- A transaction that could be worth more than $300 million has been obtained by Electric Power.
- Electriq Power seek to merge their businesses for TLG Power to become publicly traded.
A transaction that could be worth more than $300 million has been obtained by Electric Power, a US company that offers battery storage solutions for residential and small business customers. The business creates and produces the Power Pod 2 lithium-ion storage system, which uses lithium iron phosphate (LFP) batteries. Electriq Power claimed in September of last year that their fleet of battery systems had contributed to keeping the lights on during heatwaves when California’s CAISO grid was under stress from heavy peak demand.
An undisclosed “large US sustainable energy financing company” with a platform for solar PV and energy storage design, proposal, and financing across the nation is the source of the new cash. Based on the parameters of the agreement, which involve a significant number of customer installations and a 25-year joint operations partnership, the value granted for the 30-month contract is projected to be more than US$300 million. The agreement might include a grid services provision. The statement is made as TLG Acquisition One Corp. and Electriq Power seek to merge their businesses in order for TLG Power to become publicly traded.
In addition to the Power Pod 2, Electriq Power provides free upfront complete turnkey solar PV and storage systems. The packages come with solar PV and battery hardware, software, project planning, funding, installation, and, if necessary, enrolment in grid services. In addition to the anticipated growth of the US clean energy market as a result of the incentives provided by the Inflation Reduction Act, Electriq Power said that the introduction of California’s Net Energy Metering (NEM) 3.0 laws will strengthen its business case.