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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