Electriq Partners with the City of Carpinteria to Provide Affordable Solar + Storage to Residents

Rhea-AI Summary

Electriq Power announces new program with City of Carpinteria to provide affordable solar + storage solutions to residents with zero up-front costs

Positive

• Residents in Carpinteria, CA will have access to turnkey solar + storage solutions with no up-front costs
• By installing a solar + storage solution, residents can protect themselves from rising utility rates and have backup power during outages

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• None.

New Agreement Offers Residents Solar+Storage with Zero Up-Front Costs

WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- Electriq Power (NYSE:ELIQ), a provider of intelligent energy storage and management systems for homes and small businesses, announced a new program with the City of Carpinteria, CA, to provide affordable and sustainable solar + storage solutions to residents with zero up-front costs, no matter their socioeconomic status.

Through the program’s City-vetted Power Purchase Agreement (PPA), called the PoweredUP Network, all Carpinteria homeowners, regardless of means, will have access to a turnkey, distributed home energy solution, including smart battery storage. By installing a solar + storage solution through the PoweredUp Network, residents can help protect themselves and their homes from rising utility rates and be prepared with backup power during utility power outages, all while helping the City of Carpinteria hit its renewable goals.

“The City identified distributed energy resources in its Strategic Energy Plan as an important strategy for local energy resiliency and reliance,” said Erin Maker, Environmental Program Manager with City of Carpinteria. “By introducing Electriq's PoweredUp Network to Carpinteria, we are not only achieving our key objectives of bolstering local renewable energy generation and storage, but also granting our residents access to leading-edge solar power and battery storage systems without any initial expenses. This marks a significant step towards reducing reliance on the local electric distribution system as well as enhancing electricity reliability during power outages."

Electriq’s PoweredUP Network offers turnkey energy solutions that include everything needed for home energy independence – solar panels, batteries, software, project development, financing, installation, and grid services – with no up-front costs. These systems are available to homeowners in select geographic locations, regardless of income or credit history, including low- and moderate-income households. No credit checks or property liens are required.

"We are delighted to partner with the City of Carpinteria to ensure every homeowner has equal access to sustainable and resilient energy, regardless of their income," said Frank Magnotti, CEO of Electriq Power. "Energy resiliency is of paramount importance in areas like Carpinteria, where being at the end of the line for utilities exposes residents to both planned and unplanned electrical outages. Electriq’s all-encompassing solar plus storage solutions offer Carpinteria households the peace of mind they seek and the cost-effective energy they desire, all without any upfront expenses."

By connecting organizations, companies, municipalities, and local homeowners into sustainable community networks (SCNs), Electriq is enabling 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) is a residential energy management company that enables the delivery of reliable, renewable energy that is accessible for all. Founded in 2014 in Silicon Valley, Electriq’s solutions deliver always-available, low-cost clean energy, even during intermittent outages and inclement weather. Together with its partner cities, municipalities, and utilities, Electriq builds Sustainable Community Networks (SCNs) to provide constituents with a path to sustainable and resilient sources of energy, regardless of income levels. For more information on the company, visit www.electriqpower.com and follow the company on LinkedIn and Twitter.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “scheduled,” “seek,” “should,” “will,” “would” or similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on the beliefs and assumptions of the management of Electriq. Although Electriq believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, Electriq cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the ability of Electriq to: execute its business strategy, including expansions in new geographies; continue to develop new energy storage systems and software-enabled services to meet constantly evolving customer demands; develop, design, and sell products and services that are differentiated from those of competitors; meet future liquidity requirements; maintain the listing on, or the delisting of Electriq’s securities from the NYSE and NYSE American or an inability to have our securities listed on the NYSE, NYSE American or another national securities exchange; and successfully deploy the proceeds from the merger. These forward-looking statements are not guarantees of performance. You should understand that these statements are affected by factors set forth in Electriq’s filings with the SEC, including but not limited to those described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the definitive Joint Proxy Statement/Consent Solicitation Statement/Prospectus filed with the Securities and Exchange Commission (the “SEC”) on July 12, 2023, and in its other filings made with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Electriq assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Electriq does not give any assurance that it will achieve its expectations.

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Source: Electriq Power Inc.