Lucid Motors has secured an additional $1.5 billion investment from Saudi Arabia, as announced alongside the company’s Q2 2024 financial results. This injection of funds aims to boost the production of Lucid’s new electric vehicle (EV), the Gravity. It will also expand the company’s factory in Saudi Arabia, which is expected to have an annual capacity of 150,000 vehicles.
The investment comes from the American automaker’s major shareholder, Ayar Third Investment Co., an affiliate of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).
Following the announcement, Lucid’s shares rose about 6% in extended trading, despite a 3.9% drop during regular trading hours. Tesla’s rival also reported its second-quarter financial results for the period ending June 30, with revenue of $200.6 million and the delivery of 2,394 vehicles. The company ended the second quarter with about $4.28 billion in total liquidity.
Lucid Takes A Financial Boost
PIF’s investment includes $750 million in convertible preferred stock through a private placement and a $750 million unsecured delayed draw term loan facility, subject to certain conditions. This financing aligns with PIF’s strategic goal to become a global investment powerhouse and drive Saudi Arabia’s economic transformation by creating new sectors and opportunities that can shape the future global economy.
Half of this investment will be provided as a loan. In contrast, the other half will be exchanged for convertible preferred stock by Ayar Third Investment. This marks the second investment from Saudi Arabia this year, bringing the total investment in Lucid to about $8 billion, with the country’s stake in Lucid now at about 60.
Lucid CEO Peter Rawlinson stated that these new funds will ensure liquidity at least until the fourth quarter of 2025.
The Saudi plant, which began operations last fall, currently assembles semi knocked-down units of the Air sedan at a rate of 5,000 units annually. The long-term goal is to achieve full production of Lucid vehicles at an annual rate of 150,000 units.
Meanwhile, Lucid’s primary facility in Casa Grande, Arizona, also responsible for Air sedan production, aims to reach an annual capacity of 365,000 units once fully expanded. The Arizona plant will also begin producing the Gravity SUV later this year.
Fueling Lucid’s Ambitious EV Expansion Plans
Despite these ambitious plans, Lucid still faces significant challenges in scaling up production. The company manufactured only 2,110 vehicles in the second quarter and is on track to produce about 9,000 vehicles this year, compared to 8,428 vehicles produced last year.
Compared to the EV giant, Tesla, the full EV maker reported delivering 443,956 vehicles in Q2 2024 and produced 410,831 vehicles. Globally, EV sales reached an all-time high in the second quarter of 2024, with a 19% increase from the first quarter, according to New AutoMotive’s Global Electric Vehicle Tracker.
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Moreover, nearly 2.6 million EVs have been sold globally since May 2024, with China’s domestic market driving much of this growth.
Since 2021, first-quarter EV sales have typically accounted for 15-20% of total global annual sales, per the International Energy Agency data. Based on this trend, combined with policy momentum and typical seasonality in EV sales, estimates suggest that electric car sales could reach around 17 million in 2024.
Electric Car Sales, 2012-2024

This projection indicates robust growth for a maturing market, with 2024 sales expected to surpass those of 2023 by more than 20%, resulting in EVs comprising more than one-fifth of total car sales.
In the United States, EV sales could rise by 20% in 2024 compared to the previous year, according to the IEA. This increase translates to almost half a million more sales relative to 2023. Despite a rocky end to 2023 for EVs in the U.S., sales shares are expected to remain strong in 2024, with projections indicating that around one in nine cars sold will be electric throughout the year.
More EV models become available but the trend is towards the bigger ones. The number of available EV models is nearing 600, with ⅔ of these being large vehicles and SUVs, IEA reported.
Scaling New Heights: Lucid’s Strategic Growth in the EV Market
The Gravity was officially unveiled in November, with Lucid stating it “heralds the dawn of a new era for electric SUVs” by offering over 440 miles of range. This full-size electric SUV features a luxurious interior with three rows, providing ample room for seven adults and their belongings.
The luxury electric SUV is powered by Lucid’s next-generation technology, which is an evolution of the award-winning tech found in the Air sedan.
