Electriq & TLGA merge and list on NYSE

Energy storage management system provider Electriq Power and TLG Acquisition One Corp (TLGA), a publicly traded special purpose acquisition company, have completed a merger, with the combined company Electriq Power Holdings listing on the New York Stock Exchange and NYSE American.

The transaction - including pre-closing financings -  generated more than $45 million in equity for Electriq through private placements, PIPEs, loan conversions and non-redemptions, in addition to a project equity financing in excess of $300 million that was secured prior to the transaction.

Frank Magnotti, chief executive officer of Electriq, said: “With utilities shifting towards time of use billing, batteries and software play a critical role as part of the technology platform. 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.” 

Mike Lawrie, who was CEO of TLGA prior to the merger and who will be chairman of Electriq’s board, said: “The capabilities of Electriq’s innovative residential energy storage and management platform, combined with ever increasing demand for distributed clean energy solutions, offers exciting new growth and opportunities ahead for all our stakeholders.”

Duff & Phelps and Gibson, Dunn & Crutcher LLP advised TLGA, while Ellenoff Grossman & Schole LLP acted as legal counsel to Electriq Power.