Electriq Power commits $300M to utility solar power in California

U.S.-based solar home storage company Electriq Power has signed a multi-year agreement to provide more than $300 million (€281.9 million) to support community solar and home storage projects across California.

The funds will be provided from an unnamed major U.S. clean energy company’s solar energy and storage project development and financing platform to support the implementation of sustainable community networks (SCNs). The companies will jointly operate operations, including potential network services, for 25 years, according to a press release.

“We are excited to join forces with a major US clean energy company that brings together finance and technology to provide customers with a complete power solution for their carbon neutral homes and continue our efforts to deliver SCN across California. “said Electriq Power CEO Frank Magnotti.

Founded in Silicon Valley in 2014, Electriq provides smart energy storage and management solutions for residential and small businesses that are used in conjunction with rooftop solar panels. The company is in the process of going public through a merger with a blanche check company.

(1 USD = 0.939 EUR)

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