Paul Bundschuh presented an update on Ideal Power Converters at the 2011 Clean Energy Venture Summit in Austin. The company makes power supply devices for solar and wind power generation.
It is seeking $3 million in funding to expand its manufacturing plant in Austin. IPC received a $1 million award from the Texas Emerging Technology Fund last December.
The Austin-based company has also received $500,000 from angel investors and $250,000 from Battery Ventures.
The company develops new power-converter technology including solar inverters, wind converters, AC motor drives, and hybrid–electric vehicles.
IPC used its initially funding for developing product prototypes and plans to use the new funds for manufacturing. Bundschuh says IPC can manufacture its products in Austin at half the price of its competitors in China.
The company, with 10 employees, spun out of the Austin Technology Incubator, which it joined in October of 2008. IPC presented as a finalist at the Clean Energy Venture Summit in 2009