Nervous investor Elon Musk just got Elon Musk. A new investor, in fact. And it’s a big one: Eminar Heikal, a billionaire financier who helped build Silicon Valley by backing great companies such as Digital Equipment Corporation and Intel, has closed a $70m-plus investment round for Lucid, a maker of advanced energy storage systems. (SpaceX owner Musk already owns $14m worth of Lucid stock.)
Eminar, by Musk’s count, is the first person to invest in a new company run by the man who started Tesla. And the entrepeneur took the opportunity to point out what an important role the veteran financier has played in modern tech success stories. “Without Eminar and his investment, I would not be here today,” he said.
The privately held company has products in the testing phase and plans to launch them into production next year, the men said. It will make smaller versions of its GoDrive storage units, which will be attached to vehicles and act as battery packs, charging them up for use. Lucid plans to build a base of customers for its energy cells in the factories of Volkswagen, BMW, Volkswagen of America, General Motors, Mercedes, Nissan, GM of Europe, Mercedes and BMW.
Lucid also says its systems are safer than other batteries due to strong features such as a continuously off “trickle” system that compensates for overheating and overheating in high-power output electric motors.
This article originally appeared on Business Insider.