Initial phase validated technology, ensured
customer satisfaction, optimized operations, and proved value
proposition
Electriq Power (Electriq) (NYSE:ELIQ), a provider of intelligent
energy storage and management for homes and small businesses, today
announced the expansion of its engagements with Barrio Eléctrico
and SEDC Solar to deliver energy storage to households in Puerto
Rico and Washington D.C., respectively.
Barrio Eléctrico and SEDC Solar each work to install solar and
energy storage systems with zero up-front costs in their
communities. Barrio Eléctrico focuses on Puerto Rican homes, while
SEDC Solar covers households, small businesses, and churches in and
around the Washington D.C. region. Electriq’s PowerPod 2
battery-based energy storage systems will now be able to help many
more households and organizations reduce their reliance on fossil
fuels while also reducing their electricity costs.
Electriq has been working with Barrio Eléctrico and SEDC Solar
since mid-2022 to achieve the shared goals of helping families in
Puerto Rico and Washington D.C. to secure reliable and affordable
electricity. The success of the two programs has paved the way for
the next phase, further strengthening the partnership through firm
commitment for Electriq’s battery storage systems.
“We’re excited to be able to expand our role in bringing
reliable, affordable clean energy to households in Puerto Rico and
Washington D.C., whatever their income,” said Frank Magnotti, CEO
of Electriq Power. “Since Electriq was founded, we have held the
belief that access to clean, dependable energy should not be
limited due to financial constraints. We are delighted to be
working with partners like Barrio Eléctrico and SEDC Solar who hold
those same beliefs and have the drive to make a significant impact
on the lives of many families and small businesses.”
Puerto Rico
Barrio Eléctrico’s community-based energy services work with
local groups and municipalities to create a solar economy that
gives homes and families access to affordable solar energy plus
batteries. The Department of Energy’s commitment of $450 million
from the Puerto Rico Energy Resilience will significantly increase
residential solar and energy storage. Barrio Eléctrico’s Home Solar
Program is in full operation and ready to support the distribution
of solar and energy storage to the 40,000 homes the DOE intends to
serve.
“Puerto Rico has huge economic potential, but is held back by
unreliable electricity,” says Lauren Rosenblatt, Founder and Acting
CEO of Barrio Eléctrico. “Our vision is to empower communities to
take control of their own electricity. With committed partners like
Electriq we aim to make that vision a reality as quickly as
possible.”
Washington D.C.
Through the SEDC Solar program, qualifying homeowners, churches,
and businesses across the Washington D.C. metro area have access to
rooftop solar panels, battery installation, and ongoing repairs and
maintenance for 20 years at no cost to the home or business owner –
providing them with clean, reliable, low-cost energy. The SEDC
Solar program’s benefits also extend to the local community with
job creation and training in technical installation and repairs, as
well as roles in both sales and marketing. As an example, for every
50 homes or 12 churches, the program hires and trains one employee
to ensure system efficiency, quality, and to further the program’s
reach within local communities.
“This program is an opportunity to level the playing field for
access to clean energy in the D.C. area,” says Thomas Jones,
President of SEDC Solar. “Clean energy means good jobs, protection
against rising utility bills, and a healthier future for our
environment for generations to come. We are proud to partner with
Electriq to expand the program and deliver those benefits to even
more residents and businesses.”
Households interested in learning more about installing energy
storage and solar in Puerto Rico or Washington D.C. can visit:
www.barrioelectrico.org or www.sedcsolar.com.
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, please
visit www.electriqpower.com/ and contact us through our
website.
About Barrio Eléctrico
Barrio Eléctrico is a nonprofit organization that fuels energy
independence where it is most needed by providing affordable access
to residential solar services. The organization’s decentralized
community-powered solar model provides the resources, equipment,
education, and autonomy that households need to take authority over
their electricity. Founded in Puerto Rico, Barrio Eléctrico is
ensuring equitable access to reliable renewable energy, alleviating
financial burdens associated with electricity services, and
creating more resilient communities for island residents and
beyond. For more information, visit
https://www.barrioelectrico.org/.
About SEDC Solar
SEDC Solar is a Washington D.C. based Opportunity Zone Business
whose mission is to deliver solar, create jobs and enrich the
communities that they serve. Their initial focus in Washington D.C.
is in Wards 8,7, 5, and 4, providing solar and storage to homes,
businesses, and churches at no cost. SEDC Solar gets its funding
from the NetZero Opportunity Zone Fund. For more information,
please visit www.sedcsolar.com/ and contact us through our
website.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as “anticipate,” “believe,” “could,” “continue,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,”
“possible,” “potential,” “predict,” “project,” “scheduled,” “seek,”
“should,” “will,” “would” or similar expressions, but the absence
of these words does not mean that a statement is not
forward-looking. These statements are based on the beliefs and
assumptions of the management of Electriq. Although Electriq
believes that its plans, intentions, and expectations reflected in
or suggested by these forward-looking statements are reasonable,
Electriq cannot assure you that it will achieve or realize these
plans, intentions, or expectations. Forward-looking statements are
inherently subject to risks, uncertainties, and assumptions.
Generally, statements that are not historical facts, including
statements concerning possible or assumed future actions, business
strategies, events or results of operations, and any statements
that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking
statements contained in this press release include, but are not
limited to, statements about the ability of Electriq to: execute
its business strategy, including expansions in new geographies;
continue to develop new energy storage systems and software-enabled
services to meet constantly evolving customer demands; develop,
design, and sell products and services that are differentiated from
those of competitors; meet future liquidity requirements; maintain
the listing on, or the delisting of Electriq’s securities from the
NYSE and NYSE American or an inability to have our securities
listed on the NYSE, NYSE American or another national securities
exchange; and successfully deploy the proceeds from the merger.
These forward-looking statements are not guarantees of performance.
You should understand that these statements are affected by factors
set forth in Electriq’s filings with the SEC, including but not
limited to those described under the headings “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the
definitive Joint Proxy Statement/Consent Solicitation
Statement/Prospectus filed with the Securities and Exchange
Commission (the “SEC”) on July 12, 2023, and in its other filings
made with the SEC from time to time, which are available via the
SEC’s website at www.sec.gov. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Electriq assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Electriq does not give any assurance
that it will achieve its expectations.
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