Electriq Power Expands PoweredUp Network to New England
02 November 2023 - 4:30PM
Business Wire
Company will provide access to reliable clean
energy and battery storage systems to up to 3,000 homeowners in
Derby, Connecticut
Electriq Power Holdings, Inc. (“Electriq”) (NYSE:ELIQ), a
trusted provider of intelligent energy storage and management
solutions for homes and small businesses, is pleased to announce
its partnership with the City of Derby, Connecticut, to launch
PoweredUp Derby. The program will provide Derby homeowners –
regardless of socioeconomic status – access to home solar + battery
storage solutions, which will help lower electricity costs and
provide reliable backup power during power outages.
PoweredUp Derby, a city-supported program, is the first of
Electriq’s Sustainable Community Networks (SCNs) in the New England
region, enabling unprecedented access to energy independence for
the community. Nearly 3,000 single family homeowners in Derby
qualify for the program, which provides for installation of a
complete turnkey solar + battery storage system for zero up-front
cost – with no income verification, credit score, or property lien
requirements to participate.
Electriq has a number of established SCN partnerships in
California. The company continues to focus on growth in areas where
high electricity costs are a concern for residents, and where
municipalities and community-based organizations are looking for
innovative solutions to achieve sustainability goals.
Solar + battery storage systems help protect homeowners against
economic uncertainties from inflation, rising fuel prices, and
utility rate increases. With these systems, homeowners can save up
to 20% on electricity costs a year. Additionally, stored energy via
the battery storage system can be used during peak demand periods,
when utility rates are high, or to keep the lights on during power
outages.
“We’re proud to continue the growth and success of our
Sustainable Community Networks by expanding into New England,” said
Frank Magnotti, CEO of Electriq Power. “Thanks to the City of
Derby, we have the opportunity to extend the benefits of clean
energy to low- and moderate-income (LMI) homeowners there who are
burdened by some of the country’s highest electricity rates.”
The retail price of electricity in Connecticut is nearly 10
cents per kilowatt-hour higher than the national average, rising
more than 17% between 2015 and 2022, according to the EIA. By
establishing an SCN in one of the highest-priced electricity
markets in the country, Electriq is continuing to break down the
barriers that prevent low- and moderate-income homeowners from
obtaining the economic, resiliency and environmental benefits of
clean energy.
“The new partnership with Electriq Power will help our residents
lower electricity costs and strengthen their financial position,”
said Roger Salway, Economic Director, City of Derby. “This is a
program that can help residents improve their life, and for us,
that’s a win-win.”
By connecting organizations, companies, municipalities, and
local homeowners through Sustainable Community Networks, Electriq
is fostering 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), 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, visit
www.electriqpower.com.
Cautionary Note on Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements concern expectations,
beliefs, plans, strategies, anticipated events or trends and
similar expressions concerning matters that are not historical
facts. Forward-looking statements in this press release include
statements regarding: (i) the continued growth, expansion and
success of our SCNs, (ii) the affordability and accessibility of
clean energy and (iii) the benefits of clean energy, including
lower costs and improvement of financial position. These
forward-looking statements reflect our current views about future
events and involve assumptions which may be affected by risks and
uncertainties in our business, as well as other external factors,
which could cause future results to materially differ from those
expressed or implied in any forward-looking statement. For a more
detailed discussion of the risks and uncertainties applicable to
Electriq, please see the risk factors described in Electriq’s
filings with the Securities and Exchange Commission (“SEC”),
including, but not limited to, Electriq’s registration statement on
Form S-4 filed with the SEC on July 10, 2023, and other reports
filed from time to time with the SEC. Any forward-looking statement
made by Electriq in this press release speaks only as of the date
on which it is made. Electriq undertakes no obligation to update
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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Media enquiries for Electriq: media@electriqpower.com
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