Two Firms Plug In Electriq Power’s $495 Million Go-Public SPAC

Two law firms are advising in solar battery storage company Electriq Power Holdings Inc.’s go-public merger with a special purpose acquisition corporation.

Ellenoff Grossman & Schole is advising San Leandro, California-based Electriq Power on the transaction, which is expected to close in 2023’s first half and values the combined company at $495 million. Gibson Dunn is advising the West Palm Beach, Florida-based SPAC, TLG Acquisition One Corp., according to a statement.

The transaction is expected to provide Electriq Power with up to $125 million in proceeds. The combined company, post-close, is expected to be listed on the New York Stock Exchange under the new ticker symbol “ELIQ.”

The merger targets an already large US market for residential solar and energy storage that is forecast to grow at 17% per year. That market is expected to get energized by rebates, tax credits, and subsidies in the recent enacted Inflation Reduction Act, the statement said.

Gibson Dunn said its deal team is led by partner Gerry Spedale and includes of counsel Chris Trester and associates Eli Albrecht, Iris Hill Crabtree, and Patrick Redmon.