Ideal Power Converters (IPC), a developer of power converter products for photovoltaic, grid storage and electric vehicle charging infrastructure, has completed a $4 million convertible debt financing in a private placement to a group of institutional investors.
Investment bank MDB Capital Group LLC acted as sole placement agent for the offering. IPC says it intends to use the financing proceeds to accelerate the development and deployment of its Universal Power Converter Platform for several markets.
‘Our power converter was built on an entirely new topology and approach, making power conversion more efficient and dramatically more cost effective,’ says Paul Bundschuh, CEO of Ideal Power Converters. ‘MDB's unique financing and intellectual property business model is an ideal fit for disruptive technology startups like IPC.’