BTCPower (Broadband TelCom Power, Inc.) was founded in 1999 to commercialize its proprietary Flat Matrix Transformer Technology (FMTXR) by developing power supplies and converters for the telecom and internet infrastructure market. The FMTX technology enabled the Company to offer the highest current density converters in the market (current supply capability per cubic inch), receiving numerous rewards and recognition. In four additional rounds of financing, close to $20 million was raised by early 2002 to fund product development for these markets.
Unfortunately, despite the many technological and product advantages, the market for high current density power converters for telecom and internet in frastructure virtually disappeared at the sudden end of the internet boom in 2001. The introduction and market acceptance of very low cost non-isolated VRM chipsets exacerbated this negative market impact for BTCPower. A recovery attempt was made by targeting the Automated Test Equipment (ATE) market instead with the same standard product lines, but this was marginally successful due to lack of market size, increasing competition, and the fact that the highest current density did not offer asignificant advantage in this particular market.
In 2004, following years of dramatic downsizing, the Company's strategy was revised to focus on custom designed power conversion solutions instead of the highly competitive standard products, and to focus on markets where the Company's technology can offer a true competitive advantage, particularly markets for high current industrial applications such as forklift battery fast chargers and welding equipment. Specific custom opportunities such as power supplies for medical applications were also successfully targeted.
However, because of the relatively long design cycle of these custom products during which there was no significant revenue stream, BTCPower turned financially insolvent at the beginning of 2006. The insolvency and the perceived significant opportunities that the targeted markets and landed accounts offered, was reason for Flexible Manufacturing LLC (FMi), to acquire the majority of outstanding shares of BTCPower in April 2006. Further cost reductions were achieved and with the support of FMi's financial and human resources, BTCPower was turned around and is now profitable and with a solid customer order backlog. Strategic manufacturing alliances were established for high volume production in China and Mexico, the engineering team was expanded significantly and BTCPower's wide portfolio of power conversion technologies and experience gained is now being applied to development of battery charging products for materials handling and (hybrid) electric vehicle applications.
It is the mission of BTCPower to achieve rapid growth by providing innovative, reliable and cost-effective power management solutions for industrial and alternative energy applications and to be become a major player in the market for electric power management and charging systems for plug-in hybrid and electric vehicles.