A car drives past a building of the Digital Reality Data Center in Ashburn, Virginia, U.S., March 17, 2025.
Leah Millis | Reuters
Sovereign wealth fund ADQ and American private equity firm Energy Capital Partners, or ECP, have signed a deal for a $25 billion investment partnership dedicated to increasing power generation, primarily in the U.S., to serve data center needs, the companies announced Wednesday.
The partnership “aims to service the growing power needs of data centers, hyperscale cloud companies and other energy-intensive industries,” a joint statement by the firms read. “As the continuity and quality of power supply is crucial for these high-growth industries, the need for captive power plants that are in proximity is often a pre-requisite. The partnership is focused on meeting these needs over the long-term.”
The 50-50 partnership will deploy capital with the goal to invest more than $25 billion across 25 gigawatts worth of projects via greenfield site development, new builds and expansions of current infrastructure.
ADQ, established in 2018 in Abu Dhabi, United Arab Emirates, focuses on investments in critical infrastructure and global supply chains, while ECP describes itself as the largest private owner of power generation and renewable energy assets in the U.S. ADQ oversees $249 billion in assets, while ECP has raised more than $31 billion in capital commitments since its inception in 2005.
The partnership announcement comes at a time of rapidly increasing power needs — electricity demand is set to surge in the U.S. after staying largely flat for some 15 years, fueled by new data centers, factories, electric vehicles, and hotter and longer summers.
And as tech giants like Microsoft, Amazon and Google compete to take the lead in the artificial intelligence revolution, the data centers needed to power the burgeoning technology consume an ever-increasing amount of energy.
The U.S. Department of Energy, in a December 2024 report, estimates that data center load growth in the U.S. has tripled over the past decade and that total data center electricity usage is projected to double or triple by 2028.
According to “a 2024 International Energy Agency report on electricity,” the data center sector in the U.S. “is expected to account for more than one-third of additional demand through 2026.” Globally, data centers’ total electricity consumption could reach more than 1,000 terawatt hours, or TWh, in 2026 — that’s up from an estimated 460 TWh in 2022 and “roughly equivalent to the electricity consumption of Japan,” the IAE said.
The UAE’s AI ambitions
The deal comes as ADQ chairman and United Arab Emirates national security advisor Sheikh Tahnoon bin Zayed Al Nahyan visited Washington, meeting with President Donald Trump and Elon Musk, among other political and business leaders.
The UAE has worked to strengthen ties with the U.S. on AI and is seeking greater access to American technology in order to build its own infrastructure and diversify its economy away from hydrocarbons.
The small, oil-rich Gulf sheikhdom has been intensely pursuing investments in artificial intelligence, data centers and energy transition technologies as the race for AI dominance gathers pace.
UAE investment fund MGX last year teamed up with Microsoft and BlackRock to form a consortium with an initial goal of investing more than $30 billion in AI-related projects in the U.S. On Thursday, American chipmaking giant Nvidia and and Musk’s xAI announced they would be joining the project.
Segway has issued a significant recall affecting approximately 220,000 units of its popular Ninebot Max G30P and Max G30LP electric scooters. The recall addresses a safety issue involving the scooters’ folding mechanism, which can unexpectedly fail during use.
According to the U.S. Consumer Product Safety Commission (CPSC), this malfunction can lead to a sudden collapse of the handlebars or scooter stem, posing a substantial fall risk and potentially resulting in serious injuries to riders.
Segway has reported receiving 68 incidents of the folding mechanism failing, with 20 reported injuries so far. These injuries have ranged in severity from minor abrasions and bruises to more severe incidents involving lacerations and broken bones.
The scooters involved in the recall were widely sold across the United States at major brick-and-mortar retailers, including Best Buy, Costco, Walmart, Target, and Sam’s Club, as well as through online platforms like Amazon and Segway’s official website. Sales occurred over an extensive period, from January 2020 through as recently as February 2025, highlighting the popularity and broad consumer adoption of these affordable and compact electric scooters.
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The Segway Ninebot Max series has been particularly favored among urban commuters and college students due to its combination of performance, affordability, and portability. These scooters typically offer ranges exceeding 20 miles per charge, making them an attractive alternative to cars, public transportation, or even traditional bicycles for short to medium-distance commutes. The ability to fold and conveniently store or carry these scooters has further boosted their appeal, especially in dense urban environments.
However, this recall and others like it in the industry emphasize ongoing concerns within the broader micromobility industry regarding safety standards and manufacturing quality control. As electric scooters continue to grow rapidly in popularity, questions persist about the long-term reliability and durability of certain models, especially in lower-priced segments of the market. Segway has long remained a trusted brand, even after its purchase by Chinese giant Ninebot, but incidents like these can influence public perception, highlighting the importance of robust engineering and rigorous testing procedures.
