Ideal Power Converters announced the completion of a $4 million convertible debt financing in a private placement to a group of institutional investors. MDB Capital Group acted as sole placement agent for the offering.
The company said it intends to use the financing proceeds to accelerate the development and deployment of its Universal Power Converter Platform for several markets. IPC products are developed and manufactured in Austin, TX, for local, national and international markets.
Austin, TX-based Ideal Power Converters provides electronic power converters for the modern energy revolution including renewable energy generation, electrical energy efficiency, smart power grids, and electric vehicles.