Lucid’s CEO, Peter Rawlinson, emphasized that the Gravity SUV represents a significant advancement in the company’s technology and design. Despite its long-range capabilities, the Gravity’s battery pack is “a little more than half the size of some of our battery-hungry competitors.” This is crucial as the market for lithium, a key element that powers EV batteries, is in limbo.
Lithium prices keep dropping with no quick recovery in sight per the experts advice. BloombergNEF predicts that low lithium battery prices will persist for several years, significantly impacting the automotive industry. This extended period of affordability is expected to drive further adoption of electric vehicles.

As lithium battery costs remain low and with the significant investment announced, the economic feasibility of Lucid’s electric SUV holds strong. It strengthens Lucid’s financial position and supports its mission to accelerate the global shift towards sustainable transportation and energy.
The post Lucid Gets $1.5 Billion from Saudi: Could This Be A New Era for Electric SUV? appeared first on Carbon Credits.
Carbon Footprint
What DECARBON 2026 Reveals About the Industry’s Next Move
The oil and gas industry is moving from intention to action. With a focus on sustainability and operational advancements, this sector is investing in groundbreaking technologies to meet new demands. Find out how the Oil and Gas Decarbonisation Congress (DECARBON) 2026 is driving this transformation and reshaping the global energy landscape.
The oil and gas sector has grown weary of abstract discussions around decarbonisation, hydrogen’s future and other optimistic projections. Grand narratives have done little to solve real-world problems, and industry players are increasingly unwilling to indulge them. Instead, the focus is shifting toward practical, technology-based solutions, even if most are still in their early stages. These changes are a response to pressure for environmental accountability and a direct consequence of the sector’s underlying realities. Specifically, the finite nature of natural resources and the rising costs of extraction have compelled companies to adopt long-term strategies aimed at sustaining profitability and resilience. As a result, investments are finally beginning to flow where they matter most — into technologies that can both curb emissions and sharpen operational efficiency. Rhetoric, it seems, is losing ground to results.
The Oil and Gas Decarbonisation Congress (DECARBON) 2026, held on 9–10 February in Vösendorf, Austria brings together technical specialists, project leaders and technical specialists to examine the most relevant trends and practical approaches to reducing carbon emissions across the upstream, midstream and downstream sectors.
Low-Carbon Hydrogen: Infrastructure and Application
Hydrogen (H₂) is widely recognised as one of the most critical tools in global decarbonisation strategies. According to the International Energy Agency (IEA), low-carbon hydrogen production could reach 180 million tonnes per year by 2050, depending on infrastructure deployment and policy alignment.
While green hydrogen holds great promise, its implementation remains largely aspirational due to current cost barriers. As a result, discussions around hydrogen
must go beyond ideal scenarios to address the market situation. This is why the agenda of the Oil and Gas Decarbonisation Congress 2026 includes a range of hydrogen technologies that are particularly relevant today.
The Congress features a Leaders Panel addressing the development of efficient hydrogen infrastructure, green hydrogen value chain development and foundational processes in low-carbon hydrogen production. Among the speakers are Tamás Mérő, Head of Green Hydrogen Value Chain Management at MOL Group, and Fabio Ferrari, Head of the Circular Carbon and Integration Solutions Department at NextChem, along with other industry leaders.
Digitalisation and Operational Performance
Digital tools have reshaped asset management and environmental monitoring across the energy industry. Automation, AI and real-time analytics have helped reduce emissions, cut OPEX and increase system stability. According to recent reports, technology leaders like Siemens are using digital twins and AI-powered analytics to monitor emissions, optimise system performance and support decarbonisation efforts across various sectors.
This growing emphasis on digital innovation is further reflected in a roundtable session at DECARBON 2026, focused on the role of technology in advancing sustainability objectives. Mario Calado Industry Strategy Lead at Siemens AG, participates in the discussion and shares insights into how digital transformation could be realised. Complementing this, Florian Klein, Business Development Manager for Energy Transition at Linde Advanced Operations Solutions, outlines how companies applied advanced operations systems to reduce energy use and move towards an autonomous plant. Moreover, at the Congress delegates have a chance to learn more about machine learning powered optical gas imaging solutions, P2X technologies, satellite technology and many others.
