Electriq Power (“Electriq”), a developer of intelligent and integrated home energy storage, management, and monitoring solutions, announces that it has executed a three-year private label agreement valued at up to $200 million for its PowerPod home energy storage systems, with a multi-billion-dollar U.S.-based company. The customer is a diversified global manufacturer of power generation systems and equipment that employs personnel and owns assets in most industrialized parts of the world.
Under the agreement, Electriq Power will supply home energy storage solutions based on its industry-leading PowerPod platform, for distribution and sales through its customer’s extensive network in North America and the Caribbean, beginning in the second quarter 2021. The contract also calls for Electriq to provide system integration, product packaging, testing and certifications, communications, firmware, software portals, a Network Operations Center (NOC), and associated user apps.
Electriq Power’s PowerPod includes a cobalt-free Lithium-Iron-Phosphate (LFP) battery, hybrid battery/solar inverter, home energy management system, and an energy consumption meter. The system offers backup power as well as a smart home energy software app to manage electricity use and optimize efficiency.
“This agreement underscores our value as a company and is a vote of confidence for our technology,” said Frank Magnotti, CEO of Electriq Power. “We continue to innovate and develop new systems, with the intent to not simply stay at the forefront of the global transition to clean energy, but to supply the best possible solutions of the highest caliber.”
This is Electriq Power’s second private label deal since signing a white label production agreement in 2019 with one of the world’s largest providers of solar products. The company has been expanding its operations to meet the industry’s growing demand for energy storage solutions, signing definitive agreements in 2020 with Emergent Microgrid, a provider of turnkey microgrids, and Lilypad Energy, a provider of data analytics solutions. In October, the PowerPod became the first fully integrated OpenADR 2.0b-compliant battery storage system on the market, enabling Electriq Power to seamlessly partner with energy aggregators and participate in today’s dynamic energy marketplace.