Many new investors and oversubscribed funding round highlight increasing demand for company’s residential energy storage system
Electriq Power ("Electriq"), a developer of intelligent and integrated home energy storage, management, and monitoring solutions, announced today that it has secured US$3 million in a new equity round. The raise, which came from 11 new investors who provided between $100,000 and $1 million each, far exceeds the original goal of $1.5 million that the company had been seeking.
The primary use of funds will be to expand operations, mainly product development and deployment services for its industry-leading PowerPod residential battery system. The company is developing and implementing a range of new product features, including expanded battery options to include lithium iron phosphate; improved software capabilities for web and mobile devices; and enhancing fleet management features. Electriq is also building a state-of-the-art network operating center for proactive fleet-wide monitoring, maintenance, and grid services.
The company was also recently approved for UL9540 system level storage certification in three factories: two in the U.S. and one in China. This certification paves the way for system sales in every market throughout the U.S. The funding comes amid growing demand for home battery solutions. Despite current conditions, Electriq's supply chains continue to run at full capacity.
"We are pleased to receive this vote of confidence from so many new investors, especially during this uncertain time," said Frank Magnotti, CEO of Electriq Power. "We are grateful that our PowerPod system has proven to be a reliable home energy asset during this crisis. Interest in our solutions has risen steeply as more people work from home and see the necessity of resilient home power."
The Electriq PowerPod system includes a battery, hybrid battery/solar inverter, home energy management system, and an energy meter. The PowerPod system offers backup power as well as a smart home energy software, known as Electriq View, to manage electricity use and optimize efficiency. The PowerPod is modular and expandable up to three systems with three battery packs per system, giving installers and homeowners system design flexibility, with up to 16.5 kW of power and 102 kWh of battery storage.
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 and assembles fully integrated energy management and storage solutions for homes and small businesses around the country. The company has systems deployed 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 email@example.com.