On April 8, 2020, Dr. Lon E. Bell, the Chief Executive Officer, President and Chairman of the Board of Ideal Power Inc. retired as President and Chief Executive Officer of the Company. Dr. Bell will continue as Chairman of the Board through the remainder of his current term. In addition, on April 8, 2020, the Board of Directors of the Company appointed R. Daniel Brdar as the President and Chief Executive Officer of the Company.

Mr. Brdar previously served as the BTRAN Chief Commercial Officer of the Company. Mr. Brdar is also a member of the Board. R. Daniel Brdar, served as BTRAN Chief Commercial Officer since April 2018.

Mr. Brdar originally joined the Company in January 2014, where he served as Chief Executive Officer and President until April 2018 and served as Chairman of the Board until March 2017.