Electriq Power secures $300M to deploy solar + storage in California with ‘major U.S. clean energy company’
Energy storage system integrator Electriq Power signed a multi-year agreement with a “major U.S. clean-energy company,” for more than than $300 million in financing to fund projects in California over the next 30 months, according to the company.
The provider company, founded by one of the largest investors in clean energy infrastructure, provides a platform that designs, proposes and finances solar and storage projects nationwide. The companies will jointly provide operations including potential grid services over 25 years.
“This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California,” said Frank Magnotti, CEO of Electriq Power. “Our provider’s expertise in the energy sector and their software platform will enable us to jointly provide potential grid services and expand access to more communities. This agreement is a win for cities and municipalities throughout California and, most importantly, for their residents.”
The financing will support the implementation of Electriq’s new Sustainable Community Networks (SCNs) program that fosters collaborations to connect organizations, companies, cities, and municipalities with their local homeowners, in addition to providing a comprehensive solution portfolio.
Electriq Power offers turnkey energy solutions that include everything needed for home energy independence – solar panels, batteries, software, project development, financing, installation and grid services – all with zero upfront costs.
Electriq’s energy systems are available to homeowners in select geographic locations, regardless of income or credit history, via a lease agreement. The Electriq SCN lease model is often a good deal for low- and moderate-income households looking to add solar + storage. It is also a good deal for homeowners in California looking to navigate the new rules under NEM 3.0.
Electriq Power announced in November 2022 that it is being acquired by TLG Acquisition One Corp., a publicly traded special purpose acquisition company, and is going public. The transaction is expected to close during the first half of 2023, the combined company will operate under the name Electriq Power Holdings Inc. and will be led by existing Electriq management with Mike Lawrie joining the board as Chairman.
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