Ideal Power announces collaboration with a third global automaker

Ideal Power announces the Company is collaborating with a third global automaker. This global automaker is working closely and meeting regularly with Ideal Power engineers on the use of B-TRAN-enabled contactors to potentially replace electromechanical contactors in its electric vehicles, or EVs. Contactors serve as cutoff switches for high voltage applications in EVs. They play a critical role in isolating the battery, inverter, and onboard charger to ensure safety when the vehicle is off or being serviced. Contactors are bidirectional and there are typically 4 to 6 high-power contactors in every EV. The high-power EV contactor market is forecasted to grow to over $3.7B in 2025 and the Company believes that, over time, solid-state contactors will potentially displace electromechanical contactors in half or more of this market.