Electriq Power to Launch 10 New Sustainable Community Networks in California Under the PoweredUp Network Program
10 January 2024 - 11:05PM
Business Wire
Program will help nearly 400,000 residents gain
access to solar + battery storage systems
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
will launch 10 new Sustainable Community Networks (SCN) in
municipalities in Los Angeles County under one contract.
Through the Sustainable Community Networks program, known as
PoweredUp Network, Electriq offers zero-upfront cost solar +
battery storage systems to qualifying homeowners. There is no
income, credit or property lien requirements, making it ideal for
low-to-moderate income residents to gain access to clean, reliable
affordable energy. The systems can also lower electricity costs up
to 20%, stabilize electric costs by avoiding periods of peak
pricing, and provide backup power during power outages.
Electriq is set to launch the PoweredUp Network program to
consumers by the end of Q1’2024. Roughly 400,000 residents across
the 10 communities will be able to take advantage of the
program.
“Our vision is to make reliable, affordable, clean energy
available to everyone, regardless of means, which is why our
programs are rapidly growing,” said Frank Magnotti, CEO of Electriq
Power. “Our program is great for low-to-moderate income households
because it gives them the ability to install solar + storage
because we’ve removed those financial barriers.”
Electriq’s SCN programs have been growing in popularity, largely
driven by 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.
Solar + battery storage systems help protect homeowners against
economic uncertainties from inflation, rising fuel prices, and
utility rate increases. With these systems, homeowners can reduce
electricity costs. 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.
About Electriq Power
Electriq (NYSE:ELIQ), founded in 2014 in the San Francisco Bay
Area, 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 benefits of solar energy and battery
storage systems, including lower energy costs, protection against
economic uncertainties and the amount homeowners can save on
electricity, (ii) the timing, availability and accessibility of the
PoweredUp Network and its benefits, (iii) the continuation of power
outages, electrical rate increases and demand on the electrical
grid, (iv) expectations regarding our SCN programs, including the
demand, timing, growth, popularity, goals, benefits and its
availability, (v) beliefs regarding our PowerUp Network’s ability
to deliver complete, clean, affordable and resilient energy to all
homeowners and (vi) beliefs regarding the success of our SCN
programs. 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 quarterly report on Form 10-Q filed with the SEC on
November 14, 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.
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Media enquiries for Electriq: media@electriqpower.com
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