- Electric Power, a US provider of battery storage solutions for residential and small business customers, has secured a deal that could be worth more than US$300 million.
- The announcement comes as Electriq Power prepares to go publicly listed through a business combination with special purpose acquisition company (SPAC) TLG Acquisition One Corp.
Electric Power, a US provider of battery storage solutions for residential and small business customers, has secured a deal that could be worth more than US$300 million. The company designs and manufactures a lithium iron phosphate (LFP) lithium-ion battery storage system, Power Pod 2. Last September, Electriq Power said that its fleet of battery systems played a role in helping keep lights on during heatwaves as California’s CAISO grid strained to deal with high peak demand.
The fresh funding has come from an unnamed “major US clean energy financing company” with a platform for solar PV and energy storage design, proposal, and financing across the country. The value given for the 30-month deal is estimated at more than US$300 million, based on the agreement’s terms covering a large number of customer installations and a 25-year joint operations partnership. The deal could encompass a grid services offering. The announcement comes as Electriq Power prepares to go publicly listed through a business combination with special purpose acquisition company (SPAC) TLG Acquisition One Corp.
In addition to the Power Pod 2, Electriq Power offers full turnkey solar PV and storage solutions at no upfront cost. The packages include solar PV and battery equipment, software, project development, financing, installation and enrolment in grid services where applicable. Electriq Power said its business case would be boosted by introducing California’s Net Energy Metering (NEM) 3.0 regulations, along with the expected uplift to the US clean energy market due to the Inflation Reduction Act’s incentives.
Source: Energy Storage News