IDEAL POWER INC. (NASDAQ:IPWR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 18, 2017, the Board of Directors (the "Board") of Ideal Power Inc., a Delaware corporation (the "Company"), determined that it was in the best interest of the Company toremove Bill Alexander as Chief Technical Officer and appoint him as Chief Technologist. Mr. Alexander is no longer deemed an "executive officer" within the meaning of Rule 3b-7 under the Exchange Act or an "officer" of the Company within the meaning of Rule 16a-1(f) under the Exchange Act. On August 21, 2017, to the Board's decision, Mr. Alexander and the Company executed an amendment to Mr. Alexander's employment agreement to reflect the change in position. As Chief Technologist, Mr. Alexander will focus on research and development, including development of the Company's B-TRAN™ technology and innovations to its PPSA™ technology.
About IDEAL POWER INC. (NASDAQ:IPWR)
Ideal Power Inc. (Ideal Power) designs, markets and sells electrical power conversion products using its Power Packet Switching Architecture (PPSA) technology. The Company’s PPSA is a power conversion technology that utilizes standardized hardware with application specific embedded software. It sells products to systems integrators for integration into their system, which enable end users to manage their electricity consumption by reducing demand charges or fossil fuel consumption, integrating renewable energy sources and form their own microgrid. It focuses on licensing PPSA-based product designs to original equipment manufacturers (OEMs) within its target markets. Its products use multiple insulated gate bipolar transistors (IGBTs), which switch power in a direction, including direct current (DC) to alternating current (AC), or AC to DC. The PPSA uses indirect power flow in which power flows through input switches, and is temporarily stored in its AC link inductor.