Ideal Power has received an initial order from Sharp under this agreement, and it expects order volumes to scale along with Sharp’s SmartStorage business.
Sharp’s SmartStorage systems use onsite battery energy storage that can reduce monthly utility demand charges for commercial and industrial building owners. Demand charges are the fastest growing part of utility bills for commercial customers and in some cases can reach half of a company’s monthly utility bill. Both California and New York are already positioned as attractive early markets for the SmartStorage solution, with other states expected to follow. GreenTech Media projects that 600MW of new commercial storage will be installed in the United States by 2020 with the primary benefit of reducing demand charges.
Ideal Power’s 30kW battery converter provides both battery charger and inverter functions at high efficiency in a compact, modular and easy-to-install solution that lowers installed system cost. It is based on the company’s patented Power Packet Switching Architecture (PPSA) that provides electrical isolation without the use of a bulky and expensive transformer. Among the many benefits of PPSA is the unique ability to reduce the weight, size, cost and efficiency loss compared to conventional systems.