New partnership with TEC helps nearly 400,000
residents gain access to solar + battery storage systems
Electriq Power Holdings, Inc. (“Electriq”) (NYSE:ELIQ), a
trusted provider of intelligent energy storage and management
solutions for homes and small businesses, announced today that it
has formalized its partnership with The Energy Coalition (TEC) to
offer a Sustainable Community Networks (SCN) program within TEC’s
Advanced Energy Community, and adjacent municipalities in Los
Angeles County’s San Gabriel Valley area.
Through the Sustainable Community Networks program, known as
PoweredUp Network, Electriq offers zero-upfront cost solar +
battery storage systems to qualifying homeowners. There are no
income, credit or property lien requirements, making it ideal for
low-to-moderate income residents to gain access to reliable,
affordable, clean energy. The systems can also lower electricity
costs up to 20%, stabilize electric costs by avoiding periods of
peak pricing, and provide backup power during power outages.
Electriq is set to launch the PoweredUp Network program to
consumers by the end of Q1 2024. Roughly 400,000 residents across
10 communities are expected to be able to take advantage of the
program. Participating areas include:
- Bassett
- Avocado Heights
- Valinda
- West Puente Valley
- El Monte
- South El Monte
- City of Industry
- La Puente
- West Covina
- Baldwin Park
“Our vision is to make reliable, affordable, clean energy
available to everyone, regardless of means, and our partners share
this view, which is why our programs are rapidly growing,” said
Frank Magnotti, CEO of Electriq Power. “We’re making systems
affordable and partnering with organizations like TEC to show
consumers that we’re here to help make a difference.”
TEC, based in Irvine, Calif., is a non-profit 501(c)(3)
statewide organization that works with low-to-moderate income
communities to make clean energy accessible. The organization was
instrumental in the development of the Bassett Avocado Heights
Advanced Energy Community (BAAEC), which is set to help
single-family homeowners gain access to solar + battery storage
systems for free. The partnership grows the grant-funded Advanced
Energy Community, increasing the number of families that get
protection against increasing utility bills and making their homes
more resilient.
“At TEC, we are committed to breaking down barriers and
increasing access and affordability to local clean energy. This
partnership is aligned with our mission to help communities most in
need,” said Genaro Bugarin, Director of Energy Innovation at TEC.
“We are excited to launch this program and look forward to working
with Electriq.”
Electriq SCN programs have been growing in popularity, largely
driven by homeowners increasingly seeking to lower electricity
costs and create energy resiliency. In California, residential
electric rate increases have ranged between 34% to 82% across the
three major investor-owned utilities since 2014, according to the
U.S. Energy Information Administration, and power outages continue
to impact the state, caused by severe weather and increased demand
on the electrical grid.
Solar + battery storage systems help protect homeowners against
economic uncertainties from inflation, rising fuel prices, and
utility rate increases. With these systems, homeowners can reduce
electricity costs. Additionally, stored energy in the battery
system can be used during peak demand periods when utility rates
are high, to lower costs or keep the lights on during a power
outage.
By connecting organizations, companies, municipalities, and
local homeowners through Sustainable Community Networks, Electriq
is fostering a shared vision of making the planet a better place.
Through these collaborations, as well as by providing a
comprehensive solution portfolio, Electriq’s PoweredUp Network
makes it possible to deliver complete, clean, affordable, and
resilient energy to all homeowners.
About Electriq Power
Electriq (NYSE:ELIQ), founded in 2014 in the San Francisco Bay
Area, provides turnkey intelligent energy storage and management
solutions for homes and small businesses. Electriq’s solutions
deliver always-available, low-cost clean energy, even during
intermittent outages and inclement weather. Those solutions enable
cities, municipalities, and utilities to provide their constituents
with a path to sustainable and resilient sources of energy,
regardless of socio-economic status. For more information, visit
www.electriqpower.com.
About The Energy Coalition
The Energy Coalition (TEC) is a California-based 501(c)3
nonprofit with almost 50 years of experience designing and
implementing strategies that transform energy use, generate capital
and inspire people to take responsible energy actions. By bringing
ideas, technology, and expertise to public agencies, businesses,
educators, and more, TEC is creating the building blocks for a new
energy economy. TEC focuses on the following four core service
areas: Program Design & Implementation, Education &
Workforce Development, Marketing, Outreach & Engagement, and
Policy Leadership & Planning. Learn more at
energycoalition.org.
Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements concern expectations,
beliefs, plans, strategies, anticipated events or trends and
similar expressions concerning matters that are not historical
facts. Forward-looking statements in this press release include
statements regarding: (i) the benefits of solar energy and battery
storage systems, including lower energy costs, protection against
economic uncertainties and the amount homeowners can save on
electricity, (ii) the timing, availability and accessibility of the
PoweredUp Network, its benefits and the number of eligible
participants, (iii) the continuation of power outages and
electricity rate increases , (iv) expectations regarding our SCN
programs, including the demand, timing, growth, popularity, goals,
benefits and its availability, and (v) beliefs regarding our
PoweredUp Network’s benefits and its ability to deliver complete,
clean, affordable and resilient energy to all homeowners. These
forward-looking statements reflect our current views about future
events and involve assumptions which may be affected by risks and
uncertainties in our business, as well as other external factors,
which could cause future results to materially differ from those
expressed or implied in any forward-looking statement. For a more
detailed discussion of the risks and uncertainties applicable to
Electriq, please see the risk factors described in Electriq’s
filings with the Securities and Exchange Commission (“SEC”),
including, but not limited to, Electriq’s quarterly report on Form
10-Q (as amended) for the quarter ended September 30, 2023, and
other reports filed from time to time with the SEC. Any
forward-looking statement made by Electriq in this press release
speaks only as of the date on which it is made. Electriq undertakes
no obligation to update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except
as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240130368054/en/
Media enquiries for Electriq: media@electriqpower.com
Media enquiries for TEC: mlaverty@energycoalition.org
Investor enquiries for Electriq: ir@electriqpower.com
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