<SEC-DOCUMENT>0001144204-19-000985.txt : 20190108
<SEC-HEADER>0001144204-19-000985.hdr.sgml : 20190108
<ACCEPTANCE-DATETIME>20190108084523
ACCESSION NUMBER:		0001144204-19-000985
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190104
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190108
DATE AS OF CHANGE:		20190108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ideal Power Inc.
		CENTRAL INDEX KEY:			0001507957
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				141999058
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36216
		FILM NUMBER:		19514730

	BUSINESS ADDRESS:	
		STREET 1:		4120 FREIDRICH LANE
		STREET 2:		SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78744
		BUSINESS PHONE:		512-264-1542

	MAIL ADDRESS:	
		STREET 1:		4120 FREIDRICH LANE
		STREET 2:		SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78744

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ideal Power Converters, Inc.
		DATE OF NAME CHANGE:	20101215
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tv510556_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
<B>January 4, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IDEAL POWER INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>001-36216</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; text-align: center"><B>14-1999058</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Number)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>4120 Freidrich Lane, Suite 100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Austin, Texas 78744</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices,
including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(512) 264-1542</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule&nbsp;425 under
the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule&nbsp;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 11pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&yacute;</FONT>
Emerging growth company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 2.05</B></TD><TD><B>Costs Associated with Exit or Disposal Activities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 8, 2019, Ideal Power Inc. (the
&ldquo;<B><I>Company</I></B>&rdquo;) issued a press release announcing a strategic shift to focus on the commercialization of its
B-TRAN&trade; technology. The Company&rsquo;s Board of Directors&rsquo; approved a plan on January 2, 2019 that included a reduction
in staffing levels on January 4, 2019 in order to enable the Company&rsquo;s ongoing efforts to shift from a focus on PPSA&trade;
/ Power Conversion Systems division to the B-TRAN&trade; / Power Semiconductor division. In connection with this plan, the Company
will incur certain exit-related costs, including one-time severance costs and termination benefits with an expected cost of $85,000
to $100,000 and other one-time cash charges related to exiting production of its power converter products with an expected cost
of $115,000 to $150,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the press release is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>(d) Exhibits. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Exhibit</B><BR>
        <B>No.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid"><B>Description</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tv510556_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tv510556_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release dated January 8, 2019</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 90.2pt; text-indent: -11pt">&nbsp;</TD>
    <TD STYLE="text-align: left">IDEAL POWER INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;January 8, 2019</TD>
    <TD STYLE="padding-left: 41.6pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Timothy Burns</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Timothy Burns</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv510556_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ideal Power Announces Strategic Focus
on B-TRAN&trade; Solid State Switch Commercialization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AUSTIN, TX - January 8, 2019 </B>--
<U>Ideal Power Inc.</U> (NASDAQ: IPWR), a semiconductor and power conversion technology company, has announced a strategic shift
to focus on the commercialization of its proprietary and broadly patented B-TRAN&trade; technology for the $12 billion global
semiconductor power switch market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company will concentrate its near-term
activities and resources to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Advance
                                         the development of its Bi-directional bi-polar junction TRANsistor (B-TRAN) solid state
                                         switch technology;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Fabricate
                                         second generation dies at a commercial domestic foundry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Provide
                                         packaged engineering samples for potential customers and partners;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Secure
                                         government funding for device development and specific B-TRAN-based demonstration projects;
                                         and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Pursue
                                         strategic customer and partner relationships to support technology development and demonstration,
                                         market segment access and accelerated commercialization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ideal Power has been transformed
into an asset light operating company focused on our B-TRAN power switch,&rdquo; said Dr. Lon Bell, Chief Executive Officer of
Ideal Power. &ldquo;Our business model leverages capabilities at existing semiconductor fabrication facilities, collaborations
with major universities and our relationships with semiconductor experts to complement our company&rsquo;s modeling, power switch
development and characterization capabilities. We believe this will allow us to efficiently use our capital to pursue commercializing
B-TRAN for the $12 billion power switch market,&rdquo; explained Dr. Bell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B-TRAN is a new, heavily patented, architecture
that has the potential to extend the performance level of silicon-based power semiconductor switches. The unique performance characteristics
of B-TRAN compared to conventional silicon devices such as insulated gate bipolar transistors are: 1) its high efficiency - offering
a 50-90% reduction in switching and conduction losses; 2) it is bi-directional enabling the control of power in both directions;