In response to the recall, Segway advises consumers who own these models to cease using the scooters immediately until repairs can be completed. Owners should contact Segway directly to obtain a free maintenance kit, which includes the necessary tools and detailed instructions for inspecting and adjusting the scooter’s folding mechanism. Consumers can reach Segway’s dedicated customer service team at 1-800-914-6110 or via email at recall@segway.com. Additional resources and details about the recall process are available on Segway’s official recall webpage.
This recall also underscores the critical importance for riders to regularly inspect their vehicles and remain informed about product recalls and safety notices. As the electric scooter market continues to expand and mature, companies will likely face increased scrutiny and pressure to uphold safety standards.
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During a strange publicly livestreamed “all-hands” meeting, Tesla CEO Elon Musk said once again that he’s working on a “Master Plan Part 4” for the company, which is currently on part 3 of its master plan. But the problem is, even part 2 is not yet complete.
Tesla’s “master plans” have guided the company for years, showing a general outline of what direction it plans to go.
The blog post was a tongue in cheek list of Tesla’s priorities for the future, with four steps laid out:
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Build sports car.
Use that money to build an affordable car.
Use that money to build an even more affordable car.
While doing above, also provide zero-emission electric power generation options.
Tesla managed to finish all of those steps, by releasing the Roadster, Model S, and Model 3. It also purchased SolarCity and sells solar panel installations today, so, job completed. And completed quite well, considering Tesla was nothing in 2006 and hadn’t sold a single car, and is now a global powerhouse changing the entire auto industry.
Ten years after that original blog post, the “plan” was updated in 2016 with “Master Plan, Part Deux” (which has also since been deleted from the website). That plan was summarized as:
Create stunning solar roofs with seamlessly integrated battery storage
Expand the electric vehicle product line to address all major segments
Develop a self-driving capability that is 10X safer than manual via massive fleet learning
Enable your car to make money for you when you aren’t using it
This plan has not been quite as successful as the original secret master plan.
A progress check on master plan part 2
First, Tesla’s “solar roof” business has turned more into the company providing solar panel systems to independent installers. These are integrated well through software with Tesla’s Powerwall system (and additional features like Virtual Power Plants, Storm Watch, and so on). But Tesla’s solar roof project didn’t quite turn out as planned – it’s a single design instead of the four designs originally promised, and deployment of that design was… rocky, to say the least.
Second, Tesla has expanded its product line to cover two (or three) more segments: mid-size SUVs, with the Model Y; something kinda sorta approximating a truck, with the Cybertruck; and heavy trucking, with the Tesla Semi.
These are the “major” segments it said it would address in the blog post, so they get partial credit there – except that the Semi is still yet to reach any significant volume numbers, and Tesla has not released a promised “high passenger-density urban transport” (the closest thing there is the recently-announced Robovan, which is absolutely nowhere near production).
Third, Tesla has not successfully deployed self-driving capability that is 10X safer, even by its own numbers. Tesla’s Autopilot Safety Report, which the company only occasionally releases, says that Autopilot is a bit more than 5X safer than a human – but this comes with the caveat that the system will typically spend more time activated in situations where it’s more capable, and drivers will choose to take over when they think the system isn’t going to be able to do something.
Tesla doesn’t publicize data on how much safer FSD is than human drivers, rather referring to “miles between critical disengagement” and other moving goalposts.
So those are three steps which haven’t really gotten finished, but, we can perhaps give some credit for movement in the direction of each of them.
The fourth step, however, has simply not happened. This referred to an idea which at the time was called “Tesla Network,” which was supposed to be a ride-hailing app that Tesla owners could send their cars out to make money with – and the source of Musk’s “appreciating asset” comments.
So, partial credit for master plan part 2, but we’re still in progress.
Part 3 goes in another direction, is huge in scope
After that, Tesla released Master Plan Part 3 in 2023, an entirely different sort of document than the last two. Instead of just being a snarky blog post, this was a 40-page white paper with calculations showing that the world could transition to renewable energy and solve climate change with the resources and technology available to us today.
It’s an interesting read, and despite the weird analogues to Musk’s personal beliefs about population growth, the calculations, while optimistic and self-serving for an EV/sustainable tech company, do make sense. It lays out the case about how to transition the entire world to sustainability, and I think it does so pretty persuasively. I’ve recommended it to many as a way to lay out the potential green transition.
…But, clearly, that has not happened yet either.
Musk drops hints at Tesla Master Plan 4
Then, with two plans still in progress, and only a bit more than a year after unveiling the third part, Musk announced last June that he is “working on Tesla Master Plan 4.”
Nine months later, we’ve yet to hear more details about that idea, but today during his presentation, he did refer back to it again.
Today, he was asked a question by one of the… uh… employees? assembled for his… uh… all-hands meeting/stock pumping livestream?, and the question went thusly (the question was hard to hear, so here’s the meat of it):
“What phase of the plan are we in and how long will it go?”
