Electriq Power Partners with Caribbean Utilities Company to Provide Industry-Leading PowerPod 2 Systems to 10 Grand Cayman Homes Through Residential Battery Storage Project
April 27, 2021Electriq Power CEO Frank Magnotti to Speak at TD Securities Technology and Energy Transition Conference
July 7, 2021
SAN LEANDRO, Calif., June 24, 2021 (GLOBE NEWSWIRE) — Electriq Power, Inc. (“Electriq”), a leading provider of intelligent and integrated home energy storage, management, and monitoring solutions, announced today that it has raised over $10 million in incremental funding. The financing, led by a co-investment vehicle managed by Greensoil PropTech Ventures (Greensoil), will provide incremental support for the company’s rapid expansion and market penetration. The main capital provider in the co-investment vehicle is the indirect investment business of Grosvenor Group (Grosvenor), the privately owned international property company.
Frank Magnotti, CEO of Electriq Power, said: “We’re thrilled with the continued support and guidance of Greensoil. We’re thankful to collaborate with investors who share our vision of providing intelligent storage solutions to any homeowner interested in taking control of their energy. We’re especially grateful for the significant vote of confidence from Grosvenor, and we look forward to bringing the PowerPod 2 to even more homes and further innovating our energy storage technology.”
Greensoil PropTech Ventures is a leading Toronto-based venture capital firm that invests in technology companies helping to decarbonize the built environment. Greensoil has been the largest investor in Electriq since 2018 and brought the current financing together through their network of real estate limited partners.
Jamie James, Greensoil Managing Partner and Chair of Electriq’s board, said: “The Electriq team has worked hard to position themselves as a leader in one of the most dynamic and impactful market segments in the energy transition. The response from our co-investors, particularly Grosvenor, is hugely validating and well deserved, and we are excited to continue supporting the company as it executes on an ambitious agenda to bring energy storage to homes across different geographies and demographics.”
Electriq Power will use the additional funding to further enable the expansion of its existing operations and to accelerate the roll-out of its industry-leading PowerPod 2 residential battery system. Specifically, the company will look to:
- Accelerate partnerships with distribution partners, like the one announced earlier this year to supply home energy storage systems throughout North America and the Caribbean.
- Deliver on the PowerPod 2 sales and installation agreement recently signed with the Caribbean Utilities Company in Grand Cayman.
- Deploy the PowerPod 2 through Parlier Home Solar to provide storage systems to residents of Parlier, California, demonstrating Electriq’s commitment to removing the cost barrier to sustainable energy solutions.
- Pursue further opportunities to deploy its PowerPod 2 to homeowners at any income level.
- Continue investment in its supply chain network to ensure the ability to meet the growing demand for its systems.
Electriq’s flagship product is the PowerPod 2 home battery system. The PowerPod 2 was announced in November 2020 as an upgrade to the company’s original energy storage system, the PowerPod. The PowerPod 2 includes a cobalt-free Lithium-Iron-Phosphate (LFP) battery, hybrid battery/solar inverter, home energy management system, and an energy consumption meter. The system offers resilient and responsive backup power, as well as a smart home energy software app to manage electricity use and optimize efficiency. Compared to the original PowerPod, the PowerPod 2 provides more power, improved power output, and is available in both AC and DC versions.
About Electriq Power
Electriq Power is an energy storage company developing ubiquitous hardware and software solutions for the clean energy transition. Based in California, Electriq designs, engineers, and assembles fully integrated energy management and storage solutions for homes and small businesses, with 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 protected].
About Greensoil PropTech Ventures
Greensoil PropTech Ventures invests in high-performing PropTech companies that provide products, services and technologies to make real estate more productive, efficient and sustainable. GSPV focuses on early to mid-stage venture capital opportunities in North America, Europe and Israel. With approximately $100 million (USD) under management, GSPV is backed by real estate and institutional Limited Partners and has a successful track record of backing, scaling and exiting high-impact PropTech companies. For more information, visit gspv.vc or follow GSPV on Twitter and LinkedIn.
About Grosvenor Group
Grosvenor Group is a privately-owned international property company. With a track record of over 340 years, Grosvenor develops, manages, and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe, the Group’s property portfolio is diversified by geography, sector, activity, currency and management teams. The Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Australia, Europe and North and South America.
www.grosvenor.com; Twitter: @grosvenorGRP
