U.S. Home Solar Battery Storage Solutions Provider Electriq Power To Merge With TLG Acquisition One Corp.

• Electriq Power Holdings Inc. will become a publicly listed company on NYSE under the new ticker symbol, "ELIQ"
• Transaction values Electriq Power at a pro forma pre-money equity value of $495 million
• Transaction is expected to provide up to $125 million in cash proceeds
• Builds on Electriq Power's highly differentiated end-to-end home and small business energy storage and management solution
• Addresses a large and growing addressable market in the U.S., with residential solar energy growth currently at 17 percent annually
• Delivers on recent U.S. Federal government legislation, notably Inflation Reduction Act's solar energy incentive provision, various tax incentives, and ESG imperatives

Electriq Power (Electriq), a provider of intelligent energy storage and management for homes and small businesses, and TLG Acquisition One Corp. (NYSE:TLGA), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement. Upon closing of the transaction, which is expected during the first half of 2023, the combined company will operate under the name Electriq Power Holdings Inc. and will be led by existing Electriq management with Mike Lawrie joining the board as Chairman. The transaction values Electriq at a pro forma pre-money equity value of $495 million, and the combined company plans to publicly trade on the NYSE under the symbol ELIQ.

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Electriq, founded in 2014 in Silicon Valley, provides intelligent energy storage and management solutions for residential and small business use. In combination with rooftop solar, Electriq's solutions provide always-available, low-cost clean energy, even during intermittent outages and inclement weather. The solutions are delivered via an innovative go-to-market model that makes solar plus storage easily accessible to all socio-economic groups, including low- and middle- income communities across the U.S. In addition to engagements with communities, from Santa Barbara and Parlier in California to Washington, D.C., and Puerto Rico, Electriq also has a broad range of industry partnerships, including a multi-billion-dollar global manufacturer, high-growth providers of turnkey microgrids, and residential solar companies.

Driven by the transition to residential solar energy, the addressable U.S. residential solar/energy storage market is large and thriving. Solar installs are forecast to grow at 17 percent per year, even before the potentially significant impact on the market of the rebates, tax credits and subsidies contained in the U.S. Federal Government's recently enacted Inflation Reduction Act. In addition, the market is seeing accelerated attachment of energy storage to rooftop solar systems – expected to rise from 2 percent of installs in 2017 to nearly 30 percent in 2025. The combination of solar and energy storage delivers lower cost energy to homes and small businesses, provides reliable access to energy during power outages, and lessens dependence on fossil fuel-based generation.

"Electriq and TLGA together is a strategic combination for both companies, and consistent with TLGA's continuing evaluation and pursuit of target companies," said Mike Lawrie, Chief Executive Officer, TLGA. "Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives. We believe that together we can create exciting new opportunities and value for our people, customers, partners, and investors."

"The Electriq team has achieved significant technology and customer milestones over the last two years, and we're ready for the next step in our journey," said Frank Magnotti, Chief Executive Officer, Electriq. "The success of our innovative residential energy storage and management platform, combined with the rapidly evolving energy ecosystem, promises exciting new growth and opportunities ahead—for our company, the evolving market, the environment, and society. We are proud of our progress and the communities we serve, and we look forward to our future with TLGA."