Electriq Power secures financing worth $300 million

Electriq Power announced a financing agreement with a clean-energy firm. According to the agreement, it has secured $300 million in financing over the next 30 months to support the implementation of Sustainable Community Networks (SCNs) across California. Electriq Power offers energy solutions such as solar panels, batteries, software, and other services to help homeowners achieve energy independence.

High utility rates, frequent power outages, and customer preferences for low-carbon energy sources are driving up demand for solar and energy storage solutions. Even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act, solar installations are expected to grow by 15 per cent per year.

According to the company, their solutions, which include home storage systems in addition to solar, will play a role in post-NEM 3 deployments by allowing customers to store energy generated by solar panels and use it when utility rates are high or power outages occur.