Electriq Power, founded in Silicon Valley in 2014, provides intelligent energy storage and management solutions for residential and small business use. The company offers turnkey systems that integrate solar panels, batteries, software, project development, financing, installation, and grid services, enabling homes and small businesses to access clean, affordable, and reliable energy. Electriq's flagship product, the PowerPod 2, is a lithium iron phosphate (LFP) battery storage system designed for seamless integration with rooftop solar installations. The company's innovative business model aims to make solar plus storage accessible to all socio-economic groups, including low- and middle-income communities across the US.
Electriq's solutions have been deployed in various projects, such as partnerships with utilities in Santa Barbara and Puerto Rico. The company's technology stack is designed to balance customer energy needs, resiliency, and grid services, enabling participation in programs like California's Demand Side Grid Support (DSGS) program.
In November 2022, Electriq announced a definitive merger agreement with TLG Acquisition One Corp., a special purpose acquisition company (SPAC), valuing Electriq at a pro forma pre-money equity value of USD 495 million. The merger, completed in August 2023, resulted in the combined entity, Electriq Power Holdings Inc., trading on the New York Stock Exchange under the ticker symbol ELIQ.
Additionally, Electriq secured an estimated USD 300 million financing agreement with a major US clean energy company in March 2023. This multi-year deal aims to fund the deployment of Electriq's Sustainable Community Networks (SCNs) program, which facilitates the installation of solar plus storage systems in California over the next 30 months, with potential joint operations for grid services over 25 years.
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