and 3) its switching speed is potentially 2.4 times as fast. B-TRAN&rsquo;s performance improvement is potentially an enabling
technology with wide applicability in several fast-growing markets such as electric and hybrid vehicles electronic controls, industrial
motor drives, direct current-based distribution and transmission system switches and controls, and renewable energy and energy
storage system power converters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Potential commercial B-TRAN applications
can be attractive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>According to
                                         a recent Toyota Motors technical publication, power semiconductors account for approximately
                                         20% of the electrical losses in a hybrid vehicle. The high efficiency and switching speed
                                         of B-TRAN could enable 7.5% - 13.5% better fuel efficiency for such hybrid and electric
                                         vehicles enabling longer driving range or alternatively, smaller, lower cost batteries.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Commercial
                                         and industrial electric motors consume 25% of the world&rsquo;s electrical energy. B-TRAN&rsquo;s
                                         bi-directionality and efficiency could enable the broad adoption of matrix converters
                                         for variable frequency drives. In these applications, B-TRAN enables design simplification,
                                         part count reduction and lower cost. Its efficiency improvement leads to lower operating
                                         cost. By using B-TRAN, the size and energy loss associated with matrix converter motor
                                         drives could reduce systems losses by 30% to 50%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Solar and wind
                                         energy are direct current (DC) based technologies driving the adoption of lower cost
                                         HVDC/MVDC distribution and transmission systems. This market is estimated to grow to
                                         $7 billion by 2024. The enabling technology for DC based distribution and transmission
                                         systems is the creation of a low loss, fast acting HVDC/MVDC breaker. B-TRAN&rsquo;s
                                         high efficiency and fast switching speed could be ideally suited for an HVDC/MVDC breaker.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The power conversion
                                         efficiency of renewable energy and energy storage is limited by the switching and conduction
                                         losses of conventional power semiconductor switches. B-TRAN&rsquo;s high efficiency can
                                         reduce these losses by 50-90% thereby reducing the cost of electricity produced by renewable
                                         energy systems.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To facilitate this strategic shift and
reduce the company&rsquo;s cash burn rate, Ideal Power reduced its Power Conversion Systems (PCS) division workforce and suspended
further power converter system development and sales, which the company estimates will reduce annualized cash expenditures by
approximately $2.5 million to $3 million. As a result of the workforce reduction, Ideal Power estimates it will incur one-time
cash charges of approximately $200,000 to $250,000 in connection with employee severance costs and termination benefits and costs
related to exiting production of its power converter products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;While we believe the long-term
market opportunity for commercial &amp; industrial energy storage is substantial, it has been slow to mature. It has not produced
sufficient order flow to substantiate the recent level of investment in the Power Conversion Systems business division. We thank
our valued former employees for their dedicated service and regret the circumstances that have led to this work force reduction,&rdquo;
continued Dr. Bell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Due to the benefits that our PPSA&trade;
technology brings to storage-related markets, the company is engaged in developing and pursuing discussions with potential licensees
and acquirers of the PCS division,&rdquo; concluded Dr. Bell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Ideal Power Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ideal Power (NASDAQ: IPWR) is a
semiconductor and power conversion technology company focused on its patented Bi-directional, Bi-polar Junction Transistor
(B-TRAN) semiconductor technology. B-TRAN is a unique double-sided bi-directional AC switch expected to deliver substantial
performance improvements over today's conventional power semiconductors. B-TRANs offer the potential to improve efficiency
and system economics of a wide variety of power converter applications including electrified vehicle traction drives, energy
storage applications, photovoltaic (PV) inverters and wind converters, variable frequency (VFD) motor drives, and AC and DC
power control applications. For more information, visit&nbsp;<U>www.IdealPower.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Safe Harbor Statement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All statements in this release that are
not based on historical fact are &quot;forward-looking statements&quot; within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release 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, the success of potential PPSA strategic alternatives, the success of our B-TRAN
technology, the success of our strategic shift and change in corporate focus, whether the patents for our technology provide adequate
protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with
precision or certainty the pace of development and commercialization of our B-TRAN technology, whether we can continue as a going
concern and uncertainties set forth in our quarterly and annual reports filed with the Securities and Exchange Commission. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
<B>Ideal Power Investor Relations Contact:&nbsp;</B><BR>
MZ North America<BR>
Chris Tyson&nbsp;<BR>
949-491-8235<BR>
<U>IPWR@mzgroup.us</U>&nbsp;<BR>
<U>www.mzgroup.us</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: right"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ? +4# 2(  A$! Q$!_\0
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8H6.6*0JN?KBBE5JPJ3<K#ITIPBHW/__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