To which Musk responded:
“We’re at phase 3 of the master plan, since master plan 1 and 2 have been completed. Now, master plan part 3 is a very long master plan, because it’s basically making all energy on earth sustainable. And I actually need to supplement it with the, sort of, ‘abundance for all.’ Maybe thats master plan 4. I’ve kinda described master plan 4 essentially. Which is autonomous cars, autonomous humanoid robots, combine that with solar and battery storage, and I think the future’s gonna be incredible.”
But what about them? We know this is what Musk has been talking about recently, and a lot of those ideas haven’t really turned out – at least not yet.
First of all, we already know about the solar and battery storage, and the autonomous cars. Those were in previous parts of the master plan, and Musk has been promising them next year for ten years, so there’s nothing new there.
In particular, the autonomous car reaches all the way back to part 2, initiated in 2016, and is still incomplete – despite Musk’s incorrect statement today saying that it has been completed. This either suggests he doesn’t know what is going on with his company, or he’s lying. Neither is a great option.
And robots, the only new portion of the proposed master plan part 4, are definitely not quite what they’re cracked up to be – yet, at least. But that’s the point of a master plan, to start heading in that direction, not to already be there – so, fair enough.
But are Musk’s predictions about robotics realistic?
Musk has also stated that humanoid robots will be worth $20-30 trillion to Tesla’s market cap, because everyone in the world will have two personal robots. This seems unlikely on its face, but especially so when Musk says that AGI – Artificial General Intelligence, where a single computer is capable of accomplishing all the same tasks as a human – is coming this year.
The idea that Tesla, a car company, will somehow be the first in the world to accomplish AGI, scaling humanoid robots to the point where everyone in the world can have two, alongside everything else, and on such a short timeline, seems unlikely.
It seems perhaps a little more likely that this meeting, and a potential part 4 of the plan, are both an attempt to reframe the current conversation about Tesla, which is quite negative as sales drop drastically amid Musk’s meddling in anti-sustainability and white supremacist politics.
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Tesla has mysteriously announced that it is holding an ‘all-hands’ meeting in public live-streamed on X amid a tough quarter.
This is a first for the company.
This is a developing story. Refresh the page for updates.
At around 9:00 PM ET Thursday, Tesla posted a live stream on X with some sound checks titled “all hands meeting Q1 2025”, but it went down shortly after.
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At 9:30PM ET, the stream went live again, but nothing started until 9:57 PM when a video about Tesla’s business started.
This new strategy of holding a surprise public meeting comes at the end of a challenging quarter for Tesla, as the automaker is expected to deliver fewer cars than it had in any quarter in the last 3 years.
Musk is now on stage:
A “all-hands”, or town hall, is a company-wide gathering where all employees, leaders, and stakeholders discuss company-wide matters, ensuring everyone is on the same page and updated on key information.
Musk says that Tesla is the top place to work.
Musk release safety data:
Musk says that a better to think about a sustainable economy is “abundance for all.”
Musk claims that “everyone in the world will be able to get everything they want” – “good or service”.
He says that AI and robotics are the keys to that – hence why Tesla is working on Optimus.
Musk claims that Model Y is going to be the best-selling car this year despite having still 3 full quarters to go in the year.
The CEO jokes about people burning down Tesla vehicles.
Musk says “people should also buy the Model 3”.
He again claims that the Cybertruck is bulletproof despite this being a stretch.
Musk says that Tesla will make “millions of Tesla Semi trucks” and they will be autonomous in the future
Musk again claims that “autonomous Teslas will be everywhere”. We will have regulatory approval globally in 5 years.
The CEO again claims that “almost the entire existing fleet is autonomous”
Musk references the stock market, as Tesla stock is crumbling, and repeated his self-driving claims about increasing value of Tesla vehicles through software updates that will make the cars autonomous.
Musk literally just said “hold on to your stocks”
Tesla’s stock is down 40% so far this year.
Musk talks about Megapacks and Powerwalls. No real new information so far.
Musk: my predictions have been pretty good.
The CEO says that he believes Tesla makes the lowest cost per kWh battery cell in the world.
Musk releases a few manufacturing updates:
Musk says that Tesla is making progress with Dojo, which had fallen behind. The first version is active, but operating at “5% capacity”.
Musk says it is a “significant milestone” to see the cars drive themselves at the factory, six years after he said that Tesla would make cross-country trips autonomously.
Musk claims that Optimus is “the most sophisticated humanoid robot on earth”
Boston Dynamics posted this yesterday:
Musk claims that the difference is that Optimus has “real-world AI” even though he started a separate AI company: xAI.
Musk now takes questions from employees.
The CEO says that Tesla will make about 5,000 Optimus robots this year – 50,000 in 2026 and start selling them externally in the second of 2026.
He says that it will be available to Tesla employees first.
It’s getting pretty boring at this point. I might end this live blog.
Electrek’s Jamie Dow on the live stream: this whole thing is an AI video trained on elon videos from 10 years ago.
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