Hyperdrive
Electric-Car Startup Lucid to Follow Tesla Into Energy Storage
- Company is developing home batteries similar to Powerwall
- In early talks with Saudi Arabia about an industrial system
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Lucid Motors Inc., the electric-vehicle startup that has yet to build a production car, is following Tesla Inc.’s footsteps into the energy-storage business.
The Newark, California-based company is developing home batteries -- similar to Tesla’s Powerwall -- and utility-scale devices, Chief Executive Officer Peter Rawlinson said in an interview. They will have the same battery-cell modules the company is installing in its debut EV.
“There is a multiplier effect: They are cost-effective to make,” so they can be used in stationary storage systems, Rawlinson said.