Category: 3. Business

Plans to create one of the largest renewable energy schemes on local authority land in south-west England are to be drawn up after winning support from councillors.

Dorset Council says, if approved, the solar project at Higher South Buckland Farm, Chickerell, would help meet net-zero energy targets, generate investment and create jobs.

A report to the council’s cabinet said the poor soil quality and topography of the 60 hectare (140 acre) site made it “increasingly uneconomic for conventional farming”.

At a meeting on Tuesday, cabinet members also gave backing to a new strategic partnership with renewable energy developer Source Galileo.

The report said the collaboration would see the UK-based firm advance the Chickerell solar scheme and investigate the potential of other council-owned properties, including car parks, for renewable energy projects.

The proposed site, near Weymouth, is among 41 farms totalling 2,600 hectares (6,425 acres) owned by the authority.

Addressing the meeting, councillor Ryan Hope said: “There’s nothing stopping a solar farm still being used for farming purposes – designed correctly, it can still be used for grazing and livestock.

“We need to look at green energy, not just to support the council’s net zero targets but to stabilise this country and reduce the reliance on gas.”

Eutelsat and Paratus, one of Sub-Saharan Africa’s fastest growing network services providers, have signed a new multi-million, multi-year agreement to expand the delivery of Eutelsat’s OneWeb Low Earth Orbit (LEO) connectivity services across Southern Africa. The agreement was formalised on November 12, 2025.

This new multi-year agreement expands the existing partnership between Eutelsat and its long-standing partner, Paratus, to deliver an extended range of LEO services across Southern Africa, including solutions for fixed sites, as well as comms-on-the-move and comms-on-pause in South Africa, Angola, Namibia, Botswana and Zambia.

Paratus has been a long-time distributor of Eutelsat’s GEO connectivity services and was one of the first adopters of its OneWeb LEO connectivity capacities in early 2024. Paratus also built the teleport facility in Angola, a key Eutelsat ground station supporting the deployment of OneWeb LEO services in the region.

Ghassan Murat, RVP MEA, Eutelsat, said: “Demand for resilient and high-speed connectivity continues to grow across Southern Africa, particularly in sectors operating across remote and distributed sites. This new multi-year agreement reflects the success of our collaboration with Paratus and our shared ambition to provide reliable, scalable, low-latency connectivity in the region. By combining Eutelsat’s LEO capabilities with Paratus’ established network and operational presence, we are enabling organisations to stay connected wherever they operate.”

Schalk Erasmus, CEO of Paratus, added: “Expanding our LEO service offering with Eutelsat strengthens our strategy of delivering adaptable and robust connectivity solutions across Africa. The combined GEO and LEO capability allows us to serve customers with greater flexibility and performance. Working together, we are supporting our customers’ growth and digital transformation, even in the most challenging environments.”

About Eutelsat

Eutelsat is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. Eutelsat was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 34 Geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. Eutelsat addresses the needs of customers in four key verticals: Video, where it distributes around 6,400 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat’s unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris, and Eutelsat employs more than 1,600 people across 75+ countries. Eutelsat is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide.

The Board of Directors of the Bank for International Settlements (BIS) has today announced that Christine Lagarde, President of the European Central Bank, will succeed Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, as Chair of the Global Economy Meeting (GEM) and Economic Consultative Committee (ECC) from May 2026. The GEM and the ECC are among the principal meetings held at the BIS every two months.

NEWARK, Calif., Nov. 12, 2025 /PRNewswire/ — Lucid Group, Inc. (Nasdaq: LCID) today announced the pricing of its offering of $875,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The issuance and sale of the notes are scheduled to settle on or about November 17, 2025, subject to the satisfaction of customary closing conditions. Lucid also granted the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $100,000,000 principal amount of notes.

The Notes

The notes will be senior, unsecured obligations of Lucid and will accrue interest at a rate of 7.00% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2026. The notes will mature on November 1, 2031, unless earlier repurchased, redeemed or converted. Before August 1, 2031, noteholders will have the right to convert their notes only upon the occurrence of certain events and during specified periods. From and after August 1, 2031, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Lucid will settle conversions of notes by paying or delivering, as applicable, cash, shares of its Class A common stock, or a combination thereof, at Lucid’s election. The initial conversion rate is 48.0475 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $20.81 per share of common stock. The initial conversion price represents a premium of approximately 22.5% over the last reported sale price on The Nasdaq Global Select Market of $16.99 per share of Lucid’s common stock on November 11, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the notes) occurs, Lucid will, in certain circumstances, increase the conversion rate for a specified time for holders who convert their notes in connection with that make-whole fundamental change.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Lucid’s option at any time, and from time to time, on or after November 6, 2028 and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Lucid’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Lucid calls any or all notes for redemption, holders of notes called for redemption may convert their notes during the related redemption conversion period, and any such conversion will also constitute a “make-whole fundamental change” with respect to the notes so converted.

