Home energy storage firm Electriq Power to go public via SPAC
Solar rooftop. Author: Michael Coghlan. License: Creative Commons.
November 15 (Renewables Now) - US home solar battery storage firm Electriq Power has agreed to go public through a merger with special purpose acquisition company (SPAC) TLG Acquisition One Corp (NYSE:TLGA) in a deal that gives it a pro forma pre-money equity value of USD 495 million (EUR 478.6m).
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.
“Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives," TLGA's chief executive Mike Lawrie said in a statement.
The combined entity will operate under the name Electriq Power Holdings Inc and its shares will be listed on the New York Stock Exchange (NYSE) under the trading symbol ELIQ. Post close, Electriq’s current shareholders will own a majority of the publicly-listed company, a joint press release said on Monday.
The business combination, which is expected to close in the first half of 2023, is set to fetch up to USD 125 million of capital for Electriq with the funds to be used to grow the business.
Electriq comes as the latest solar power-focused firm to agree to a blank-check merger this year.
London-based solar project developer EEW Eco Energy World Plc in October agreed to a business combination with ClimateRock (NASDAQ:CLRC) that values its equity at USD 650 million. Earlier that month, US residential solar companies Complete Solar Holding Corp and The Solaria Corp agreed to merge into Complete Solaria Inc, with the enlarged business set to go public on the New York Stock Exchange (NYSE) through a combination with a Freedom Acquisition I Corp (NYSE:FACT).