Electriq Power’s proven technology platform and business model enables increased uptake of solar plus storage for customers across all demographic groups.

Electriq Power, Inc. ("Electriq Power"), a provider of intelligent energy storage and management for homes and small businesses, and TLG Acquisition One Corp.("TLGA"), a publicly traded special purpose acquisition company, today announced the completion of their previously announced merger. The combined company will operate as Electriq Power Holdings, Inc. ("Electriq") and its common stock and warrants will start trading today on the New York Stock Exchange and NYSE American, respectively, under the ticker symbols "ELIQ" and "ELIQ WS," respectively.

"With utilities shifting towards time of use billing, batteries and software play a critical role as part of the technology platform," said Frank Magnotti, Chief Executive Officer of Electriq. "Our technology stack is designed to meet the needs of this new environment and enables us to deliver across key value chains including consumer, installer, fleet management and grid services. The combination of leading technology with a business model that aligns with all our key stakeholders and now the capabilities of a public company, means Electriq has important tools to improve its growth as it works to deliver shareholder value."

The transaction (including pre-closing financings) generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions and non-redemptions, in addition to the previously announced project equity financing in excess of $300 million that was secured prior to the transaction.

"We are excited to have completed the merger between Electriq Power and TLGA and look forward to enabling more communities to gain access to clean, affordable and reliable energy," said Mike Lawrie, Chief Executive Officer of TLGA prior to the merger and who will be Chairman of Electriq's board. "The capabilities of Electriq's innovative residential energy storage and management platform, combined with ever increasing demand for distributed clean energy solutions, offers exciting new growth and opportunities ahead for all our stakeholders."

Advisors

The Duff & Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA. Gibson, Dunn & Crutcher LLP acted as legal counsel to TLGA. Ellenoff Grossman & Schole LLP acted as legal counsel to Electriq Power.

About Electriq

Electriq, 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.