Ideal Power Inc, the developer of the B-TRAN bidirectional semiconductor power switch, announced the closing of its previously announced underwritten public offering of 2,000,000 shares of its common stock (or pre-funded warrants in lieu thereof) at an offering price of $7.50 per share of common stock.

The Bidirectional, Bipolar Junction Transistor (B-TRAN) semiconductor is a double-sided bidirectional AC switch that delivers substantial performance improvements over today’s conventional power semiconductors. Ideal Power’s B-TRAN can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry.

Power semiconductors account for about 20% of the total electric power losses in hybrid EVs and potentially more of the losses in an EV. Utilizing B-TRANs rather than conventional power switches in an EV could potentially result in a 7% to 10% improvement in its range, the company claims.

Titan Partners Group, a division of American Capital Partners, acted as sole book-running manager for the offering.

The gross proceeds to the company from the offering were approximately $15 million, before deducting underwriting discounts, commissions and other estimated offering expenses. The company intends to use the net proceeds from this offering for general corporate and working capital purposes.