ElectrIQ Power, a Palo Alto, CA-based energy storage company that develops intelligent and integrated home energy storage, management and monitoring solutions, completed a $6m seed financing.
The round was led by GreenSoil Building Innovation Fund with participation from existing and new investors. In conjunction with the funding, Jamie James, a Managing Partner at GBIF, will be joining the Board of Directors.
The company intends to use the funds to expand its sales and marketing, accelerate new product development, and build a nationwide service and maintenance network.
Led by Frank Magnotti, Interim CEO, and Chadwick Manning, Co-Founder and Chief Strategy Officer, ElectrIQ Power provides the ElectrIQ PowerPod, an energy storage system which 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, the company’s energy management system, monitors and orchestrates by connecting renewables, batteries and smart appliances to maximize 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.