Aptera secures $53.8m for solar EV production

Aptera Motors has raised more than $53.8 million (US$33m) for its “Accelerator Program” to fund the initial production phases for its solar electric vehicle.

It’s a community-led effort allowing anyone to garner one of Aptera’s first 2000 vehicle reservation slots by investing NZ$16.29 (US$10,000) or more into the company’s crowdfunding campaign.

The program launched in January 2023 raised significant funds throughout the year and gained momentum since the start of 2024, raising more than NZ$3.3m (US$2m) in a few days.

“The Aptera community is full of pioneers, dreamers, and those who challenge the status quo,” says Aptera community and content manager Chris McCammon.

“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.”

An Aptera’s Accelerator program participant Len Nowak 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 realise this unique vehicle and launch this groundbreaking company.”

Aptera has a patented design for two-axis automotive-grade solar panels, an efficient powertrain, and one of the most energy-dense battery packs.

Its debut product, the Launch Edition vehicle, has an estimated 643.7km (400-mile) range and about 700W of solar cells enabling an additional 64.3km (40 miles) a day purely from solar energy.

Using equity crowdfunding over traditional methods, Aptera has secured more than NZ$162.8 million (US$100m) during the past two years.

“Thanks to our solar mobility movement, we’re changing how world-shaping ideas come to life,” says Aptera co-founder and co-chief executive Chris Anthony.

“Not just how they are funded, but how communities are built around them to ensure a positive impact on our society and planet.”

The Accelerator Program funds will continue to contribute to the procurement of low-volume tooling and the buildout of the company’s first production-intent vehicles which will be used for testing and validation.

The last step is to raise capital for the sourcing of tooling and equipment for high-volume production, expected to require 10 times less capital than traditional automakers, says Aptera.

 “With more than 46,000 reservation holders, Anthony say Aptera is dedicated to securing the remaining funds required for scalable, high-volume production of its solar EV.

Although Aptera’s Accelerator program is now closed to new participants, the company is still offering anyone the opportunity to become a shareholder by clicking here.