New Agreement Offers Residents Solar+Storage
with Zero Up-Front Costs
Electriq Power (NYSE:ELIQ), a provider of intelligent energy
storage and management systems for homes and small businesses,
announced a new program with the City of Carpinteria, CA, to
provide affordable and sustainable solar + storage solutions to
residents with zero up-front costs, no matter their socioeconomic
status.
Through the program’s City-vetted Power Purchase Agreement
(PPA), called the PoweredUP Network, all Carpinteria homeowners,
regardless of means, will have access to a turnkey, distributed
home energy solution, including smart battery storage. By
installing a solar + storage solution through the PoweredUp
Network, residents can help protect themselves and their homes from
rising utility rates and be prepared with backup power during
utility power outages, all while helping the City of Carpinteria
hit its renewable goals.
“The City identified distributed energy resources in its
Strategic Energy Plan as an important strategy for local energy
resiliency and reliance,” said Erin Maker, Environmental Program
Manager with City of Carpinteria. “By introducing Electriq's
PoweredUp Network to Carpinteria, we are not only achieving our key
objectives of bolstering local renewable energy generation and
storage, but also granting our residents access to leading-edge
solar power and battery storage systems without any initial
expenses. This marks a significant step towards reducing reliance
on the local electric distribution system as well as enhancing
electricity reliability during power outages."
Electriq’s PoweredUP Network offers turnkey energy solutions
that include everything needed for home energy independence – solar
panels, batteries, software, project development, financing,
installation, and grid services – with no up-front costs. These
systems are available to homeowners in select geographic locations,
regardless of income or credit history, including low- and
moderate-income households. No credit checks or property liens are
required.
"We are delighted to partner with the City of Carpinteria to
ensure every homeowner has equal access to sustainable and
resilient energy, regardless of their income," said Frank Magnotti,
CEO of Electriq Power. "Energy resiliency is of paramount
importance in areas like Carpinteria, where being at the end of the
line for utilities exposes residents to both planned and unplanned
electrical outages. Electriq’s all-encompassing solar plus storage
solutions offer Carpinteria households the peace of mind they seek
and the cost-effective energy they desire, all without any upfront
expenses."
By connecting organizations, companies, municipalities, and
local homeowners into sustainable community networks (SCNs),
Electriq is enabling a shared vision of making the planet a better
place. Through these collaborations, as well as by providing a
comprehensive solution portfolio, Electriq’s PoweredUP Network
makes it possible to deliver complete, clean, affordable, and
resilient energy to all homeowners.
About Electriq Power
Electriq (NYSE: ELIQ) is a residential energy management company
that enables the delivery of reliable, renewable energy that is
accessible for all. Founded in 2014 in Silicon Valley, Electriq’s
solutions deliver always-available, low-cost clean energy, even
during intermittent outages and inclement weather. Together with
its partner cities, municipalities, and utilities, Electriq builds
Sustainable Community Networks (SCNs) to provide constituents with
a path to sustainable and resilient sources of energy, regardless
of income levels. For more information on the company, visit
www.electriqpower.com and follow the company on LinkedIn and
Twitter.
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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