EV startup Lucid (LCID) revealed it is raising roughly $3 billion through a public stock sale and new investment from its majority stockholder, Saudi Arabia’s Public Investment Fund (PIF).
Lucid raises $3 billion via stock sale
Lucid, like most EV startups, is struggling with rising input costs as it works to ramp production. To make matters worse, falling valuations are making it harder to access cheap funding.
The EV startup produced 2,314 Lucid Air models in the first three months of the year while delivering 1,406, up nearly 300% YOY.
According to the company’s first-quarter results, Lucid generated $149.4 million in revenue while ending the quarter with just over $3.4 billion in cash and around $700 million in credit for $4.1 billion in total liquidity.
Despite Lucid reassuring it would have funding for at least the next year, the EV startup revealed it’s raising around $3 billion through a stock sale; around $1.2 billion will be from the sale of 173.5 million shares of common stock.
Meanwhile, the other $1.8 billion will come directly from its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF). The wealth fund has entered into an agreement to buy 265.6 million shares in a private placement.
The investment is expected to close on June 26, 2023, while PIF will maintain its roughly 60.5% ownership of Lucid common stock. Saudi Arabia’s PIF has invested around $9 billion in the EV startup following the latest funding.
Lucid says it will use the funds for general corporate purposes, including capital expenditures and working capital.
Lucid expects to hit the lower end of its production guidance between 10,000 and 14,000 models in total this year. The EV maker says its first electric SUV, the Gravity, will be unveiled in full to the public later this year as it progresses on phase two of construction at its Arizona facility.
Lucid’s stock dropped over 10% following the news, settling around $6.55 per share.
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GE Vernova’s onshore wind business announced that it received orders in 2024 to repower over 1 gigawatt (GW) of wind turbines in the US.
Wind energy repowering is all about breathing new life into older turbines. By swapping out aging parts like turbines, blades, and nacelles for the latest tech, wind farms see significant boosts in efficiency, power capacity, and overall lifespan. Other infrastructure and control systems can also get a second life.
Adding new components to existing infrastructure and grid connections means it’s less expensive to extend the life of the wind farm with fewer resources. New components make the turbines less prone to breakdowns which means less maintenance, so there are fewer operational costs.
The repowering projects for which GE Vernova received orders will use nacelles and drive trains that it manufactures in its Pensacola, Florida, factory.
“As the United States works to meet the doubling of projected demand for more energy, repower projects like these help US workers in US factories take advantage of what we already have, where we already have it,” said Matt Lynch, general manager of Repower at GE Vernova.
The orders were booked between the first and fourth quarters of 2024. GE Vernova’s wind repower projects are expected to come online between 2024 and 2027.
GE Vernova’s onshore wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide.
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Kia’s official first-party NACS adapters are now ready to ship out, but owners will have to wait to use them on Tesla Superchargers until later this quarter.
The rollout of Supercharger access to non-Tesla brands is hitting a fever pitch this year, with several brands added to the “coming soon” list, and even beyond that, VW and Honda have both made their own announcements that access is coming soon.
But for most vehicles, charging on Superchargers will require an adapter for the time being, as most brands aren’t adding native NACS ports to their vehicles until a future date (the current exceptions are the 2025 Kia EV6 and Hyundai Ioniq 5 which have native ports).
Each manufacturer is dealing with adapter rollouts separately, and Kia’s ready to announce that their adapters are ready to go.
Kia told us today that shipments of first-party adapters are currently en route to dealerships, and certain owners will be getting a notification soon to claim their adapter.
In Kia’s previous announcement about adapter availability, it said that any 2024 or 2025 EV6 or EV9 owners who took delivery after September 4 would get a free NACS adapter. Those owners should receive a push notification soon in their Kia Connect app through which they can claim their adapter.
For other owners, adapters will be available from Kia dealers for $249, which is roughly in line with the average cost we’ve been seeing for these adapters. Dealers should be getting the adapters any day now.
However, these adapters will be of limited usefulness for the next several weeks. You’ll be able to use them to charge at Tesla destination chargers, or any home charger with a Tesla/NACS plug on it, but Supercharger access still requires a handshake between the car and the charging network, and that handshake is currently disabled.
Originally, Kias were going to gain access on January 15th, but that was pushed back until the “back end of this quarter.” Some owners found out a loophole to allow for charging on the network, but that loophole was closed just yesterday.
As a result, Kia is also including “definitive instructions” on how to use the adapters along with each shipment. It wants to ensure that everyone is using them properly, especially given the recent back-and-forth about, uh, unsanctioned methods to access the network before official availability.
Kia’s EV6 with the native NACS port has also taken longer to arrive than Hyundai’s 2025 Ioniq 5. Ioniq 5s are already shipping (and can even charge faster than Teslas at a Supercharger, a feat the EV6 should also achieve), but EV6s haven’t yet hit dealerships. They should be on around the same timeline as Supercharger access, and ought to be available in the back half of this quarter.
So… Kia fans will still have to wait a little bit, but at least you’ll have the adapters ready to go for when the floodgates open later this quarter.
If you’re looking to buy one of the fastest-charging EVs on the road today, use our link to check local dealers and get in line for when they get the new 2025 Kia EV6s in stock.
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EV charger manufacturer Kempower and Ziegler Energy Solutions have paired up to deliver EV fast charging infrastructure for commercial fleets.
To put it simply, Finland and US-based Kempower brings DC fast chargers to the table, and Ziegler Energy Solutions’ (ZES’s) specialty is infrastructure, energy efficiency, and operational flexibility, along with sales and service.
“As businesses and municipalities increasingly transition to electric fleets, reliable and adaptable EV charging infrastructure with the highest uptime is paramount,” said Troy Monson, general manager of Ziegler Energy Solutions. “Partnering with Kempower enables us to deliver scalable, user-friendly solutions that support our customers’ electrification goals and operational needs.”
ZES, which is now a Kempower Certified Partner, helps fleet operators address challenges like high mileage, uptime demands, and energy cost management using its EV fleet planning tools that simulate real-world scenarios like duty cycles, charging schedules, and energy needs. It also has a leasing program, and integrates solar and battery storage into fast charging infrastructure.
This means Kempower can now offer its DC fast chargers to fleet operators with ZES’s support, ensuring uptime and reliability.
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