Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, announced it has entered into a financing agreement with a clean-energy company.
As per the agreement, it has secured $300 million in financing over 30 months to support implementing Sustainable Community Networks (SCNs) throughout California.
Electriq Power provides energy solutions that enable homeowners to achieve energy independence with solar panels, batteries, software, and other services. Electriq Power also connects homeowners with other stakeholders to form Sustainable Community Networks that share clean energy and support the grid.
The demand for solar and energy storage solutions is increasing due to high utility rates, frequent power outages, and customer preferences for low-carbon energy sources.
Solar installations are projected to grow 15 percent per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA). According to the company, their solutions, which include home storage systems in addition to solar, will play a role in post-NEM 3 deployments, allowing customers to store energy generated by the solar panels and use it when utility rates are high or during power outages.
“This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California. We are excited to join forces with a major U.S. clean-energy company that brings together finance and technology, to provide customers with an all-in-one solution for powering their carbon-neutral homes, and to continue our efforts in delivering SCN’s across California. 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”, said Frank Magnotti, Chief Executive Officer Electriq Power.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency, total corporate funding in the energy storage sector was up 55% with $26.4 billion in 2022 (highest in a year), compared to $17 billion in 2021.