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.
His comments came ahead of the unveiling Wednesday of the production version of Lucid’s Air electric sedan, which the company says has an EPA estimated range of 517 miles and claims is the fastest-charging EV ever. The Air also will have two-way, vehicle-to-grid charging that allows owners to power their homes in the event of a blackout.