Electriq Power Secures $300 Million for Solar+Storage Financing

Silicon Valley-based Electriq Power which provides intelligent energy storage and management for households and small businesses, has announced that it has entered into a multi-year agreement with a major US clean-energy company for financing purposes. The provider company provides a platform that designs, proposes and finances solar and storage projects nationwide.

Electriq Power said that the financing will be greater than $300 million over 30 months. It will be based on expected sales volumes, system size, and pricing contained in the agreement. The companies will jointly provide operations including potential grid services over 25 years.

Electriq Power also holds that the financing will support the implementation of Sustainable Community Networks (SCNs) throughout California.

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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. Its energy systems are available to homeowners in select geographic locations, regardless of income or credit history, including low- and moderate-income households.

Credit checks or property liens are not required by Electriq Power. By connecting organizations, companies, cities and municipalities, and their local homeowners into Sustainable Community Networks, Electriq Power is enabling a shared vision of making the planet a better place.

Solar installations are projected to grow 15 per cent per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA).

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Frank Magnotti, CEO, Electriq Power, said, “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.”