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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230908439613/en/
Contacts
Media enquiries for Electriq
media@electriqpower.com
