Electriq Power (Electriq), a developer of intelligent and integrated home energy storage, management, and monitoring solutions, has been awarded a contract to supply Caribbean Utilities Company, Ltd.’s (CUC) innovative Behind-the-Meter Energy Storage Pilot Program. The residential battery project calls for Electriq to deploy its PowerPod platform in 10 Grand Cayman homes to showcase behind-the-meter energy storage system technologies. The contract also calls for Electriq to market, install, deploy, and manage these behind-the-meter systems as a virtual power plant (VPP), with installations being carried out by local contractors.
The Cayman Islands Government’s Energy Policy requires 70% of electricity to come from renewable energy sources by 2037. CUC studies have shown that a substantial amount of front-of-meter and behind-the-meter battery storage will be needed to integrate more solar and wind energy. To test the efficacy of battery storage systems in residential homes to meet future energy goals, CUC and Electriq will install the PowerPod 2 systems in the selected private homes to provide both backup during power outages, as well as grid services to support CUC’s distribution infrastructure.
Among the goals of the initiative are to discover best practices for installation and operation, understand capital and operational costs, and demonstrate and measure multiple value propositions for the residential user and CUC.
Electriq’s latest PowerPod 2 includes a cobalt-free Lithium-Iron-Phosphate (LFP) battery, hybrid battery/solar inverter, home energy management system, and an energy consumption meter. The system offers resilient and responsive backup power, as well as a smart home energy software app to manage electricity use and optimise efficiency.
The company’s technology and robust supply chain have made PowerPod systems a sought-after resource in the global transition to renewable energy. In March 2021, the company announced a similar supply agreement with the City of Parlier, California, US, to provide full programmatic development and financing for the city's new Home Solar and Energy Efficiency Program. Additionally, Electriq recently executed its second private label agreement for PowerPod home energy storage systems, a three-year deal with a multi-billion-dollar US-based company, valued at up to US$200 million.
