U.S. Home Solar Battery Storage Solutions Provider Electriq Power Merging with TLG Acquisition One in $620M Deal

Electriq Power, a provider of intelligent solar energy storage and management for homes and small businesses, and TLG Acquisition One today announced a definitive merger agreement. If approved, upon closing of the transaction, which is expected during the first half of 2023, Electriq Power Holdings would list on the NYSE under ticker symbol ELIQ.

The transaction values Electriq at a pro forma pre-money equity value of $495 million and is expected to provide Electriq with up to $125 million of capital to fund its growth through a combination of debt and equity.

Electriq is in advanced discussions for up to $60 million of capital that includes an asset-backed revolving credit facility from an institutional investor, a personal convertible debt commitment of up to $8.5 million from SPAC CEO Mike Lawrie and other convertible debt to be raised before closing. Electriq intends to close and partially fund the revolving credit facility and the convertible debt from Lawrie before the end of the year. In addition, a number of shares will be placed into escrow to provide incentives for equity financing commitments. TLGA may also enter into a forward purchase agreement prior to transaction close to backstop redemptions for up to $100 million. Read more.

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