Small-scale energy storage provider Electriq Power will merge with TLG Acquisition One, a publicly traded special purpose acquisition company. Upon closing of the transaction in 2023, the combined company will operate under the name Electriq Power Holdings and will be led by existing Electriq management with Mike Lawrie joining the board as Chairman.
“The Electriq team has achieved significant technology and customer milestones over the last two years, and we’re ready for the next step in our journey,” said Frank Magnotti, CEO of Electriq. “The success of our innovative residential energy storage and management platform, combined with the rapidly evolving energy ecosystem, promises exciting new growth and opportunities ahead — for our company, the evolving market, the environment, and society. We are proud of our progress and the communities we serve, and we look forward to our future with TLGA.”
“Electriq and TLGA together is a strategic combination for both companies, and consistent with TLGA’s continuing evaluation and pursuit of target companies,” said Mike Lawrie, CEO of TLGA. “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. We believe that together we can create exciting new opportunities and value for our people, customers, partners, and investors.”
News item from Electriq
