One week after sharing details of its Launch Edition Solar EV, Aptera Motors has announced a community funding program called Accelerate Aptera, hoping to raise between $20 and $50 million. By investing a predetermined minimum, reservation holders have a better chance at receiving delivery of one of the 2,000 Launch Edition Apteras planned. Better still, the person who invests the most on the leaderboard (yes, there’s a leaderboard) locks in delivery slot #1.
It’s been a newsworthy week for Aptera Motors and solar EV companies in general. With one fellow SEV start-up toiling through a bankruptcy filing and another fighting for its life, our hope in a future of EVs powered by the sun currently rests heavily on Aptera.
Last Friday, the company’s cofounders, Steve Fambro and Chris Anthony, held a livestream webinar, where they walked the public through the specifications of Aptera’s unified preconfigured Launch Edition solar EV.
The start-up’s loyal community was up in arms about the lack of DC charging capability, but it took just three days for the cofounders to take to YouTube once again and quickly make things right. ALL Aptera solar EVs will now come equipped with DC fast charging, including the Launch Edition. Phew.
While most of last week’s Aptera news was exciting, one discouraging aspect was the fact that deliveries of the Launch Editions remain at least a year away and that the start-up needs another $50 million in funding to reach its first gate of scaled production.
Well, the guys at Aptera are back with another video, this time explaining the launch of a new competitive community funding campaign called Accelerate Aptera, complete with a leaderboard.
Aptera’s accelerated funding program starts at $10,000
The company shared details of its new accelerator program in a post to its website this afternoon, which also included a new video from its cofounders you can peep below. First off, Aptera’s team is working through a Series B2 funding round but says that will take time to secure and finalize.
Aptera has received a $21.9 million grant, but it is all but guaranteed, and the process will not be completed until February or March. Furthermore, the grant is a reimbursement, so Aptera must complete eligible purchases (production equipment, machines, etc.) up to $21.9 million with its own money first.
Enter #AccelerateAptera – the company’s latest community funding program intended to put money in the bank and bridge to gap toward prospective grants and series funding rounds. Per the release:
We want to deliver solar mobility to the world as quickly as possible. Our Launch Edition vehicle is only one of many future products we hope to build that will make the world a better place. Once funded, we expect it will be 12 months until production of our first vehicle commences. Without funding, we anticipate our timelines will continue to be pushed back. Our community has always been our biggest asset and we’re asking our order holders and other supporters to now help us to accelerate our growth. If we can raise $20-50 million to execute on the first phase of our production plan, it will help tremendously. We expect our use of proceeds to include capital expenditures such as equipment and tooling and assisting in completing the requirements for obtaining the grant.
Here’s how the accelerated funding program works.
Top comment by CMG30
So many people taking the easy shots at an automotive startup. Will they survive? As always, time will tell. It's a tough hill to climb. The same hill that so many swore would destroy Tesla... Right up to the point they became the most valuable automaker on the planet. (And no, before anyone starts, I don't believe Aptera is going to be anywhere as big as Tesla)
All that out of they way, I do feel that Aptera has a real chance. Their philosophy and what they're attempting is striking a chord with a good number of people, myself included. If the product comes anywhere close to the goal then there's a real market for this thing. Clearly it's not for everyone, but there's enough people who would that I firmly believe they can make a go of it.
Which brings us back to the hurdle of getting enough capital together to overcome the barriers to entry of the automotive world.
Good luck Aptera! We're pulling for you!
From now through March 26, anyone can invest a minimum of $10,000 in Aptera to join the Launch Edition leaderboard. Investments over $10L qualify you for a $100 coupon (OK?) and a 5% discount on your Aptera solar EV (up to $2,500 and does not include purchase price).
Whoever contributes the highest investment by the end of the funding round will receive the first delivery slot of 2,000 planned Launch Editions. The remaining 1,999 slots will be prioritized down the leaderboard.
Lastly, those reservation holders who already have their hard-earned money invested in Aptera will have those amounts added to their leaderboard funding total… as soon as they donate an additional $10,000.
You can join the funding leaderboard by investing here and can follow the “competition” here. If you still haven’t reserved an Aptera, you can do so here and get $30 off the $100 fee. To learn more about the Accelerate Aptera campaign, see the video below, where the cofounders explain it best.
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