Electrification in Upstream Operations
Electrification has proved an effective lever for reducing Scope 1 and Scope 2 emissions in upstream operations as it has improved energy management and reduced operational variability.
During the session focused on decarbonisation for upstream operations, Ali Aboosi (Business Development Manager at Chromalox) presents the deployment of electric process heating systems across production assets. Dr. Bo Fu, CEO of Oiler.ai, contributes insights on the machine-learning-powered optical gas imaging solution for real-time methane leak detection and quantification. Additionally, Fayez Al-Mezel, Business Planning Specialist at Kuwait Oil Company, take part in the discussion, offering energy transition strategies for the upstream sector.
Carbon Capture and Storage at Industrial Scale
Carbon Capture, Utilisation and Storage (CCUS) remained a priority for industrial decarbonisation. According to McKinsey & Company, CCUS capacity needs to increase more than 120 times by 2030 to align with global net-zero targets. Progress toward this goal is underway: as of the first quarter of 2025, global operational CCUS capacity reached just over 50 million tonnes of CO₂ per year, reflecting a year-on-year increase.
To showcase how these targets are being addressed in practice, the Closing Panel at DECARBON 2026 presents case-studies from active CCUS projects across Europe, with a focus on integration, commercial readiness and cross-sector collaboration.
Speakers included:
● Dr Marc Scherle, Project Manager, Business Development & Sales, Linde Engineering – Decarbonisation of process industry using Linde technologies
● Phillip Cooper, Project Director, Petrofac – Design of the Aramis CCS pipeline system
● Kleopatra Avraam, Strategic Planning Senior Director, DESFA – Overview of DESFA’s CCS Project, APOLLOCO2
● Andreas Grobler, Strategic CCUS Partnership Manager, Shell Deutschland – Case examples from Shell’s global operations
The discussions at DECARBON 2026 underscore a clear industry pivot: away from theoretical promises and toward credible solutions. Topics like hydrogen infrastructure, digital transformation, upstream electrification and CCUS must be actively evaluated and, in some cases, deployed. Faced with finite resources and
rising operational pressures, the sector is responding not with rhetoric, but with targeted investment in technologies that deliver measurable outcomes. The message of DECARBON 2026 is clear: decarbonisation is not a distant ambition — it’s a competitive edge, and it’s happening now.
As the Congress motto states, “Reimagine the future of energy”, this call remains relevant across all segments of the industry. Explore what’s next with DECARBON 2026: https://sh.bgs.group/39p
The post What DECARBON 2026 Reveals About the Industry’s Next Move appeared first on Carbon Credits.
Carbon Footprint
Three Streams, One Goal: DECARBON 2026 Unites the Oil and Gas Value Chain
At DECARBON 2026, leading companies come together to turn ambition into action — demonstrating the innovations and finding collaborations to drive the transition to a low-carbon future.
The oil and gas industry operates through highly complex systems in which upstream, midstream and downstream segments often follow distinct strategies and priorities. Upstream focuses on exploration and production efficiency, midstream prioritises secure and reliable supply routes, while downstream aims to enhance refining performance and reduce environmental impact. Aligning these three sectors towards a single goal — decarbonisation — remains one of the greatest challenges. Reducing emissions across exploration, transportation and refining requires technological innovation as well as cross-sector collaboration and consistent strategic alignment.
For these goals, the Oil & Gas Decarbonisation Congress (DECARBON) 2026 unites global industry leaders from the whole value chain to exchange practical insights and proven approaches that deliver measurable results. Throughout the Congress, companies across upstream, midstream and downstream share their experiences and innovations from P2X technologies and green hydrogen to AI-powered autonomous plants.
