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Investor Presentation June 2025 Nasdaq: IPWR Global Leader in Ultra-Low Loss Bidirectional Power Semiconductors
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Safe Harbor All statements in this presentation that are not based on historical fact are "forward looking statements." While management has based any forward-looking statements included in this presentation on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, whether demand for our products, which we believe are disruptive, will develop and whether we can compete successfully with other manufacturers and suppliers of power semiconductor products, both now and in the future, as new products are developed and marketed. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward looking statements. 2
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Investment Highlights √ B-TRAN® disruptive semiconductor power switch with compelling advantages over conventional power switch technologies √ Uniquely positioned to displace conventional power semiconductor solutions in many large, growth markets – solid-state circuit breakers (SSCBs), renewables, energy storage, EVs (contactors, drivetrain inverters and charging), data centers and motor drives √ Asset light, fabless business model leveraging existing silicon processing infrastructure √ Initial sales of B-TRAN® discrete, SymCool® power module and SymCool® IQ intelligent power module products to large, global customers √ Secured first design win for SSCBs √ Ongoing development program with Stellantis, a top 10 global automaker, for custom B-TRAN® module for EV drivetrain √ Broad patent estate – 94 issued & 70 pending patents 3
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What is B-TRAN®? B-TRAN® is a proprietary semiconductor power switch – New, disruptive design (architecture) – Fabrication on both sides of wafers – Leverage same B-TRAN® die across many applications B-TRAN® Architecture has 3 compelling advantages – Bidirectional switching – Lower losses = lower user costs – Smaller, lower cost product designs Critical performance characteristics validated through testing of hundreds of packaged devices B-TRAN® addresses many power switching needs 4
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B-TRAN® Bidirectional Switching B-TRAN® replaces 4 conventional devices to provide a bidirectional switch Conduction Losses in Bidirectional Applications >5x better than IGBT + Blocking Diode 5 Conventional IGBT Switch B-TRAN® 1200 V bidirectional B-TRAN® Typical voltage drop = 0.48 V Back to back 1200 V IGBTs plus series diodes Typical forward drop = 2.75 V
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Serviceable Addressable Market (SAM) 3.6 7.6 2023 2028 B-TRAN SAM (in Billion USD) $7.6B SAM for B-TRAN® Source: Mordor Intelligence: Global Power Electronics Market report 2023 and Company estimates. $1.0 Billion Renewable energy, energy storage systems, microgrids and electric vehicle charging Energy & Power $1.4 Billion Transmission and distribution and protection circuits such as solid- state circuit breakers, relays and contactors Solid-State Switchgear $1.6 Billion Traction inverter, DC-DC converter, on-board charger and circuit protection Automotive $3.6 Billion Industrial motor drives, UPS systems for data centers, power conversion systems Industrial 6 16% CAGR Solid-State Switchgear and Energy & Power markets expected to drive initial sales ramp starting in 2H 2025 and path to profitability Long Term Short Term
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B-TRAN® Impact in Solid-State Circuit Breakers Why Solid-State Circuit Breakers? • Growth in renewables, energy storage and EV charging requires grid investment and faster circuit protection solutions • >100X faster than mechanical breakers • Eliminate arcing (enhanced safety) • No contacts that wear (improved reliability) • Programmability and diagnostic capability B-TRAN® enables smart, efficient SSCBs with lower system costs Why B-TRAN® Enabled SSCBs? • Ultra low conduction losses • Bidirectionality reduces number of devices required for a given breaker power rating • Lower system cost 7
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First Design Win for SSCBs • Customer is one of the largest circuit protection equipment manufacturers in Asia serving the industrial and utility markets • Prototype builds completed in Q1 with commercial sales expected later in 2025 • Expected to be first of multiple products incorporating B- TRAN® into SSCBs • Customer’s first B-TRAN® based SSCB could potentially translate to Ideal Power revenue of several hundred thousand dollars in first year and more than a million dollars in second year 8 Engaged with several large companies evaluating B-TRAN® for their SSCB product designs
