Lockheed Martin Licenses Ideal Power Converters Technology Creating Smaller, More Versatile Power Solutions

DALLAS, TX, August 2nd, 2010 -- Lockheed Martin [NYSE: LMT] has signed a technology license with Ideal Power Converters, Inc. (IPC), an innovative power converter firm, for the use of IPC converters in government, vehicle and certain transportable applications. Specific terms of the agreement were not disclosed.

Lockheed Martin will use IPC’s converters to create more efficient and versatile intelligent microgrid solutions and improve performance of electric/hybrid-electric vehicles, among other applications. Lockheed Martin is already using IPC’s technology in a U.S. Army Hybrid Intelligent Power (HI-Power) development contract.

“This technology allows Lockheed Martin to develop a new generation of power converter systems that significantly increase efficiency with dramatic reductions in size and weight,” said Gil Metzger, director for Force Projection and Power Management Systems at Lockheed Martin Missiles and Fire Control. “We are always looking to incorporate the best technologies to deliver power systems that define the industry standard for flexibility, reliability, efficiency and value.”

IPC is developing this universal power converter for a number of applications. The technology will allow AC and DC sources and loads to connect to a common (AC, DC or hybrid) bus using a very compact and efficient approach. Such versatility and interconnectivity is difficult or impossible to achieve using today’s standard technologies. Lockheed Martin will be able to produce smaller, lighter and more versatile power converter systems that operate at cooler temperatures; all attributes which could benefit a range of applications including microgrids, military vehicles and commercial plug-in hybrid electric vehicles.

Lockheed Martin is exploring options to possibly sublicense the technology for certain automotive applications. IPC will continue to pursue fixed utility applications including variable frequency drives to AC motors, photovoltaic inverters, wind converters and inverters for grid storage. Lockheed Martin and IPC are working in a collaborative environment concerning technology improvements.

“Lockheed Martin has one of the most advanced power electronic teams in the world,” said Bill Alexander, CEO and chief technology officer for Ideal Power Converters. “They quickly recognized the tremendous potential for our disruptive technology for both military and commercial clean tech applications.”

IPC is an Electronic Power Converter company based in Texas. Electronic power converters provide the infrastructure for the clean energy revolution, including renewable energy production, smart power grids, improved building efficiency and electric vehicles. IPC has patented and is developing a revolutionary new power converter technology, and its products will improve both energy and cost efficiency for applications including variable frequency drives for AC motors, solar inverters and wind converters. IPC is a member of the Austin Technology Incubator and was selected as a ‘Top Utility Technology’ at the Clean Technology 2010 Conference.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 136,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation’s 2009 sales from continuing operations were $44.5 billion.

Lockheed Martin:
Craig Vanbebber, (972)603-1615
e-mail craig.vanbebber@lmco.com

IPC:
Paul Bundschuh, (512)801-3679
e-mail paul.bundschuh@idealpowerconverters.com

For additional information, visit our Web sites:
http://www.lockheedmartin.com/mfc
www.idealpowerconverters.com