Electriq Power secures US$300m financiing for solar and energy storage projects

Electriq Power has signed a multi-year agreement with a clean-energy company in the US to offer intelligent energy storage and management for homes and small businesses. The agreement is valued at over US$300 million and is expected to last for 30 months. It is based on projected sales volumes, system size, and pricing in the agreement, and the companies will provide joint operations over 25 years, including grid services. The funding will be used to implement Sustainable Community Networks (SCNs) throughout California, enabling the creation of a shared vision of making the planet a better place.

Electriq Power's energy systems include everything required for home energy independence, such as solar panels, batteries, software, project development, financing, installation, and grid services, with no upfront costs. The company offers its energy systems to homeowners in select areas, regardless of income or credit history, including low- and moderate-income households. By creating Sustainable Community Networks, Electriq Power enables the connection of organizations, companies, cities, municipalities, and their local homeowners to provide complete, clean, affordable, and resilient energy to all homeowners. The company's comprehensive solution, which includes home storage systems in addition to solar, is expected to play a significant role in post-NEM 3 deployments, allowing customers to store energy generated by solar panels and use it during power outages or when utility rates are high.

The growing demand for solar and energy storage solutions, driven by rising utility rates, increasing occurrences of power outages, and growing customer interest in decarbonization, is fueling the market growth. Solar installations are expected to grow at a rate of 15% per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA).