Electriq Power CEO Frank Magnotti to Present at M-Vest LLC and Maxim Group LLC Inaugural Emerging Growth Virtual Conference
March 17, 2021
PARLIER, Calif., March 22, 2021 (GLOBE NEWSWIRE) — Electriq Power (“Electriq”), a developer of intelligent and integrated home energy storage, management, and monitoring solutions, today announced that Parlier Home Solar selected the company to provide full programmatic development and financing for the City of Parlier, California’s new Home Solar and Energy Efficiency Program. Electriq’s industry-leading energy storage solution, the PowerPod 2, will be the exclusive intelligent home battery used by the program.
Through the program’s City Council-approved Power Purchase Agreement, virtually all of Parlier’s more than 4,000 homeowners, regardless of means, will have access to a solar power system equipped with an Electriq PowerPod storage system, thus helping achieve the program’s key goal of accelerating the community’s transition to sustainable, resilient, and carbon-free electricity.
The Electriq PowerPod 2 comes standard with a sophisticated cloud-based power management system, empowering Parlier’s homeowners to avoid utility peak pricing and potential future energy price escalation, and, critically, benefit from energy resilience during increasingly common Public Safety Power Shutoff events. Standard solar power systems without batteries do not operate during such grid shutdowns.
The solar, batteries, and energy efficiency equipment installed at each home are anticipated to offset 100% of current electricity consumption, providing immediate savings over annual utility costs via a uniquely structured agreement that ensures a predictable energy price for the next 20 years. As the community benefits from locally generated, zero-carbon energy, the grid will benefit from the PowerPod 2’s seamless integration and interventional controls, which alert the battery to instantaneously take or schedule an action.
The program is also bringing new, highly skilled jobs to the Parlier area. Electriq Power is working closely with the municipality, and is buying in bulk to reduce prices and take advantage of the volatile market for high-demand equipment such as solar panels, racking, and accessories. The program is available to homeowners regardless of individual credit scores and with no out-of-pocket or up-front costs, with contracts written in the customer’s favor. Interested homeowners can sign up with Parlier Home Solar via the city’s website. Renters can also sign up with their landlord’s approval.
Frank Magnotti, CEO of Electriq Power, said, “We are pleased to have this opportunity to provide all Parlier homeowners at any income level with our energy storage solution. At Electriq Power, we believe that access to energy efficiency should not be limited due to financial constraints—rather, it should be accessible to anyone who needs it and sees its value in both savings and contributing to a greener environment. We look forward to supporting similar programs to come.”
