Electriq Power is a San Leandro, California–based company that designs, engineers, and assembles integrated energy storage and management solutions for homes and small businesses. Its flagship product is the PowerPod 2 residential battery system, which includes a cobalt-free Lithium‑Iron‑Phosphate (LFP) battery, a hybrid battery/solar inverter, a home energy management system, and an energy consumption meter, and is available in AC and DC versions. The PowerPod 2 offers resilient backup power and a smart home energy app to manage and optimize electricity use; it provides improved power and output versus the company’s original PowerPod. Electriq says its systems are deployed across North America and it plans to accelerate partnerships with distribution partners and expand deployments to different geographies and demographics. The company intends to roll out PowerPod 2 through agreements such as the recent sales and installation deal with Caribbean Utilities Company in Grand Cayman and deployments with Parlier Home Solar. Electriq also plans to invest in its supply chain network and pursue opportunities to deploy storage to homeowners at any income level. The company announced it has raised over $10 million in incremental funding to support this expansion and product roll-out. Electriq Power develops integrated home energy storage, management, and monitoring solutions centered on its PowerPod residential battery system. The PowerPod includes a battery, hybrid battery/solar inverter, home energy management system, an energy meter, and Electriq View software to manage electricity use and optimize efficiency. The system is modular and expandable up to three systems with three battery packs per system, providing up to 16.5 kW of power and 102 kWh of storage. Electriq is developing expanded battery options including lithium iron phosphate, improved web and mobile software capabilities, and enhanced fleet management features. The company is building a network operating center for proactive fleet-wide monitoring, maintenance, and grid services and has received UL9540 system-level storage certification in three factories. Electriq is based in California, has systems deployed across North America, and reports supply chains running at full capacity amid growing demand for home battery solutions. ElectrIQ Power develops the ElectrIQ PowerPod, a modular, scalable home energy storage system using lithium-ion batteries and advanced power electronics, and the ElectrIQ View energy management platform that connects renewables, batteries, and smart appliances. Its ElectrIQ Management software uses proprietary optimization algorithms that consider historical consumption, solar production, utility rates, blackout history, and weather forecasts to automatically optimize home energy efficiency. The company is led by Interim CEO Frank Magnotti and Co‑Founder/Chief Strategy Officer Chadwick Manning. ElectrIQ Power completed a $6M seed financing and intends to use the funds to expand sales and marketing, accelerate new product development, and build a nationwide service and maintenance network. The product suite targets maximizing cost savings, energy efficiency, and backup power for homes. The company is based in Palo Alto, CA.

Total raised

$19M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2021