TLG Acquisition One in an 8-K filing included an investor presentation highlighting its proposed merger with Electriq Power, a provider of intelligent solar energy storage and management for homes and small businesses.
Announced in November, the transaction values Electriq at a pro forma pre-money equity value of $495 million and is expected to provide Electriq with up to $125 million of capital to fund its growth through a combination of debt and equity.
Electriq is also in advanced discussions for up to $60 million of capital that includes an asset-backed revolving credit facility from an institutional investor, a personal convertible debt commitment of up to $8.5 million from SPAC CEO Mike Lawrie and other convertible debt to be raised before closing. Electriq intends to close and partially fund the revolving credit facility and the convertible debt from Lawrie before the end of the year. In addition, a number of shares will be placed into escrow to provide incentives for equity financing commitments.
The SPAC raised $350 million in a January 2021 IPO. TLG may also enter into a forward purchase agreement prior to backstop redemptions for up to $100 million. Read more.
Source: TLG Acquisition One Files Investor Presentation on 0M Electriq Power Deal