Electriq Power Announces New Partnership with The Energy Coalition to Form Sustainable Community Networks in Los Angeles County Under the PoweredUp Network Program

Rhea-AI Summary

Electriq Power Holdings, Inc. (NYSE:ELIQ) has announced a partnership with The Energy Coalition (TEC) to offer a Sustainable Community Networks (SCN) program, providing zero-upfront cost solar + battery storage systems to low-to-moderate income residents in Los Angeles County. The program aims to lower electricity costs, stabilize electric costs, and provide backup power during outages. Roughly 400,000 residents across 10 communities are expected to benefit from the program by the end of Q1 2024.

Insights

Energy Market Analyst

The partnership between Electriq Power Holdings, Inc. and The Energy Coalition to offer solar + battery storage systems represents a significant development in the renewable energy sector. This initiative is likely to have a positive impact on Electriq's market position by expanding its customer base and potentially increasing its revenue streams. The focus on affordability and accessibility, especially for low-to-moderate income residents, aligns with broader industry trends toward democratizing clean energy.

The potential reduction in electricity costs by up to 20% and the provision of backup power during outages are key selling points that could drive consumer adoption. For investors, this may translate to enhanced shareholder value as Electriq leverages the growing demand for energy resiliency amidst rising utility rates. However, the success of the program hinges on its execution and the actual cost savings delivered to consumers.

Furthermore, the initiative could serve as a model for other regions, potentially opening up new markets for Electriq. The company's strategic partnership with a non-profit like TEC also enhances its corporate social responsibility profile, which can be favorable in attracting impact investors and customers who prioritize environmental, social and governance (ESG) criteria.

Financial Analyst

From a financial perspective, Electriq's announcement of the PoweredUp Network program could be a catalyst for its stock performance on the NYSE. The anticipation of the program's launch by the end of Q1 2024 may lead to increased investor interest, particularly as the market responds to forward-looking growth initiatives.

Given the zero-upfront cost model, it is important to scrutinize the long-term profitability of the program. The deferred revenue from these systems and the financing mechanisms will be critical factors in assessing the financial health of Electriq. Furthermore, the program's ability to scale and maintain cost efficiencies will be essential in evaluating its contribution to the company's bottom line.

Investors will also be watching closely for the program's adoption rates and customer satisfaction levels, as these will be indicators of the program's viability and potential for replication in other communities. The program's impact on reducing churn and enhancing brand loyalty could also be significant for Electriq's market valuation.

Sustainability Expert

The partnership's emphasis on expanding access to renewable energy technologies is a pivotal step towards sustainability. By targeting communities that are often overlooked, Electriq and TEC are addressing energy equity issues, contributing to social and environmental sustainability goals.

The environmental benefits of widespread adoption of solar + battery storage systems include reduced reliance on fossil fuels and decreased greenhouse gas emissions. This could play a role in meeting state and federal renewable energy targets and contribute to the broader societal shift towards clean energy.

However, while the initiative is commendable, it is essential to consider the lifecycle environmental impact of these systems, including battery production and end-of-life disposal. Electriq's approach to these concerns will be critical in evaluating the full sustainability impact of the program.

New partnership with TEC helps nearly 400,000 residents gain access to solar + battery storage systems

WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- 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.

View source 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

Source: Electriq Power Inc.

FAQ

What is the partnership announced by Electriq Power Holdings, Inc. (ELIQ)?

Electriq Power Holdings, Inc. (NYSE:ELIQ) has announced a partnership with The Energy Coalition (TEC) to offer a Sustainable Community Networks (SCN) program, providing zero-upfront cost solar + battery storage systems to low-to-moderate income residents in Los Angeles County.

What are the benefits of the Sustainable Community Networks program by Electriq Power Holdings, Inc. (ELIQ)?

The program aims to lower electricity costs, stabilize electric costs, and provide backup power during outages for low-to-moderate income residents in Los Angeles County.

How many residents are expected to benefit from the program announced by Electriq Power Holdings, Inc. (ELIQ)?

Roughly 400,000 residents across 10 communities in Los Angeles County are expected to benefit from the program by the end of Q1 2024.

Who is The Energy Coalition (TEC) and what is their role in the partnership with Electriq Power Holdings, Inc. (ELIQ)?

The Energy Coalition (TEC) is a non-profit 501(c)(3) statewide organization that works with low-to-moderate income communities to make clean energy accessible. TEC partners with Electriq to offer the Sustainable Community Networks (SCN) program.

What are the financial benefits of the partnership between Electriq Power Holdings, Inc. (ELIQ) and The Energy Coalition (TEC)?

The partnership aims to provide zero-upfront cost solar + battery storage systems to low-to-moderate income residents, helping to lower electricity costs, stabilize electric costs, and provide backup power during outages.