Small-scale vitality storage supplier Electriq Energy will merge with TLG Acquisition One, a publicly traded particular goal acquisition firm. Upon closing of the transaction in 2023, the mixed firm will function beneath the title Electriq Energy Holdings and will likely be led by present Electriq administration with Mike Lawrie becoming a member of the board as Chairman.
“The Electriq group has achieved important know-how and buyer milestones over the past two years, and we’re prepared for the subsequent step in our journey,” mentioned Frank Magnotti, CEO of Electriq. “The success of our progressive residential vitality storage and administration platform, mixed with the quickly evolving vitality ecosystem, guarantees thrilling new development and alternatives forward — for our firm, the evolving market, the atmosphere, and society. We’re happy with our progress and the communities we serve, and we stay up for our future with TLGA.”
“Electriq and TLGA collectively is a strategic mixture for each firms, and in step with TLGA’s persevering with analysis and pursuit of goal firms,” mentioned Mike Lawrie, CEO of TLGA. “Our proposed merger comes on the proper time to handle the quickly rising demand within the residential photo voltaic vitality storage market, know-how improvement and innovation, client and supplier demand, and authorities coverage and environmental initiatives. We imagine that collectively we are able to create thrilling new alternatives and worth for our individuals, prospects, companions, and buyers.”
Information merchandise from Electriq