Photo credit: Lucid Motors

Lucid Motors, an electric car upstart which recently formally unveiled its first-ever car, is also eyeing business in electric energy storage, according to the company’s CEO, Peter Rawlinson. Lucid, backed by more than $1 billion in private funding, seems to be following in the footsteps of Tesla, the famed electric carmaker, and it shouldn’t be much surprising given that the company’s CEO, Peter Rawlinson, is a Tesla veteran who served as Chief Engineer for its Model S vehicle. Lucid’s first vehicle, the Lucid Air, is a luxury electric sedan that also bears similarities to Tesla’s vehicles. 

Energy storage represents a sizeable business for capable companies, making it not much a surprise that Lucid is looking into the area. The Newark, California-based company says it aims to have a prototype of a commercial energy storage system installed at this headquarters by the start of next year. The system will store power generated from solar panels on the roof of Lucid’s facility and provide electricity during peak hours. According to Lucid’s CEO, the company is in talks with Saudi Arabia’s Public Investment Fund, itself Lucid’s largest outside investor, to develop an industrial-scale energy-storage system. The goal is to store solar-generated power in Lucid’s electric batteries, which will be produced at mass-scale by LG Chem. LG Chem is also a major manufacturer for other electric carmakers including Tesla.

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