Watts up? There’s been a lot of change within the clean energy industry this week, from Lucid's CEO unexpectedly stepping down, to the National Grid selling its US renewables arm for $1.7 billion.

Additionally, Canada has announced a near $200 million partnership with charging company JOLT, while CALB is investing over $2 billion into a battery factory in Portugal.

We’ll be breaking down these stories, and many more, in this weeks edition of Watts Forward.

We hope you have a great weekend!

—Lachlan Cooney

Lucid’s CEO resigns as company aims to double production

Lucid Motors' CEO, Peter Rawlinson, has unexpectedly stepped down as the company looks to double its electric vehicle production.

Rawlinson, who joined the company in 2013 after working at Tesla, will remain as an advisor while the company's COO, Marc Winterhoff, takes over on an interim basis.

The leadership shift coincides with Lucid's strong Q4 earnings, with revenue for the quarter reaching $235 million. Likewise, the company's annual revenue for 2024 increased by 36%, totalling $807 million.

Looking forward, the company is aiming to produce 20,000 vehicles in 2025, with the release of its Gravity SUV helping Lucid reach this goal. Furthermore, plans to introduce a smaller, more affordable EV in 2026 are in discussion.

—Lucid Motors

Tesla's sales in the UK and Europe saw a steep decline in January, falling by 45% compared to 2024.

Less than 10,000 cars were sold across the region, more so, the company's market share fell from 1.8% to 1%.

Meanwhile, competitors like Volkswagen and Renault saw a growth in sales, while Chinese manufacturer SAIC's sales surged by 37%.

—Multiple sources

Bangkok is introducing a fleet of over 1,520 electric buses by 2026, aiming to replace the cities ageing diesel alternatives.

The Bangkok Mass Transit Authority (BMTA) plans to lease the electric buses with a budget of 15,355 million baht, or around $450 million. The first 500 buses are expected to be in operation by August.

The BMTA's goal is to reduce maintenance and fuel costs by up to 70%, while helping to combat the cities severe air pollution.

—Multiple sources

The CIB has announced a $194 million partnership with JOLT

The Canada Infrastructure Bank (CIB) and JOLT have announced a $194 million partnership to expand JOLT's charging network across Canada.

The investment will facilitate the installation of up to 1,500 new electric vehicle chargers. The chargers will offer up to 7 kWh of free fast charging per day, enough for around 50km of range.

This partnership is a part of the CIB's broader efforts to support EV adoption and reduce emissions, with around $650 million invested so far.

—Canada Infrastructure Bank

Tata Power Renewables and Euler Motors have announced a partnership to expand Euler's fast-charging infrastructure across India.

Tata have agreed to install, operate, and maintain the network, while Euler will provide the land on which the chargers will be installed.

The goal of this partnership is to enhance the availability of Euler's charging infrastructure, further supporting India's transition to electric mobility.

—Multiple sources

Nuvve has been awarded a $400 million contract from the State of New Mexico to help support the states renewable energy goals.

The agreement will enable the deployment of long-term fleet electrification, as well as infrastructure development across public agencies. The company's first project is expected to be announced by the end of Q2.

New Mexico's governor, Michelle Lujan Grisham, sees this initiative as the key to transitioning the states fleets towards cleaner technology.

—Nuvve

Wallbox has secured a $10 million investment from key backers, including Iberdrola, Orilla Asset Management, and the company's CEO, Enric Asunción.

The funding will help with Wallbox's global expansion, supporting the sales of its award-winning chargers and advancing the company's mission of accessible electric vehicle charging.

Asunción highlighted the investment as a testament towards shareholder confidence in Wallbox's long-term vision.

—Multiple sources

The number of the week is 400,000—the total solar capacity, in megawatts, installed in 2024.

DATAportl estimates that over 400 GW of solar capacity was added globally in 2024, representing a 22% increase compared to 2023. By 2030, total global solar capacity is projected to approach 6 TW. Less than 20% of the total added capacity in 2024 came from residential solar installations.

—DATAportl

National Grid to sell its renewables arm for $1.7 billion

National Grid has agreed to sell its US onshore renewables business, National Grid Renewables, to Brookfield Asset Management for $1.735 billion.

The deal aligns with the company's strategy to focus on its core networks business, as outlined in May of 2024.

National Grid Renewables develops and operates a range of solar, wind, and battery storage projects across the United States. Of which, 1.8 GW are in operation and 1.3 GW are under construction.

The transaction is subject to regulatory approval, with a final decision expected by March of 2026.

—National Grid

Energy Infrastructure Partners (EIP) is investing €150 million into BayWa r.e., the German renewable project developer, increasing its shareholding to 65%.

Since EIP's initial investment in 2021, BayWa r.e. has seen a 50% growth in its wind and solar portfolio's, while its project pipeline has doubled.

The transaction is subject to regulatory approval, but once completed, EIP will become the majority stakeholder.

—Energy Infrastructure Partners

Canadian pension fund investment manager, CDPQ, has announced the acquisition of Innergex, a renewables developer, in a deal worth $6.9 billion.

Innergex currently owns and operates several renewable energy projects across the US, Canada, Chile, and France, with a total capacity of 3.7 GW. The company also boasts a further 10 GW in the development pipeline.

The agreement offers Innergex shareholders C$13.75 per share, a 58% premium, boosting the company's equity valuation to approximately C$2.8 billion. Following the announcement, shares of Innergex increased by over 55%.

—Innergex

Wärtsilä has secured a contract with EnergyAustralia to deliver a 350 MW battery energy storage system for the Wooreen project in Victoria.

The Wooreen project is set to begin construction later this year, with completion expected by 2027. Once operational, it will provide energy for over 230,000 homes for up to four hours at a time.

This marks Wärtsilä's first project in Victoria, expanding its footprint in Australia to 4.8 GWh across seven projects.

—Wärtsilä

CALB to invest $2.09 billion into EV battery factory in Portugal

CALB has announced plans to invest $2.09 billion into a battery gigafactory in Portugal, set to begin production in 2028.

Located in Sines, the factory will produce lithium batteries, with an annual capacity of 15 GWh. This is enough to power over 180,000 electric vehicles.

Portugal, alongside Spain, is working to build a complete lithium supply chain, from mining to recycling. The construction of the gigafactory will help both countries reach this milestone.

—Multiple sources

Mercedes, alongside battery manufacturer Factorial, has began road testing its lithium-metal solid-state batteries.

The new battery system was installed into an EQS prototype, which has been undergoing testing since late 2024. The prototype has an expected range of over 1,000km, surpassing Mercedes' current models.

Solid-state batteries provide significant advantages, including improved safety, higher energy density, and greater efficiency. The technology could potentially increase driving range by upwards of 25% compared to conventional alternatives.

—Mercedes-Benz

UK-based battery manufacturer, Volklec, has secured an exclusive licence agreement with Far East Battery (FEB) to produce lithium-ion batteries.

Production is set to begin later this year at the UK Battery Industrialisation Centre (UKBIC), with support from FEB to ensure high-quality manufacturing. Volklec will initially produce 21,700 cells for electric mobility and energy storage.

Volklec plans to expand from the UKBIC's 100 MWh line to a 1 GWh facility by the end of 2026. Likewise, by the decades end, the company is aiming for a 10 GWh gigafactory, an investment exceeding £1 billion.

—Multiple sources

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