Energy storage firm ElectrIQ obtains USD 6m in seed financing

The ElectrIQ PowerPod energy storage system. Source: ElectrIQ Power

September 25 (Renewables Now) - US energy storage company ElectrIQ Power has raised about USD 6 million (EUR 5m) in a Series Seed funding round led by Toronto-based growth venture fund GreenSoil Building Innovation Fund (GBIF).

The financing was obtained in staged tranches and includes both the conversion of previous debt and new cash. The funds will help ElectrIQ to expand its sales and marketing, speed up new product development and establish a service and maintenance network throughout the country, the company said on Monday.

ElectrIQ, which specialises in the fields of home energy storage, management and monitoring, is the developer of the ElectrIQ PowerPod -- an energy storage system with a modular and scalable design. It has also developed an energy management system called ElectrIQ View that connects renewables, batteries and smart appliances. The company has experienced a rapid growth in deployments during the past year, it noted.

"This investment culminates a 12-month evaluation period, including testing our own installations of ElectrIQ's all-in-one home energy storage systems," said Jamie James, managing partner at GBIF, who will be joining ElectrIQ's board of directors.

Other existing and new investors took part in the funding round as well.

(EUR 1 = USD 1.18)

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