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B-TRAN® Impact in Electric Vehicles • Mass adoption of EVs requires lower cost and more efficient semiconductor solutions • Applications include EV Contactors, Traction Inverter, DC-DC Converter and On-Board Charger • Power semiconductor content in EV Drivetrain is approximately $1,100 per vehicle (higher for luxury models) • B-TRAN® reduces the number of power devices needed in bidirectional circuits from 4 to 1 while increasing EV efficiency and range by an estimated 7 to 10%1 1 Company estimate extrapolated from A Novel Carrier Accumulating Structure for 1220V IGBTs without Negative Capacitance and Decreasing Breakdown-Voltage by Toyota Motor Corporation B-TRAN® enables new architectures and solutions to improve EV range and reduce cost 9
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Development Program with Stellantis • Product development agreement for a custom B-TRAN® power module for drivetrain inverter in Stellantis’ next generation EV platform • Successfully completed first two phases of this multi-year development agreement • 2023 Stellantis Venture Awards finalist 10 • Current expectation for scope of next phase is to take the custom B- TRAN® module through automotive qualification • Engaged with Stellantis on potential second program for EV contactors
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Commercial Agreements and Collaborations • Announced collaborations with large companies including: – Three global automakers – Top 10 global solar power conversion provider – Three Forbes Global 500 diverse power management market leaders – Three Tier 1 global automotive suppliers – Global provider of backup power and energy management solutions – Global power conversion supplier 11 Customer test kit Converted multiple large companies to initial orders
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Commercial Products SymCool® IQ ▪ Intelligent power module rated at 1200V/200A ▪ Adds integrated driver to SymCool® module ▪ $1.4B SAM for energy and power markets ▪ Targets renewables, energy storage and EV charging 12 SymCool® ▪ Multi-die module rated at 1200V/200A ▪ Enabling technology for SSCBs; also targets EV circuit protection ▪ $1.0B SAM for solid-state switchgear market ▪ Tested at up to 430A B-TRAN® Discrete ▪ TO-264 packaged device rated at 1200V/50A ▪ Single die with double- sided cooling package ▪ Tested at up to 150A Estimate ~50% gross margins at scale (excludes any benefit from licensing)
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2025 Milestones For 2025, the Company has set the following milestones: o Secure next phase of development program with Stellantis ✓ Completed deliverables in 1H 2025 related to first design win o Capture additional design wins / custom development agreements o Start initial sales ramp in second half of year o Increase power rating of products o Complete third-party automotive qualification testing 13
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Ideal Power’s Broad Patent Estate • B-TRAN® device architecture and packaging • Control methodologies and techniques • Double-sided device manufacturing techniques • Applications specific uses of B-TRAN® Patent CoverageRegion Issued Patents Pending Patents United States 49 21 Foreign 45 49 TOTAL 94 70 14 Trade Secret • Proprietary process flow for B-TRAN® fabrication
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Recent News and Capital Structure Recent News Releases April 1, 2025 Ideal Power Successfully Completes Deliverables Related to First Design Win for Solid-State Circuit Breakers December 16, 2024 Ideal Power Secures First Design Win for Solid-State Circuit Breakers December 4, 2024 Ideal Power Secures Order for SymCool® IQ Intelligent Power Modules October 31, 2024 Ideal Power Announces Orders from Global Tier 1 Automotive Supplier October 16, 2024 Ideal Power Begins Third-Party Automotive Qualification and Reliability Testing September 23, 2024 Ideal Power Announces Distribution Agreement with Sekorm Advanced Technology (Shenzen) Co., Ltd. August 8, 2024 Ideal Power Announces Global Distribution Agreement with RYOSHO U.S.A. Headquarters: Austin, TX Shares Outstanding¹: 8,347,970 Options/Warrants¹: 2,094,207 Cash Balance¹: $13.7 Million Debt Balance¹: $0.0 Million Year-End: December 31 1) As of March 31, 2025 15
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Thank you. i d e a l p o w e r . c o m Nasdaq: IPWR Global Leader in Ultra-Low Loss Bidirectional Power Semiconductors