Ideal Power Inc ( IPWR ) today announced an agreement with Richardson Electronics, Ltd ( RELL ) to distribute Ideal Power's ( IPWR ) products globally, including the discrete B-TRAN device and SymCool power module.

"We are excited to announce Richardson Electronics ( RELL ) as the first distributor for our products. They have strong technical sales capability, expertise in demand creation and securing sales for new technologies, robust customer support, and global reach," CEO Dan Brdar said. 

"Our products are a perfect fit for Richardson Electronics' ( RELL ) existing customer base needing medium and high voltage power semiconductors," Brdar added. 

Also Read: Ideal Power Launches SymCool Power Modules, Eyes Major OEM Partnerships for 2024

Ideal Power ( IPWR ) recently commenced shipment of its SymCool power modules to fulfill customer orders. 

The SymCool power module delivers clear advantages for several applications, including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles ("EVs"), and EV charging. 

Ideal Power ( IPWR ) looks forward to industrial markets, mainly the solid-state circuit breaker market served by our SymCool power module, to be the earliest source of its sales ramp beginning in the second half of 2024, as expected.

Price Action: IPWR shares closed higher by 5.43% at $11.65 on Friday.

Also Read: EXCLUSIVE: Ideal Power Advances EV Technology with Stellantis, Completes Key Phase in Developing Next-Gen EV Inverters