Electriq Power Continues Growth with New Sustainable Community Networks Partnership in California

Program will help Apple Valley homeowners lower electricity costs and prepare for power outages

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 partnered with the Town of Apple Valley, California, to launch a new Sustainable Community Networks ("SCN") program, known to homeowners as PoweredUp Apple Valley. PoweredUp Apple Valley will allow homeowners, regardless of socio-economic status, access to home solar + battery storage solutions, which will help lower electricity costs and provide reliable backup power during utility outages.


The PoweredUp Apple Valley program, which was unanimously approved during a recent town council meeting, will be available to more than 17,000 single-family homes in the Apple Valley area. The program offers homeowners zero-upfront-cost solar + battery storage systems, making it accessible to households regardless of income status. Participation requires no income, credit score, property lien or upfront deposit. The PoweredUp Apple Valley program is expected to be available to homeowners in the Apple Valley area in early 2024.

PoweredUp Apple Valley is the seventh SCN program that Electriq has launched. Five of the SCN programs are in California, with Apple Valley being the first in eastern California. Earlier this month, Electriq announced its expansion into the New England region with the launch of PoweredUp Derby in Connecticut.

The company's success with SCN programs can be largely attributed to 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. By helping eliminate the barriers to entry, Electriq's SCN programs enable more homeowners to participate and take advantage of the benefits of using solar energy.

"Solar offers many benefits to homeowners, but we have seen all too often that many, especially low-to-moderate-income homeowners, can't afford the upfront cost to purchase and install solar + storage systems," said Frank Magnotti, Chief Executive Officer of Electriq Power. "The goal of these programs is to ensure that anyone can access solar energy. By doing so, we are making it equitable across all income levels, so every homeowner regardless of financial status can benefit."

Solar + battery storage systems help protect homeowners against economic uncertainties from inflation, rising fuel prices, and utility rate increases. With these systems, homeowners can save up to 20% on electricity each year. 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 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.

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