Electriq Power Announces Definitive Agreement with Lilypad Energy

Data Analytics Solutions Provider Increases Electriq Power’s Capabilities for Virtual Power Plants

Electriq Power ("Electriq"), a developer of intelligent and integrated home energy storage, management, and monitoring solutions, announced that it has entered into a definitive agreement with Lilypad Energy, a provider of data analytics solutions for the energy industry focusing on battery energy storage applications. Lilypad Energy will enhance the performance capabilities of Electriq Power's fleet of residential and small commercial battery systems that can be paired with or without solar. Under the agreement, Electriq Power will own the entirety of Lilypad Energy's software and branding rights.

Lilypad Energy's software enables system optimization planning before battery systems are installed at commercial and residential sites. The software provides evaluation capabilities to assess revenue generation opportunities from interventional curtailment for demand response, ancillary services, and other forms of system balancing grid-services, the building blocks for Virtual Power Plants (VPPs). These assessments also provide smaller installation companies an affordable platform to optimize their planning and proposals.

"It's exciting to join Electriq Power, one of the few companies in a position to leverage distributed energy resources as true grid assets," said Henry Meyer, who will join Electriq Power as the head of its newly formed Services Group. "We will focus on accelerating deployments of battery systems to deliver the highest value to the broader energy system." Meyer has previously held roles at ADL Ventures, Navigant Consulting, and Enernoc.

The addition of Lilypad Energy comes amid increased demand for residential energy storage systems in response to California's Public Safety Power Shutoffs (PSPS), a program in which power is preemptively shut down by a utility due to severe weather conditions. "Lilypad Energy will enable accelerated deployments of battery systems and a foundation from which to provide real-time grid services to support utility infrastructure and grid operators across the country," said Frank Magnotti, CEO of Electriq Power. "We continue to build out our vision of increasing value-added services for Virtual Power Plants. We are thrilled to have Henry come aboard and lead our Services Group."
This is the latest development in Electriq Power's expanding operations, following an announcement in early September that the company had entered into a definitive agreement with Emergent Microgrid, a provider of turnkey microgrids.

About Electriq Power
Electriq Power is an energy storage company developing hardware and software solutions for the clean energy market. Based in California, Electriq designs, engineers, assembles, and has deployed fully integrated energy management and storage solutions for homes and small businesses across North America. Electriq Power is dedicated to moving the world to a cleaner and more sustainable energy future. For more information, visit www.electriqpower.com or contact info@electriqpower.com.

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