Electriq Power’s Intelligent Energy Storage & Operational Software Compatible with California’s Demand Side Grid Support Program

Rhea-AI Summary

Electriq Power Holdings, Inc. (ELIQ) announces compatibility of its PowerPod 2 battery storage system with California's new Demand Side Grid Support (DSGS) program, allowing homeowners to earn money by discharging excess energy to stabilize the grid. The system was successfully tested during the 2023 DSGS program period, and owners can now participate in the virtual power plant (VPP) program using Electriq's proprietary software.

Positive

• The compatibility with California's DSGS program opens up a new revenue stream for homeowners using Electriq's PowerPod 2 system, potentially driving increased adoption and sales for the company.

Negative

• None.

Technology can help stabilize the electrical grid, while allowing homeowners to earn money

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 its battery storage system, the PowerPod 2 and proprietary operational software, is compatible with California’s new Demand Side Grid Support (DSGS) program.

Electriq Power PowerPod 2 Solar Battery Storage System (Photo: Business Wire)

DSGS is a California statewide program introduced by the California Energy Commission. It incentivizes owners of distributed energy resources (DERs), such as battery storage systems, to discharge excess energy to the grid and help stabilize it during periods of high demand. The discharged energy helps prevent wide-spread power outages, allowing essential community resources, such as banks, grocery stores and gas stations to operate without disruption, and helps families stay safe and comfortable in their homes.

Electriq’s system was recently tested during the 2023 DSGS program period, during which the PowerPod 2 systems currently in the field were called upon to provide support and successfully completed the test.

Owners of the PowerPod 2 can begin earning money using their battery storage system through the new virtual power plant (VPP) program. With Electriq’s proprietary software, owners have the capability to ensure they’re optimizing their stored energy to achieve the energy resilience goals they desire — from retaining sufficient backup power and utilizing stored energy during peak electric rates, to participating in grid services programs.

“Electriq continues to develop our software technology, designed to balance the complex and dynamic needs of customer bill management, customer resiliency, and grid resiliency as it relates to how solar energy is stored and discharged in a post NEM 2.0 world,” said Frank Magnotti, Electriq’s Chief Executive Office. “Achieving this balance is not an easy undertaking, and it requires the right mix of technology and expertise to ensure the effective optimization of both customer and grid needs. We will continue to innovate with a dedicated focus on becoming a leader in the industry in this regard.”

Electriq has Sustainable Community Networks programs under the PoweredUp brand with a number of municipalities in California and Connecticut. These programs allow homeowners to install solar + battery storage systems in their homes at zero upfront costs, breaking down entry barriers to clean energy. There is no income, FICO score or property lien requirement to participate, allowing all households, regardless of social class, to participate. The Sustainable Community Networks program will be essential as utilities begin to rely more heavily on distributed energy resources.

About Electriq

Electriq (NYSE:ELIQ), founded in 2014 in Silicon Valley, 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 continued growth, expansion and success of our SCNs, (ii) the affordability and accessibility of clean energy (iii) the benefits of clean energy, including lower costs and improvement of financial position, (iv) expectations regarding energy needs and consumption, including the need for excess energy by grids, (v) the availability of grid services programs and (vi) and continued compatibility with the DSGS. 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 registration statement on Form S-4 filed with the SEC on July 10, 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/20231109044114/en/

Media enquiries for Electriq: media@electriqpower.com

Source: Electriq Power Inc.

FAQ

What is the DSGS program and how does it benefit homeowners using Electriq's PowerPod 2 system (ELIQ)?

The DSGS program incentivizes owners of distributed energy resources to discharge excess energy to the grid, allowing them to earn money and help stabilize the grid during high demand periods.

How does Electriq's proprietary software enhance the capabilities of the PowerPod 2 system (ELIQ)?

Electriq's software allows owners to optimize stored energy for their desired energy resilience goals, from backup power to participating in grid services programs.

What are the eligibility requirements for homeowners to participate in Electriq's Sustainable Community Networks programs (ELIQ)?

There are no income, FICO score, or property lien requirements, allowing all households to participate regardless of social class.

What is the potential impact of the compatibility with DSGS program on Electriq's (ELIQ) stock performance?

The new revenue stream and increased adoption of PowerPod 2 systems could positively impact the company's sales and financial performance.