Palo Alto Startup ElectrIQ Launching 10 kWh Lithium-Ion Home Energy Storage System This Fall
The Palo Alto–based startup ElectrIQ Power will be launching an integrated home energy storage product during Quarter 4 2016 — featuring a 10-kilowatt-hour lithium-ion battery, a hybrid DC-to-AC inverter, a DC-to-DC converter, an intelligent battery management system, and a high-frequency energy meter.
The company has apparently already managed to nab 4,000 preorders for the product. Considering that the all-inclusive 10 kilowatt-hour (kWh) unit will sell wholesale for around $13,000 and retail for about $16,000, that’s a fair chunk of money if all of the orders go through. The system will come with a 10-year, 5,000-cycle warranty, it should be noted.
The CEO of the startup, Chadwick Manning, commented: “We’re taking an iPhone approach, where all of these different components are in one box. We create software that allows them all to talk to each other and use all of that information to create an automated, efficient home. We’re looking at the home as a microgrid ecosystem rather than component by component.”
Greentech Media provides more:
The IQ System is paired with a cloud-based dashboard that allows customers to monitor energy use and make informed decisions about their consumption. The embedded software system can also learn usage habits and automate home energy savings.
…Solar companies have shown the most interest. The all-in-one package cuts out suppliers and cuts down installation time for new customers. And because the system integrates in AC or DC, it can serve existing solar customers without the need to upgrade hardware.
…ElectrIQ says its real added value is its software. The IQ System energy meter samples data every millisecond, which allows the system to collect data on everything — down to how many times someone has opened the fridge door. This real-time identification provides insight to customers on how to be more efficient via the online dashboard. The on-board analytics program can also control internet-enabled appliances to automatically lower energy usage.
Rate arbitrage can offer battery customers added value. But unless a customer faces demand charges, the returns are unlikely to be that great, said Manning. That’s why, at least initially, ElectrIQ plans to target customers that want backup power and offer them a return on investment through smart controls that improve efficiency.
While the startup has been funded by angel investors to date, it’s currently working to close a large venture capital round.
Note that we wrote about electrIQ and an announced 7.5 kWh offering in January — “ElectrIQ Offers 7.5 kWh Or Larger Home Energy Storage Solution” — it seems that has been changed to this 10 kWh offering.
Check out the electrIQ Power website for more details.
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“Rate arbitrage” – yes. The market is ripe in Nevada, Texas, Florida with all that sun, huge AC bills, and current rate structures.
$15,000 for 10kwh? Isn’t PowerWall $5,000 for 7.5kwh?
No, $3,000 for 7kWh (wholesale?). This is $428.6/kWh.
$13,000 for 10kWh is $1,300/kWh. They are including the inverter which Powerwall does not have. $13,000 – $1,500 = $11,500. Still $1,150/kWh.
Much more expensive than Powerwall, as are a number of other competitors.
Why?
The inverter at retail is more like $3000…not $1500 but still there must be something else like integration software, monitoring, and other capabilities…
The fact that it is in “one box” adds value, plug and play. The installation cost will go way down. I wish they would have listed the battery manufacture.
They changed it to 6.4 kWh on their website:
“Each Powerwall has a “6.4 kWh” energy storage capacity, sufficient to power most homes during the evening using electricity generated by solar panels during the day. Multiple batteries may be installed together for homes with greater energy needs.”
Seems pricing is high – they would be getting a very decent margin on this. How are they getting customers over the finish line to sign up for this? Obviously some decent numbers of customers appear to be if they are getting customers over the finish line — nearly $5M in orders are implied by this release. I know PG&E is currently charging outrageous amounts for “TOU billing” for small businesses that have no relation whatsoever to the cost causation.
Not sure how they are going to be cost competitive with this in the long run compared to other boxes from other vendors. The cost driver for this sort of contraption is mostly the battery and other companies (i.e. incumbants) would have an advantage there given their existing deep strategic value to battery suppliers. I would expect this market to eventually get a little cut-throat. But then again SolarCity has shown that customer acquisition schemes still trumps a competitive price. But rooftop solar panels appeal to the emotions… a box like this less so unless it offers “freedom”.
The SW integration sounds like a nice story but beyond some basic features that everyone in this market would have, I’m not sure what additional value is there beyond the typical roadmaps one would expect out of smart meter companies in identifying some loads. From the existing Silver-Spring smart meter company data – you can already see your pool pump, AC, etc… if you use a trained eye on the load profile from PG&E.
The COGs on an 6kVA inverter aren’t very high – I’m surprised that they made it (or at least photoshopped it) that small and efficient though – not that it isn’t possible – it absolutely is. It’s just that making it small/efficient costs a large premium to do right now and isn’t really worth it the way things cost right now. Perhaps they are counting on SiC/GaN getting cheaper… after being burned by starry-eye entrepreneurs with magical thinking with these components before… I wouldn’t hold my breath for that to happen. But also perhaps they haven’t really got it figured out yet… judging from their website their existing technical team is a bit light right now on the power electronics side.
Obviously they are doing something right with a reported $64 million in pre-orders for this unit. At first glance, the product seems expensive, but then you have to think of everything they are claiming to offer. $16k is less than what I paid for a Tesla Powerwall, installed, to work with my existing solar installation, all said and done. I was charged up the a** for installation because it requires a specialist. Additionally I had an inverter installed, and now I realized my Powerwall doesn’t work when the power goes out (wtf?).
You’re all getting too technical into the $/kWh when there’s more to it than just a battery. I’m personally looking forward to the launch of this product and hope it succeeds – so I can replace my Powerwall and hopefully regain some functionality that I thought I was getting in the first place.
Yikes. That is one big non-endorsement.
Doesn’t work when the power goes out?
Where are you located?
am SMA Sunny Island would cot less and runs when the power goes out. Did you get 3 quotes for your install?
This is an awesome package. I hope they can deliver it.
ElectrIQ Battery
Lithium Ion
Capacity =10 kWh
Warranty=10 years
Efficiency 96%+ discharge
Solar Input =6.0 kW, 150 – 500 VDC (awesome)
2 – MPPT, 15 ADC each
Inverter Output =Split Phase (L1 & L2) 240/120 VAC Nominal (awesome)
6.0 kVA continuous output = Awesome
Take Away= Allows PV input, built in MPPT charging, built in DC-DC, DC-AC,
allowa nce 6.0 kVA draw- I don’t know the power factor.
Powerwall= no Solar input/MPPT charging, No DC-AC inverter hardware, no split phase
Model
6.4 kWh
For daily cycle applications
Warranty Ten years
Efficiency 92.5% round-trip DC efficiency
Power 3.3 kW
Depth of Discharge 100%
Voltage 350 – 450 volts
Current 9.5 amperes
Single phase and three phase utility grid compatible.