Advanced Energy Industries Inc (Advanced Energy) designs, manufactures, sells, and supports power conversion products and solutions that transform power for various applications ranging from manufacturing and industrial processes to instrumentation, testing, and measurement.

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Advanced Energy performs research and development to create products that address new or emerging applications, make technological advances for higher performance and lower cost, and develop attributes expected to appeal to current or potential customers. The company believes that the continued development of technological applications and enhancements to existing products and related software is critical for competition in its markets. Significant personnel and financial resources are devoted to developing new products and enhancing existing ones, with investments expected to continue. Protection of technology assets through intellectual property rights is important for the company's competitive position. The company holds numerous U.S. and foreign patents and has multiple patent applications pending in the U.S., Europe, and Asia. In FY2024, the company spent US$211.8 million on R&D, which as a percentage of revenue stood at 14.3%, and grew 4.6% YoY.