Noteholders may require Lucid to repurchase their notes on November 1, 2029 at a cash repurchase price equal to the principal amount of the notes to be repurchased. In addition, if a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, holders may require Lucid to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Lucid estimates that the net proceeds from the offering will be approximately $863.5 million (or approximately $962.4 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. Lucid intends to use approximately $752.2 million of the net proceeds from the offering to fund repurchases of approximately $755.7 million aggregate principal amount of its outstanding 1.25% Convertible Senior Notes due 2026. Lucid intends to use the remaining net proceeds for general corporate purposes.

Repurchases of Outstanding 2026 Notes

Concurrently with the pricing of the notes, Lucid entered into one or more separate and individually negotiated transactions with certain holders of the 2026 notes to repurchase for cash a portion of the 2026 notes on terms negotiated with each such holder.

Ayar Prepaid Forward Transaction

In connection with the pricing of the notes, Ayar Third Investment Company (“Ayar”), a wholly-owned subsidiary of PIF, entered into a privately negotiated prepaid forward transaction with a forward counterparty that is an affiliate of one of the initial purchasers, pursuant to which Ayar will purchase approximately $636.7 million of Lucid’s common stock (based on the last reported sale price on The Nasdaq Global Select Market of $16.99 per share of Lucid’s common stock on November 11, 2025) with delivery expected to occur on or about the maturity date for the notes, subject to the ability of the forward counterparty to elect to settle all or a portion of the prepaid forward transaction early. Subject to the conditions set forth in the agreement governing the prepaid forward transaction, the prepaid forward transaction will be settled physically, subject to Ayar’s option to elect cash settlement of the prepaid forward transaction. Lucid is not a party to the prepaid forward transaction.

The prepaid forward transaction is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the notes relating to Lucid’s common stock by which investors in the notes will hedge their investments in the notes. Ayar’s entry into the prepaid forward transaction with the forward counterparty and the entry by the forward counterparty into derivative transactions in respect of Lucid’s common stock with the investors of the notes could have the effect of increasing (or reducing the size of any decrease in) the market price of Lucid’s common stock concurrently with, or shortly after, the pricing of the notes and effectively raising the initial conversion price of the notes.

Additional information about the transactions described in this press release can be found in the Current Report on Form 8-K that Lucid intends to file with the Securities and Exchange Commission on or about November 17, 2025.

The offer and sale of the notes and any shares of Lucid’s common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of Lucid’s common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

About Lucid Group

Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity SUV deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all.

Investor Relations Contact
[email protected]

Media Contact
[email protected]

Forward-Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Actual events and circumstances may differ from these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Lucid’s business, including those factors discussed under the cautionary language and the Risk Factors in Lucid’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Lucid may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.

SOURCE Lucid Group

Munich, November 12, 2025 – Artificial intelligence, including emerging agentic AI capabilities, is rapidly reshaping the way we design, build, and operate our built environment. At this year’s BIM World Munich, the Nemetschek Group, a leading global provider of software solutions for the AEC/O and media industries, will showcase together with its brands how AI is revolutionizing the built world and enhancing resource efficiency. In addition, numerous Nemetschek experts will provide insights into the latest trends in digitalization across the construction sector as part of the event’s presentation program.

At BIM World Munich 2025, taking place on 26 – 27 November at the ICM – International Congress Center Messe München, the Nemetschek Group will present its comprehensive and future-oriented solutions at joint booth number 9 on the ground floor. The booth will feature leading brands ALLPLAN, Bluebeam, CREM SOLUTIONS, dRofus, dTwin, Graphisoft, NEVARIS, Solibri, Spacewell, and Vectorworks (represented by ComputerWorks), as well as the Nemetschek AI & Data Innovation Hub and the start-up Imerso.

The focus lies on driving innovation in construction through the use of artificial intelligence, digital twins, and sustainability, thereby empowering more efficient, collaborative, and data-driven workflows across the entire industry. These developments demonstrate how digital transformation and intelligent tools can make planning, building, and operating processes smarter, faster, and more sustainable.

