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 will launch 10 new Sustainable Community Networks (SCN) in municipalities in Los Angeles County under one contract.
Through the Sustainable Community Networks program, known as PoweredUp Network, Electriq offers zero-upfront cost solar + battery storage systems to qualifying homeowners. There is no income, credit or property lien requirements, making it ideal for low-to-moderate income residents to gain access to clean, reliable affordable 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 the 10 communities will be able to take advantage of the program.
“Our vision is to make reliable, affordable, clean energy available to everyone, regardless of means, which is why our programs are rapidly growing,” said Frank Magnotti, CEO of Electriq Power. “Our program is great for low-to-moderate income households because it gives them the ability to install solar + storage because we’ve removed those financial barriers.”
Electriq’s 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.
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.
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 and its benefits, (iii) the continuation of power outages, electrical rate increases and demand on the electrical grid, (iv) expectations regarding our SCN programs, including the demand, timing, growth, popularity, goals, benefits and its availability, (v) beliefs regarding our PowerUp Network’s ability to deliver complete, clean, affordable and resilient energy to all homeowners and (vi) beliefs regarding the success of our SCN programs. 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 filed with the SEC on November 14, 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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