Monday, February 26, 2024

Aptera secures $33 million for its 400-mile solar EV production

Aptera Motors seems to have successfully completed its Accelerator Program, raising over $33 million to fund the production of its solar electric vehicle. The program allowed investors to reserve one of the first 2,000 vehicle slots by investing $10,000 or more into the company’s crowdfunding campaign.

The program was launched in January 2023 and continued to raise funds throughout the year, gaining momentum in the last few days and raising over $2 million. Each accelerator slot was ranked by investment amount, with the first spot garnering close to $4 million in total.

“The Aptera community is full of pioneers, dreamers, and those who challenge the status quo,” says Chris McCammon, Aptera’s Community & Content Manager. “When markets were down, other electric vehicle startups were struggling, and the few other solar EV startups that existed disappeared. We knew that couldn’t be our story. With the help of our passionate community, we’re building a solar-powered vehicle for the people, by the people.”

Len Nowak, one of Aptera’s Accelerator program participants, says, “The concept of owning one of the first solar-powered vehicles immediately drew me in. The Accelerator program was unexpected, and I wanted to dig deeper to provide a better chance to realize this unique vehicle and launch this groundbreaking company.”

Aptera is committed to transforming transportation for the future of our planet. Their groundbreaking design utilizes Earth’s natural resources responsibly and covers most daily driving needs completely off the grid through solar power. What’s impressive is that they have a patented design for two-axis automotive-grade solar panels, an efficient powertrain, and one of the most energy-dense battery packs, setting new standards for eco-friendly mobility.

Their debut product, the Launch Edition vehicle, has an industry-leading 400-mile range on a single charge and is equipped with approximately 700 watts of solar cells, enabling drivers to cover an additional 40 miles per day purely from solar energy. It’s amazing how they’re revolutionizing the way vehicles are built and the energy they use to get from place to place.

Aptera is also changing the way companies are funded. They have successfully secured over $100 million during the past two years through equity crowdfunding, marking one of the most triumphant crowdfunding campaigns to date.

With the $33 million raised through the Accelerator Program, Aptera has secured the capital to fund its initial phases of production. With these funds, Aptera will be able to procure low-volume tooling and build out its first production-intent vehicles for testing and validation.

Once the production-intent vehicles have been validated, the next step is to raise capital for sourcing tooling and equipment for high-volume production, which is expected to require ten times less capital than traditional automakers. With over 46,000 reservation holders, the company is dedicated to securing the remaining funds required for scalable, high-volume production of its solar EV.

“By democratizing ownership and inviting individuals from all walks of life to become shareholders, we are fostering a sense of collective ownership and responsibility towards not only this vehicle but the future of our planet,” says Quincy Hilla, Sr. Manager of Marketing Communications.