Ideal Power appoints new CEO
Post date: 09/01/2014
US inverter producer Ideal Power Inc. has appointed R. Daniel Brdar as the company’s CEO and chairman of the board, effective Jan. 8, 2014. Paul Bundschuh has assumed the roles president and chief commercial officer.
Prior to joining Ideal Power, Brdar served as the chief operating officer of Petra Solar, a privately held, venture funded solar and smart grid company. Prior to that role, from 2006 to 2011, he was president and CEO of FuelCell Energy Inc. Additionally, Brdar has extensive research and development experience at the US Department of Energy through various roles at the National Energy Technology Laboratory in Morgantown, West Virginia and Pittsburgh, Pennsylvania.
Ideal Power completed an initial public offering of 3,000,000 common shares at an offering price of $5 per share in early December. The company raised $17.5 million from the offering because the IPO underwriters exercised the total over-allotment to buy an additional 450,000 shares. The company did not disclose how it intends to use the proceeds from the offering. However, in the latest announcement, the company emphasizes that it is making progress on positioning and commercializing its disruptive Power Packet Switching Architecture for the power converter markets.