Electriq Power’s Intelligent Energy Storage & Operational Software Compatible with California’s Demand Side Grid Support Program
09 November 2023 - 10:15PM
Business Wire
Technology can help stabilize the electrical
grid, while allowing homeowners to earn money
Electriq Power Holdings, Inc. (“Electriq”) (NYSE:ELIQ), a
trusted provider of intelligent energy storage and management
solutions for homes and small businesses, announced today its
battery storage system, the PowerPod 2 and proprietary operational
software, is compatible with California’s new Demand Side Grid
Support (DSGS) program.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231109044114/en/
Electriq Power PowerPod 2 Solar Battery
Storage System (Photo: Business Wire)
DSGS is a California statewide program introduced by the
California Energy Commission. It incentivizes owners of distributed
energy resources (DERs), such as battery storage systems, to
discharge excess energy to the grid and help stabilize it during
periods of high demand. The discharged energy helps prevent
wide-spread power outages, allowing essential community resources,
such as banks, grocery stores and gas stations to operate without
disruption, and helps families stay safe and comfortable in their
homes.
Electriq’s system was recently tested during the 2023 DSGS
program period, during which the PowerPod 2 systems currently in
the field were called upon to provide support and successfully
completed the test.
Owners of the PowerPod 2 can begin earning money using their
battery storage system through the new virtual power plant (VPP)
program. With Electriq’s proprietary software, owners have the
capability to ensure they’re optimizing their stored energy to
achieve the energy resilience goals they desire — from retaining
sufficient backup power and utilizing stored energy during peak
electric rates, to participating in grid services programs.
“Electriq continues to develop our software technology, designed
to balance the complex and dynamic needs of customer bill
management, customer resiliency, and grid resiliency as it relates
to how solar energy is stored and discharged in a post NEM 2.0
world,” said Frank Magnotti, Electriq’s Chief Executive Office.
“Achieving this balance is not an easy undertaking, and it requires
the right mix of technology and expertise to ensure the effective
optimization of both customer and grid needs. We will continue to
innovate with a dedicated focus on becoming a leader in the
industry in this regard.”
Electriq has Sustainable Community Networks programs under the
PoweredUp brand with a number of municipalities in California and
Connecticut. These programs allow homeowners to install solar +
battery storage systems in their homes at zero upfront costs,
breaking down entry barriers to clean energy. There is no income,
FICO score or property lien requirement to participate, allowing
all households, regardless of social class, to participate. The
Sustainable Community Networks program will be essential as
utilities begin to rely more heavily on distributed energy
resources.
About Electriq
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 (iii) the benefits of clean energy, including lower
costs and improvement of financial position, (iv) expectations
regarding energy needs and consumption, including the need for
excess energy by grids, (v) the availability of grid services
programs and (vi) and continued compatibility with the DSGS. 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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