ElectrIQ Power Secures Series Seed Financing
24 Sep, 2018, 15:01 ET
PALO ALTO, Calif., Sept. 24, 2018 /PRNewswire/ -- ElectrIQ Power, the energy storage company that develops intelligent and integrated home energy storage, management and monitoring solutions, announced today that it has completed a Series Seed financing. GreenSoil Building Innovation Fund (GBIF) led the investment round with participation from existing and new investors. The investment will help ElectrIQ Power aggressively expand its sales and marketing, accelerate new product development, and build a nationwide service and maintenance network.
GBIF, a growth venture fund of international real estate owners and developers based in Toronto, Canada, invests in high growth companies with technologies that improve the development, ownership or management of real estate. Greensoil's portfolio includes smart building and IoT systems, workflow optimization software, sustainable materials, and indoor visualization tools.
The Series Seed financing totals approximately six million dollars in staged tranches and includes both the conversion of previous debt and new cash. The creation of a strong balance sheet with no debt builds on an exceptional year for ElectrIQ Power, which saw a rapid growth in deployments, key executive appointments, and market momentum in the white-hot areas of home energy storage, management, and monitoring. ElectrIQ Power appointed Frank Magnotti as its Interim CEO, who is a veteran of the renewable and distributed energy industries, having founded Comverge, the first smart grid company to go public. Chadwick Manning, ElectrIQ Power's Co-Founder and Chief Strategy Officer, said "we're lucky to bring on a seasoned veteran in the distributed energy space like Frank, who brings a wealth of experience in bridging the gap between a development company to a growth stage company. I'll be working closely with Frank to help execute our vision of the future."
"This investment culminates a 12-month evaluation period, including testing our own installations of ElectrIQ's all-in-one home energy storage systems," said Jamie James, who is a Managing Partner at GBIF and will be joining the Board of Directors. "We look forward to being a part of this next exciting stage of the company's growth and providing an intelligent energy storage product that will be more affordable to homeowners."
Conforming to the highest product safety standards, ElectrIQ Power's flagship product, the ElectrIQ PowerPod, which is their second-generation energy storage system to come to market, features a modular and scalable design using state-of-the-art lithium-ion batteries and power electronics to fit any home power or energy need. The ElectrIQ View, ElectrIQ Power's energy management system, monitors and orchestrates by connecting renewables, batteries and smart appliances to maximize your cost savings, energy efficiency and backup power. ElectrIQ Management uses proprietary optimization algorithms that leverage multiple variables, such as historical consumption, solar production, utility rates, blackout history, and weather forecasts, to automatically optimize home energy efficiency through controlling solar, battery, and home appliances.
"We are very happy to have Greensoil as our lead investor," stated Frank Magnotti. "Their familiarity with building technologies and their ties to real estate development including multifamily and residential will prove to be a key asset for ElectrIQ Power. ElectrIQ will differentiate itself from other solution providers with our installer and user applications, our direct integration with advanced home energy management systems, our modern look and feel, and an easy to install system at a reasonable price."
About ElectrIQ Power
ElectrIQ Power is an energy storage company developing hardware and software solutions for the clean energy space. Based in Silicon Valley, ElectrIQ designs, engineers and assembles fully-integrated energy management and storage solutions for homes and small businesses around the country. You can currently find systems deployed in California, Arizona, Puerto Rico, Massachusetts, and Canada. ElectrIQ Power is dedicated to moving the world to a cleaner and more sustainable energy future. Visit www.electriqpower.com for more information or contact them at [email protected].
About Greensoil Building Innovation Fund
GBIF is a growth equity fund investing in companies that provide products, services and technologies which make real estate and infrastructure more productive, efficient and sustainable. Our investors are primarily real estate owners and developers, and our management team has extensive operational industry and investment experience. The GBIF portfolio includes: smart building and IoT technologies, such Amatis Controls, Lunera, and SensorSuite; Workflow optimization software, such as Honest Buildings and Goby; Indoor mapping and visualization tools, such as Kaarta; and innovative materials, such as Carbon Cure.
SOURCE ElectrIQ Power
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