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
Solarman says
This new buzz word SPAC is becoming a fast track finance method for burgeoning companies and yet at the same time has the “smell” of another “bubble” that will burst sooner or later. It is turning into a “rich man’s” game of technology collectors that may have counter results in the solar PV industry overall. Look what happened to automotive giant Chrysler basically bought out by “investment firms” and sold to the likes of a “merger”, first it seems investment company Cerberus bought out Chrysler then with Mercedes Benz, FCA and now holding company Stellantis holds Chrysler (IP) in its own holding company while Stellantis is buying up old automotive badges in the Stellantis “collection”. This has become a practice in the last 5 years or so. Shell Oil bought out Sonnen, large solar PV entities like Sunrun have absorbed smaller solar PV companies, well known companies like Briggs & Stratton bought out Simpliphi and GENERAC bought Pika. As the “collectors” continue on the holdings under each entity will become easier to manipulate like a commodity market asset.