Electriq Power secures USD 300m for community solar in California

US home solar battery storage firm Electriq Power has inked a multi-year agreement securing more than USD 300 million (EUR 281.9m) to support community solar and storage projects for households across California.

The funds will be provided from the solar and storage projects development and financing platform of an unnamed major US clean-energy firm to support the implementation of Sustainable Community Networks (SCNs). The companies will jointly provide operations including potential grid services over 25 years, a press release said.

"We are excited to join forces with a major US clean-energy company that brings together finance and technology, to provide customers with an all-in-one solution for powering their carbon-neutral homes and to continue our efforts in delivering SCN’s across California,” said Electriq Power’s CEO Frank Magnotti.

Set up in 2014, Silicon Valley-founded Electriq provides intelligent energy storage and management solutions for residential and small businesses which are used in combination with rooftop solar. The company is in the midst of going public through a merger with a blank check company.

(USD 1 = EUR 0.939)

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