In the upstream-focused session, Kuwait Oil Company offers valuable perspectives on integrating energy transition strategies into exploration and production planning. Fayez Al-Mezel, Business Planning Specialist, delivers the presentation about the integration of energy transition into upstream strategies. He addresses key challenges such as capital-cost dispersion, technology readiness and infrastructure constraints. The speaker outlines mitigation measures, including modular pilot projects, standardised designs and verified data management. This approach demonstrates how strategic planning and transparent performance tracking translate decarbonisation ambitions into efficient, cost-competitive outcomes.
In the midstream discussion, LiveEO (Session Sponsor) highlights digital tools that enhance pipeline safety and sustainability. Nick Ferguson, Chief Evangelist, explains that satellite technology elevates pipeline safety. Drawing on a case study, he demonstrates that combining high-resolution satellite imagery with artificial intelligence enables the detection of 73% of previously unidentified threats and improves prediction accuracy by 80%, supporting proactive risk management and streamlined operations.
Kent participates in the dialogue dedicated to downstream decarbonisation, specifically low-carbon fuels and feedstock. Luigi Crolla, Head of Energy Transition Technologies, explores how integrating electrolytic hydrogen and Reverse Water Gas Shift (RWGS) technologies into waste-to-fuel processes enhances Sustainable Aviation Fuel (SAF) yield and reduces carbon intensity. While Kent operates across multiple energy transition domains, its contribution highlights the importance of technological integration in scaling sustainable fuel production.
By bringing together diverse organisations working across and beyond traditional sector boundaries, DECARBON 2026 creates a unified platform for forward-looking conversation. The Congress underscores that decarbonisation is not the responsibility of one stream alone but a coordinated transformation across the entire oil and gas value chain — from production to refining. Explore the full programme and speaker line-up at: https://sh.bgs.group/3hn
The post Three Streams, One Goal: DECARBON 2026 Unites the Oil and Gas Value Chain appeared first on Carbon Credits.
Carbon Footprint
ReNew Energy to Invest over $9 Billion to Boost Solar, Storage & Green Fuels in Andhra Pradesh
ReNew Energy Global Plc, an Indian renewable energy company, announced it will invest about US$9.33 billion (around ₹82,000 crore) in green energy projects in the southern state of Andhra Pradesh. This is one of the largest private investments in renewable energy in the region. The plan aims to expand India’s clean energy capacity while supporting local industries and jobs.
The investment will focus on key areas of renewable energy. This includes solar, wind, energy storage, and green fuel production. India is shifting from just power generation to a full renewable energy value chain. This multi-pronged approach highlights that change.
The Projects Included in the $9.33B Power Play
ReNew Energy’s projects in Andhra Pradesh are diverse. The company will set up a 6 GW solar ingot and wafer manufacturing plant. This facility will produce essential materials for solar panels. By making them locally, India can reduce its reliance on imports and strengthen its domestic solar industry.
In addition, the company will build a 2 GW pumped-hydro storage system. This storage will allow renewable energy to be saved when the sun isn’t shining or the wind isn’t blowing, making the electricity supply more reliable.
A green ammonia facility will also be built, producing around 300,000 tonnes per year. Green ammonia can be used as a cleaner fuel and for industrial purposes, helping reduce greenhouse gas emissions.
ReNew plans to develop 5 GW of hybrid renewable projects combining wind, solar, and battery storage. These projects aim to maximize energy output and efficiency. Together, all these efforts cover manufacturing, generation, storage, and newer forms of clean energy.
Benefits and Local Wins for Andhra Pradesh
Andhra Pradesh has set ambitious renewable energy targets. The state aims to achieve 78.5 GW of solar, 35 GW of wind, and 25 GWh of battery storage. ReNew Energy’s investment will help move the state closer to these goals.

The projects are expected to create over 10,000 jobs, both directly and indirectly. Jobs will vary from factory work at the solar plant to construction, operations, and maintenance of storage and hybrid projects. The investment will strengthen local supply chains. This gives businesses chances to provide materials, transport, and other services.
By producing solar wafers and ingots locally, the state can also reduce dependency on imported materials. This supports both energy security and the development of local industries.
