25 June 2021
Grosvenor’s Indirect Investment business boost Electriq Power
Business backs leading provider of intelligent and integrated home energy storage, management, and monitoring solutions
Grosvenor Group’s Indirect Investment business (Grosvenor) has become the main capital provider in a co-investment vehicle managed by Greensoil Proptech Ventures (Greensoil) to invest in Electriq Power, Inc (Electriq). Electriq is a leading provider of intelligent and integrated home energy storage, management, and monitoring solutions. The vehicle has raised over $10 million in incremental funding that will support the company’s rapid expansion and market penetration.
Frank Magnotti, CEO of Electriq Power, said:
“We’re thrilled with the continued support and guidance of Greensoil. We’re thankful to collaborate with investors who share our vision of providing intelligent storage solutions to any homeowner interested in taking control of their energy. We’re especially grateful for the significant vote of confidence from the Grosvenor, and we look forward to bringing the PowerPod 2 to even more homes and further innovating our energy storage technology.”
Grosvenor first invested with Greensoil in 2016, through their Building Innovation Fund. The leading Toronto-based venture capital firm invests in technology companies that help decarbonize the built environment and has been the largest investor in Electriq since 2018. The current financing has been brought together through their network of real estate limited partners.
Erika Birkett-May, Associate Director, Asset Management, Grosvenor Indirect Investment said:
"The opportunity to support Electriq at this pivotal phase in their growth and enable them to expand their operations is perfectly aligned with Grosvenor’s commitment to reducing the impact of the built environment on the planet. We are looking forward to working with the Greensoil team on this latest venture and seeing the impact that Electriq are able to have across the communities that they work in.”
Jamie James, Greensoil Managing Partner and Chair of Electriq’s board, said:
“The Electriq team has worked hard to position themselves as a leader in one of the most dynamic and impactful market segments in energy transition. The response from our co-investors, particularly Grosvenor, is hugely validating and well deserved, and we are excited to continue supporting the company as it executes on an ambitious agenda to bring energy storage to homes across different geographies and demographics.”
Electriq Power will use the additional funding to further enable the expansion of its existing operations and to accelerate the roll-out of its industry-leading PowerPod 2 residential battery system. Specifically, the company will look to:
- Accelerate partnerships with distribution partners, like the one announced earlier this year to supply home energy storage systems throughout North America and the Caribbean.
- Deliver on the PowerPod 2 sales and installation agreement recently signed with the Caribbean Utilities Company in Grand Cayman.
- Deploy the PowerPod 2 through Parlier Home Solar to provide storage systems to residents of Parlier, California, demonstrating Electriq’s commitment to removing the cost barrier to sustainable energy solutions.
- Pursue further opportunities to deploy its PowerPod 2 to homeowners at any income level.
- Continue investment in its supply chain network to ensure the ability to meet the growing demand for its systems.
Electriq’s flagship product is the PowerPod 2 home battery system. The PowerPod 2 was announced in November 2020 as an upgrade to the company’s original energy storage system, the PowerPod. The PowerPod 2 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 resilient and responsive backup power, as well as a smart home energy software app to manage electricity use and optimize efficiency. Compared to the original PowerPod, the PowerPod 2 provides more power, improved power output, and is available in both AC and DC versions.
Notes to Editors
About Grosvenor Group
Grosvenor Group is a privately-owned international property company. With a track record of over 340 years, Grosvenor develops, manages, and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe, the Group’s property portfolio is diversified by geography, sector, activity, currency and management teams. The Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Australia, Europe and North and South America.
www.grosvenor.com; Twitter: @grosvenorGRP
About Greensoil Proptech Ventures
Greensoil PropTech Ventures invests in high-performing PropTech companies that provide products, services and technologies to make real estate more productive, efficient and sustainable. GSPV focuses on early to mid-stage venture capital opportunities in North America, Europe and Israel. With approximately $100 million (USD) under management, GSPV is backed by real estate and institutional Limited Partners and has a successful track record of backing, scaling and exiting high-impact PropTech companies. For more information, visit gspv.vc or follow GSPV on Twitter and LinkedIn.
About Electriq Power
Electriq Power is an energy storage company developing ubiquitous hardware and software solutions for the clean energy transition. Based in California, Electriq designs, engineers, and assembles fully integrated energy management and storage solutions for homes and small businesses, with systems deployed across North America. Electriq Power is dedicated to moving the world to a cleaner and more sustainable energy future. For more information visit www.electriqpower.com or contact email@example.com.