Electriq Power announced last week that it raised over $10 million in incremental funding, led by a co-investment vehicle managed by Greensoil PropTech Ventures, to aid the company’s rapid expansion. The main capital provider in the co-investment vehicle is the indirect investment business of Grosvenor Group, the privately owned international property company.
Greensoil PropTech Ventures is a leading Toronto-based venture capital firm that invests in technology companies helping to decarbonize the built environment. Greensoil has been the largest investor in Electriq since 2018 and brought the current financing together through their network of real estate limited partners.
Electriq Power will use the additional funding to further enable the expansion of its existing operations and to accelerate the roll-out of its industry-leading PowerPod 2 residential battery system. Specifically, the company will look to:
- Accelerate partnerships with distribution partners, like the one announced earlier this year to supply home energy storage systems throughout North America and the Caribbean.
- Deliver on the PowerPod 2 sales and installation agreement recently signed with the Caribbean Utilities Company in Grand Cayman.
- Deploy the PowerPod 2 through Parlier Home Solar to provide storage systems to residents of Parlier, California, demonstrating Electriq’s commitment to removing the cost barrier to sustainable energy solutions.
- Pursue further opportunities to deploy its PowerPod 2 to homeowners at any income level.
- Continue investment in its supply chain network to ensure the ability to meet the growing demand for its systems.
Electriq’s flagship product is the PowerPod 2 home battery system. The PowerPod 2 was announced in November 2020 as an upgrade to the company’s original energy storage system, the PowerPod. The PowerPod 2 includes a cobalt-free Lithium-Iron-Phosphate (LFP) battery, hybrid battery/solar inverter, home energy management system, and an energy consumption meter. The system offers resilient and responsive backup power, as well as a smart home energy software app to manage electricity use and optimize efficiency. Compared to the original PowerPod, the PowerPod 2 provides more power, improved power output, and is available in both AC and DC versions.
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