Sumant Sinha, Founder, Chairman, and CEO, ReNew remarked during the announcement:
“ReNew has a long-standing presence in Andhra Pradesh and with this expansion we are bringing a fully integrated clean energy value chain to the state of Andhra Pradesh, from wafer to large-scale renewable projects and storage deployment…We appreciate the leadership and clear policy direction of the Government of Andhra Pradesh, which makes the state a natural partner in accelerating India’s energy transition and sustainable economic growth.”
Backing India’s Renewable Energy Ambitions
- India has a national target of reaching 500 GW of non-fossil fuel power capacity by 2030.
The world’s third-largest CO2 emitter has the following progress in its renewable power targets.

Investments like ReNew Energy’s are essential to achieving this goal. They provide not just electricity but also infrastructure that supports the country’s shift away from coal and oil.
The company’s plans show that India is moving beyond simply building solar and wind farms. Making solar parts, building storage systems, and producing green fuels are key steps in creating a complete renewable energy ecosystem. This approach also strengthens India’s position in global renewable energy markets.

What are the Key Considerations?
ReNew Energy already operates wind and solar plants in Andhra Pradesh, including 717 MW of wind capacity and 60 MW of solar capacity. The new projects build on earlier investments of about ₹22,000 crore (US$2.5 billion) made in May.
The scale of the projects means careful planning is essential. Building factories and large storage systems requires land, permits, skilled workers, and strong infrastructure. Financing will also need to be managed carefully. It is not yet clear how much funding will come from company funds, loans, or government incentives.
Although the announcement is positive, implementing these projects will take years. The company, state authorities, and other stakeholders will need to work closely to ensure timely completion.
Cleaner Energy, Stronger Economy
The investment could bring both environmental and economic benefits for India. Cleaner electricity means lower greenhouse gas emissions. Local manufacturing reduces the need to import materials, which also lowers carbon footprints from transportation.
Economic benefits include job creation, skill development, and opportunities for local businesses. The green ammonia project could support industries that require cleaner fuels. Battery storage and hybrid projects can boost energy reliability. This benefits both households and industries.
ReNew Energy’s Emission Reduction Moves
ReNew Energy has strengthened its sustainability plans as it works toward becoming a net-zero company by 2040. The company aims to cut almost 90% of its total emissions from its 2022 levels, covering all scopes, including its supply chain.
The company is boosting energy efficiency at its sites. It’s also increasing clean power use and swapping out fossil-fuel equipment for electric options. It is also working with suppliers to adopt science-based climate targets and cleaner transport systems.
ReNew has made progress in recent years. In its latest reporting cycle, it reduced 18.2% of its Scope 1 and 2 emissions and helped avoid 18.6 million tonnes of CO₂ through its renewable projects.

The company now gets 76% of its electricity from renewable sources. It has also saved over 540 million liters of water by focusing on conservation. ReNew’s targets are validated by the Science Based Targets initiative, reflecting stronger accountability and transparency.
Beyond emissions, ReNew also has broader environmental goals:
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It aims to be water-positive by 2030 — meaning it gives back more clean water than it uses.
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It targets zero waste to landfill in its operations.
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It also aims to make a positive social impact, including having 30% women in its workforce and improving ESG
A Benchmark and Bold Step Toward a Low-Carbon India
If successful, ReNew Energy’s investment could serve as a model for other states in India. Private companies can invest in many areas of renewable energy. This includes manufacturing, generation, and storage. The size of the investment shows trust in India’s clean energy policies. It also highlights the country’s long-term renewable energy market.
ReNew Energy $9.33 billion investment in Andhra Pradesh is a big step for India’s renewable energy efforts. It includes solar manufacturing, storage systems, hybrid renewable projects, and green fuel production.
For the state, the projects offer job creation, energy security, and industrial growth. For India, they support national renewable energy targets and demonstrate the country’s commitment to cleaner energy.
The success of these projects will depend on execution, planning, and coordination among the company, governments, local communities, and supply chains. If done well, it could set a benchmark for future investments and contribute significantly to India’s transition toward a low-carbon economy.
The post ReNew Energy to Invest over $9 Billion to Boost Solar, Storage & Green Fuels in Andhra Pradesh appeared first on Carbon Credits.
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