“We are proud to showcase how the Nemetschek Group is pioneering the next generation of digital solutions for the construction industry. Our commitment to open standards, ethical and trustworthy AI, and real-world impact underscores every innovation we bring to market. We look forward to engaging with customers and partners to drive progress and shape a more sustainable industry future together,” said Yves Padrines, CEO of the Nemetschek Group.

With over 250 speakers on eight stages, including numerous representatives of the Nemetschek Group and its brands, BIM World Munich provides valuable insights for all those involved in the AEC/O industry. At the same time, CAFM World will take place, highlighting advancements in facility and asset management as part of its broader focus on the digital lifecycle of buildings.

The Nemetschek Group’s presentations at a glance:

Wednesday, 26 November 2025

• The Open Digital Twin Platform
  • 11:00 – 11:25 | Breakout Session 3 | German
  • Speakers: Martin Sikorski / Nemetschek dTwin, Andreas Steyer / Nemetschek dTwin
• Vectorworks meets openBIM
  • 11:25 – 11:50 | Breakout Session 2 | German
  • Speaker: Antonio Landsberger / ComputerWorks GmbH
• BIM4RealEstate
  • 12:20 – 13:10 | CAFMWORLD Congress Stage | German
  • Speakers: Sebastian Palmer / Phoenix Contact Deutschland GmbH, Detlef Niehues / Apleona GmbH, Andreas Steyer / Nemetschek dTwin
• Digitalisierung beyond BIM
  • 12:30 – 12:55 | Congress Stage 2 | German
  • Speaker: Christoph Becker / Bluebeam
• Think Space, Save Energy – Digitale Synergien zwischen Fläche und Energie (Think Space, Save Energy – Digital Synergies between Space and Energy)
  • 14:20 – 14:45 | CAFMWORLD Congress Stage | German
  • Speaker: Björn Otterbach / Crem Solutions
• Graphisoft MEP Designer
  • 14:35 – 15:00 | Breakout Session 1 | German
  • Speaker: Holger Kreienbrink
• An AI Revolution: Smarter Tools, Better Insights, Stronger Buildings
  • 15:20 – 15:50 | Congress Stage 1 | English
  • Speaker: Momchil Marinov / Nemetschek Group
• BIM-Ideal und Realität (BIM ideal and reality)
  • 15:25 – 15:50 | Breakout Session 2 | German
  • Speakers: Ingo Butterweck / Bluebeam GmbH, Patrick Scheer / Bluebeam GmbH
• Examples of Digital Twins
  • 15:10 – 15:35 | CAFMWORLD Congress Stage | English
  • Speaker: Dr. Jimmy Abualdenien / Nemetschek Group
• The AI-Powered Future of AEC/O
  • 17:15 – 17:40 | Congress Stage 1 | English
  • Speaker: Fabian Riether / Nemetschek Group

Thursday, 27 November 2025

• Die unterschätzten Möglichkeiten eines BIM-Modells (The underestimated possibilities of a BIM model)
  • 10:00 – 10:25 | Breakout Session 1 | German
  • Speaker: Andreas Damrau / NEVARIS Bausoftware GmbH
• Abgleich Scan/BIM & As-built (Comparison of scan/BIM and as-built)
  • 10:25 – 10:50 | Breakout Session 2 | German
  • Speaker: Tilman Köberlein / Imerso
• Vectorworks meets openBIM
  • 10:50 – 11:15 | Breakout Session 2 | German
  • Speaker: Antonio Landsberger / ComputerWorks GmbH
• Digital Twin Workflows
  • 13:40 – 14:05 | Breakout Session 2 | English
  • Speaker: Dr. Jimmy Abualdenien / Nemetschek Group
• KI-Agenten im Projektalltag (AI agents in everyday project work)
  • 14:30 – 14:55 | Congress Stage 2 | German
  • Speaker: Stefan Kaufmann / ALLPLAN
• Eine Strategie für die Zukunft (A strategy for the future)
  • 13:45 – 14:15 | Congress Stage 1 | German
  • Speaker: Holger Kreienbrink / Graphisoft
• Bluebeam MAX – KI im Bau (Bluebeam MAX – AI in construction)
  • 14:05 – 14:30 | Breakout Session 2 | German
  • Speakers: Ingo Butterweck / Bluebeam GmbH, Patrick Scheer / Bluebeam GmbH