Evaluating only Electriq Power’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Electriq Power founded in Campbell, California to develop integrated home battery storage and energy management systems.
PRODUCT LAUNCH
Completes SPAC merger with TLG Acquisition One at $220M valuation; promises $40M revenue guidance for 2022.
LAYOFF
Reports only $4.2M in 2022 revenue vs. $40M guidance; supply chain delays cascade; CEO Frank Magnotti resigns.
SHUTDOWN
Electriq Power files Chapter 7 bankruptcy in July 2023; assets liquidated with no going-concern buyer found.
Full Analysis
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Documented cause
Electriq Power, a Campbell, California-based home battery and energy management company, went public via SPAC merger with TLG Acquisition One Corp in 2022 at a valuation of $220M. The company sold smart home battery systems branded as PowerPod but supply chain disruptions inflated costs and slowed deliveries throughout 2022. Revenue for 2022 was only $4.2M against a promised $40M guidance. CEO Frank Magnotti stepped down amid mounting losses and Electriq filed for Chapter 7 bankruptcy in July 2023.
Lesson
“SPAC-listed cleantech hardware companies face fatal punishment for missing revenue guidance by 90%.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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