IGBTs and blocking diodes in bidirectional circuits. Prototypes have been delivered to customers for evaluation as of the FY2025 10-K filing period.

Customers and end markets

Customers as of FY2025 are primarily OEM evaluators purchasing prototypes in small quantities. Stellantis (automotive) is a named development agreement partner announced in 2022. Target end markets include AI data centers, solid-state circuit breakers, static transfer switches, EV contactors, electric and plug-in hybrid electric vehicles, EV charging, renewable energy, energy storage, UPS systems, industrial motor drives, solid-state transformers, power distribution and transmission switches, and defense.

Value-chain role

Fabless semiconductor IP developer. Relies on a strategic partnership model using existing silicon processing infrastructure rather than owning fabrication capacity. Designs B-TRAN devices and outsources fabrication to semiconductor foundries.

Geographic exposure

Incorporated in the United States. Silicon wafer supply chain concentrated in Europe and Asia. No specific geographic revenue breakdown disclosed in the filing excerpts.

Competitors

IGBT manufacturers (unnamed incumbents), Silicon carbide MOSFET suppliers (unnamed incumbents)

Source: SEC 10-K, filed 2026-03-27

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