Investor Presentaiton
GIANT ADDRESSABLE MARKET
electriq
power
Residential solar installs are growing rapidly in the U.S., with annual installed capacity forecasted to grow at ~15%, which
implies a significant growth opportunity for Electriq's battery systems
U.S. Residential Solar Installed Capacity (GW)
2020-2030 Estimated CAGR: 15%
78.7
70.7
63.2
56.4
49.7
43.3
I
37.7
33.4
28.9
24.5
20.0
Electriq Implied Battery Unit Volumes
► 2023 & 2024 unit volumes and implied market share based on existing customer
agreements (4)
► Hypothetical alternatives for 2025, assuming Electriq's market share grows 0.5%-1.5% per
year thereafter
2020A 2021A2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
Total U.S. Battery Storage Unit Installs (000s)
► 2022 new battery attachment rate of 20% (1), with an
estimated 2%-4% annual increase thereafter (2)
Retrofit annual attachment rate of 1% (3)
New Battery Storage Unit Installs
■Retrofit Battery Storage Unit Installs
2023-2025 CAGR: 21%
332
225
241
193
71
60
64
54
261
139
166
177
2022E
2023E
2024E
2025E
New Install
Attach Rate
20%
24%
27%
30%
23-'25
CAGR
244%
Market Share Growth Case:
0.5% 1.0% 1.5%
11,540
9,882
8,224
219%
191%
973
4,776
2023E
2024E
2025E
0.4%
2.0%
2.5%
Market
Share(5)
0.4%
2.0%
3.0%
0.4%
Source: Bloomberg New Energy Finance ("BNEF"), Sunrun,
SunPower and Sunnova company presentations and filings,
Lawrence Berkeley National Laboratory.
1. Based on average attachment rates for 2022 per Sunrun,
SunPower and Sunnova investor presentations and earnings
calls.
2. Figures in chart represent midpoint of estimated range.
3. Based on Electriq management estimate.
4. Assumes (i) 1,100 forecasted systems in the MOUS/LOIS with
Access Tab and Barrio Electrico are delivered, (ii) 1,100
forecasted systems among existing New Channel Partner
customers and (iii) acquisition of approximately 2,600
homeowners in the Counties of Santa Barbara and San Luis
Obispo, the City of Parlier and surrounding areas.
5. Based on total anticipated U.S. battery storage unit installs
2023E and 2024E; 2025E market share percentages are based
on the variable Market Share Growth Cases (0.5% / 1.0%/1.5%
being added).
2.0%
3.5%
Strictly Confidential / Not for Redistribution
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