Gexpro announced it has chosen Ideal Power (Nasdaq: IPWR) to enter the energy storage market and expand its power solutions offerings. As a subsidiary of Rexel Holdings USA Corp., Gexpro distributes electrical supplies and services. Ideal Power will help bring Gexpro's Battery Energy Storage Solution (BESS) into the market by supplying power conversion systems.
Ideal Power CEO Dan Brdar called the partnership with Gexpro a huge opportunity to grow in the battery storage sector.
"We have made substantial progress within the battery storage market, developing relationships with many of the industry's first movers," Brdar said in a statement. "We believe this agreement with Gexpro, which has such strong industry allies and a broad global reach, will further strengthen our foothold in the market."
Gexpro first announced BESS May 1. The company plans to produce 30kW and 45kWh complete turnkey energy storage systems in the U.S. Rising energy demand charges in the U.S. have created a growing market for energy storage within the commercial & industrial (C&I) space. This offering from Gexpro will satisfy the need for C&I customers to manage their energy consumption and reduce operating expenditures related to electricity usage, according to a press release from Ideal Power.
Ideal Power to work with LG Chem on power conversion systems
Earlier this year, Ideal Power also entered a partnership with LG Chem to provide lithium-ion batteries for Ideal Power's patented power conversion systems.
LG Chem said it will sell technologies for demand charge reduction and microgrid applications in the commercial and industrial spaces.
"Ideal Power has proven the quality and efficiency of their products through repeated successful deployments in a variety of applications," LG Chem Senior Vice President Sunghoon Jang said in a statement. "Their technology is the most efficient in the industry, which made Ideal Power a natural choice for our system partner."
Ideal Power and LG Chem previously announced they will extend a multi-year alliance agreement for testing their products' performance together.