Electriq Power and TLG Acquisition One today announced completion of their merger. Electriq Power Holdings stock and warrants started trading today on the New York Stock Exchange and NYSE American, respectively, under the ticker symbols ELIQ and ELIQ WS.
The transaction (including pre-closing financings) generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions and non-redemptions, in addition to the previously announced project equity financing in excess of $300 million that was secured prior to the transaction.
Founded in 2014 in Silicon Valley, Electriq is a provider of residential energy storage solutions.
“With utilities shifting towards time of use billing, batteries and software play a critical role as part of the technology platform,” said Frank Magnotti, CEO of Electriq. “Our technology stack is designed to meet the needs of this new environment and enables us to deliver across key value chains including consumer, installer, fleet management and grid services. The combination of leading technology with a business model that aligns with all our key stakeholders and now the capabilities of a public company, means Electriq has important tools to improve its growth as it works to deliver shareholder value.”
TLG shareholders approved the deal last week. Read more.
