Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, announced the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined company will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.”
The transaction (including pre-closing financing) generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions. Proceeds will be used to facilitate deployments of Electriq’s highly differentiated, end-to-end residential and small business energy storage and management solution.
“The capabilities of Electriq’s innovative residential energy storage and management platform, combined with the ever-increasing demand for distributed clean energy solutions, offers exciting new growth and opportunities ahead for all our stakeholders,” said Mike Lawrie, Chief Executive Officer of TLGA prior to the merger and who will be Chairman of Electriq’s board.
Electriq Power entered into a financing agreement with a clean-energy company earlier this year and secured $300 million in financing over 30 months to support implementing Sustainable Community Networks (SCNs) throughout California.
“With utilities shifting towards the time of use, billing, batteries, and software play a critical role as part of the technology platform,” said Frank Magnotti, Chief Executive Officer of Electriq. “Our technology stack is designed to meet the needs of this new environment and enables us to deliver across key value chains, including consumer, installer, fleet management, and grid services”.
The Duff & Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA. Gibson, Dunn & Crutcher LLP acted as legal counsel to TLGA. Ellenoff Grossman & Schole LLP acted as legal counsel to Electriq Power.
Recently, Sakuu Corporation, a provider of solid-state battery solutions, entered into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the combined company at an enterprise value of $705 million.