In Case You Missed It: TETF Company Launches Successful IPO
Texas Emerging Technology Fund (TETF) awardee Ideal Power today launched a successful initial public offering (IPO) on the NASDAQ capital market, raising over $15 million from its IPO. Ideal Power is the first TETF company to launch an IPO.
"Ideal Power's IPO exemplifies the fulfillment of the Texas Emerging Technology Fund's mission - to encourage growth in groundbreaking research, development and commercialization of emerging technologies in the Lone Star State," Gov. Perry said. "I'm proud that innovative companies like Ideal Power are getting their start in Texas and partnering with universities across the state to create jobs and attract investment."
Ideal Power received a $1 million TETF award in 2010 which was critical to helping the company transition from early stage activities to developing products and technologies that improve integration of energy storage with solar generation, electric vehicle charging infrastructure, and micro-grids to improve grid resiliency.
"We are very grateful to the Texas Emerging Technology Fund for providing seed capital required to develop our disruptive technology and initial products," Ideal Power CEO Paul Bundschuh said. "We are leveraging it to build our successful Texas-based business."
Ideal Power has developed and commercialized a revolutionary Power Packet Switching ArchitectureTM (PPSA) that improves the weight, size, cost, efficiency, flexibility and reliability of electronic power converters. The company has numerous granted and pending patents for its modular PPSA platform that is scalable across distinct high-volume markets enabling its business model to be capital efficient.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor's request, and reauthorized in 2007, 2009, 2011 and 2013. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, lieutenant governor and speaker of the house. To date, the TETF has allocated more than $202 million in funds to 142 early stage companies, and over $220 million in grant matching and research superiority funds to Texas universities. Additionally, since the inception of the TETF, more than $1.6 billion in additional investment from other non-state sources has followed on to the TETF investment, more than quadrupling the amount invested by the TETF.
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