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Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, <a href="https://cms.mercomindia.com/electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">announced</a> the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined entity will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.” The transaction generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions.
INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).
India’s automotive conglomerate Mahindra &amp; Mahindra (M&amp;M) has <a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">secured</a> a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.
India-based solar module maker Waaree Energies has <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.
Flux Power Holdings, a lithium-ion-based energy storage solutions developer, <a href="https://cms.mercomindia.com/energy-storage-firm-flux-power-debt-funding/" target="_blank" rel="noopener">secured</a> a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses. The funding will be used for Flux’s working capital needs and the repayment of an existing credit facility with Silicon Valley Bank. Existing assets of the company have been used to secure the facility. The agreement also allows the facility to be increased to $20 million in $1.0 million or greater increments.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://cms.mercomindia.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024. The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures. The new funding allows MGA Thermal to expand its commercial division and invest in engineering and implementation.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-storage-developer-field-energy-secures-257-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Electriq Power Goes Public via SPAC Deal

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">Mercom Capital Group</a>
Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, <a href="https://mercomcapital.com/electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">announced</a> the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined entity will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.” The transaction generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions.
INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).
India’s automotive conglomerate Mahindra &amp; Mahindra (M&amp;M) has <a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">secured</a> a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.
India-based solar module maker Waaree Energies has <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.
Flux Power Holdings, a lithium-ion-based energy storage solutions developer, <a href="https://mercomcapital.com/energy-storage-firm-flux-power-debt-funding/" target="_blank" rel="noopener">secured</a> a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses. The funding will be used for Flux’s working capital needs and the repayment of an existing credit facility with Silicon Valley Bank. Existing assets of the company have been used to secure the facility. The agreement also allows the facility to be increased to $20 million in $1.0 million or greater increments.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024. The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures. The new funding allows MGA Thermal to expand its commercial division and invest in engineering and implementation.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-field-energy-secures-257-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://electriqpower.com/" target="_blank" rel="noopener">Electriq Power</a>, a provider of intelligent energy storage and management for homes and small businesses, announced the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined company will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.”
The transaction (including pre-closing financing) generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions. Proceeds will be used to facilitate deployments of Electriq’s highly differentiated, end-to-end residential and small business energy storage and management solution.
“The capabilities of Electriq’s innovative residential energy storage and management platform, combined with the ever-increasing demand for distributed clean energy solutions, offers exciting new growth and opportunities ahead for all our stakeholders,” said Mike Lawrie, Chief Executive Officer of TLGA prior to the merger and who will be Chairman of Electriq’s board.
Electriq Power entered into a financing agreement with a clean-energy company earlier this year and <a href="https://cms.mercomindia.com/electriq-power-secures-over-300-million-in-financing/">secured</a> $300 million in financing over 30 months to support implementing Sustainable Community Networks (SCNs) throughout California.
“With utilities shifting towards the time of use, billing, batteries, and software play a critical role as part of the technology platform,” said Frank Magnotti, Chief Executive Officer of Electriq. “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”.
The Duff &amp; Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA. Gibson, Dunn &amp; Crutcher LLP acted as legal counsel to TLGA. Ellenoff Grossman &amp; Schole LLP acted as legal counsel to Electriq Power.
Recently, Sakuu Corporation, a provider of solid-state battery solutions, <a href="https://cms.mercomindia.com/sakuu-goes-public-via-a-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the combined company at an enterprise value of $705 million.

Energy Storage and Management Company Electriq Power Goes Public via SPAC Deal

<a href="https://electriqpower.com/" target="_blank" rel="noopener">Electriq Power</a>, a provider of intelligent energy storage and management for homes and small businesses, announced it has entered into a financing agreement with a clean-energy company.
As per the agreement, it has secured $300 million in financing over 30 months to support implementing Sustainable Community Networks (SCNs) throughout California.
Electriq Power provides energy solutions that enable homeowners to achieve energy independence with solar panels, batteries, software, and other services. Electriq Power also connects homeowners with other stakeholders to form Sustainable Community Networks that share clean energy and support the grid.
The demand for solar and energy storage solutions is increasing due to high utility rates, frequent power outages, and customer preferences for low-carbon energy sources.
Solar installations are projected to grow 15 percent per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA). According to the company, their solutions, which include home storage systems in addition to solar, will play a role in post-NEM 3 deployments, allowing customers to store energy generated by the solar panels and use it when utility rates are high or during power outages.
&#8220;This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California. We are excited to join forces with a major U.S. clean-energy company that brings together finance and technology, to provide customers with an all-in-one solution for powering their carbon-neutral homes, and to continue our efforts in delivering SCN&#8217;s across California. Our provider&#8217;s expertise in the energy sector and their software platform will enable us to jointly provide potential grid services and expand access to more communities. This agreement is a win for cities and municipalities throughout California and, most importantly, for their residents&#8221;, said Frank Magnotti, Chief Executive Officer Electriq Power.
According to Mercom&#8217;s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, total corporate funding in the energy storage sector was up 55% with $26.4 billion in 2022 (highest in a year), compared to $17 billion in 2021.

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