One day after announcing the official award of a $21 million grant in California, Aptera Motors looks to garner additional funds from its Accelerator investment program in exchange for access to the first 2,000 commemorative builds of its Launch Edition solar EVs. There is still plenty of room to invest and snag one of the first 2,000 Apteras built.
Aptera’s Accelerator program was announced in late January, one week after the startup officially debuted the Launch Edition version of its solar EV, which will see the first builds from the company’s pending assembly lines in Southern California.
By mid-February, the Accelerator program had already garnered over $3 million in funding from reservation holders who invested at least $10,000 to participate and secure their spot in line. Complete with a leaderboard and consistent updates, the more you donate, the earlier you will receive one of the initial 2,000 Aptera builds planned.
Originally, Aptera’s Accelerator program was scheduled to end on March 26, 2023. However, the startup has just announced that the opportunity to invest and secure one of the first builds has been extended until all 2,000 are spoken for. Here’s the latest.
Aptera extends Accelerator program to garner more funds
The company shared its latest update in a press release today, complemented by a video featuring cofounder and co-CEO, Chris Anthony, which you can view below. As of today, the Accelerator program has raised $8.19 million from Aptera reservation holders, but only 561 spots have been secured.
That leaves plenty of room for more people with $10,000 to spare to lock in an order for one of the first commercially scaled EVs on the planet if and when the startup reaches production. At the same time, there is plenty more room for investment funding on Aptera’s end, as it still looks to accrue the capital required to see its second attempt at SEV production reach fruition.
Top comment by *Rich
Here we go again, lots of silly FUD by the nay-sayers here (Tesla investors?) about anything that's not Tesla. Truth is, the world needs new and innovative EV designs, especially if they are more affordable than the average price ($60k) of EVs today. Studies show that price is the main barrier to EV adoption.
Aptera's design is innovative. Smaller battery packs, great performance, great range and best of all -- affordable. I like how transparent the company is and that they fully support "right to repair." I am rooting for them in these times of a constrained capital market. It's a challenge for all start-ups right now.
As we reported in January, Aptera’s cofounder shared they still needed between $20-$50 million to begin SEV production. A recently awarded grant from the California Energy Commission (CEC) for $21 million will certainly help, but that’s not enough.
The grant itself is a reimbursement program, meaning Aptera must spend its own money on qualified purchases, such as production equipment, which the CEC will then match. Aptera looks to use the funds from the Accelerator program to make those initial purchases, which will then be paid back by the awarded grant.
Over 1,400 spots still remain and offer investors an opportunity to receive prioritized delivery of their solar EV, complete with commemorative and serialized markings on the driver’s side B-pillar and rear hatch. Additionally, Accelerator program participants will receive a serialized book that is numbered to match their solar electric vehicle. Each book will also be signed by Aptera cofounders Chris Anthony and Steve Fambro.
Anthony explains the extension to the Accelerator program and the company’s progress toward production in Aptera’s latest YouTube video:
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