Electriq Power Secures $300 Million for Solar+ Storage Financing

Mar 17, 2023 11:03 AM ET
  • The funding will certainly support the implementation of Sustainable Community Networks (SCNs) throughout California.
  • The funds realization will be based on expected sales volumes, system size as well as rates.

Silicon Valley-based Electriq Power which gives intelligent energy storage and management for households and small companies, has introduced that it has entered into a multi-year agreement with a major United States clean-energy firm for financing purposes. The provider business gives a platform that creates, suggests as well as finances solar and also storage projects nationwide.

Electriq Power claimed that the funding will certainly be above $300 million over 30 months. It will be based upon anticipated sales volumes, system size, and rates contained in the agreement. The business will collectively give operations including prospective grid services over 25 years.

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

Electriq Power offers turnkey power services that consist of every little thing required for home power independence-- solar panels, batteries, software, project growth, funding, setup as well as grid services-- all with zero upfront costs. Its energy systems are readily available to homeowners in pick geographic areas, despite income or credit report, consisting of reduced- as well as moderate-income households.

Credit checks or home liens are not called for by Electriq Power. By linking companies, business, cities and towns, and their neighborhood house owners right into Sustainable Community Networks, Electriq Power is allowing a shared vision of making the planet a better place.

Solar setups are projected to grow 15 per cent each year, also before the possible influence of rebates, tax credits, and subsidies in the recently passed Inflation Reduction Act (IRA).

Frank Magnotti, CHIEF EXECUTIVE OFFICER, Electriq Power, said, "We are excited to join forces with a major united state clean-energy business that brings together financing and modern technology, to provide clients with an all-in-one solution for powering their carbon-neutral homes, as well as to continue our efforts in delivering SCN's throughout California. Our carrier's competence in the power field and also their software platform will certainly allow us to collectively provide possible grid solutions as well as broaden accessibility to even more communities. This agreement is a win for cities and also municipalities throughout California and, most notably, for their homeowners."

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