Aptera secures $33 million to fund initial phases of solar EV production

Aptera Motors has successfully wrapped up its Accelerator Program as of January 31st, achieving a remarkable milestone by raising over $33 million to kickstart production of its innovative solar electric vehicle.

This community-driven initiative enabled supporters to secure one of the first 2,000 vehicle reservations by contributing $10,000 or more to the company's crowdfunding campaign.

Launched at the beginning of January 2023, the program has consistently attracted significant investment throughout the year, with a notable surge of over $2 million in funding just before its conclusion. The rank of each Accelerator slot was determined by the amount contributed, with the highest investment reaching nearly $4 million.

Chris McCammon, Community & Content Manager at Aptera, highlighted the unique spirit of the Aptera community: “The Aptera community is full of pioneers, dreamers, and those who challenge the status quo. 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, a participant in the Accelerator program, shared his enthusiasm for being part of this pioneering project: “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 is committed to redefining sustainable transportation with its solar electric vehicle, designed to meet daily driving needs with zero reliance on the grid. The company boasts a patented design for its two-axis automotive-grade solar panels, an efficient powertrain, and a highly energy-dense battery pack, pushing the boundaries of eco-friendly transportation.

The Launch Edition of Aptera’s vehicle impresses with a 400-mile range per charge and is outfitted with around 700 watts of solar cells, providing an additional 40 miles of range daily from solar energy alone.

Aptera stands out not just for its vehicle technology but also for its innovative approach to funding, having raised over $100 million in the past two years through equity crowdfunding, one of the most successful campaigns of its kind.

Chris Anthony, Co-Founder, and Co-CEO, remarked on the impact of their efforts: “Thanks to our solar mobility movement, we’re changing how world-shaping ideas come to life. Not just how they are funded, but how communities are built around them to ensure a positive impact on our society and planet.”

The funds from the Accelerator Program are earmarked for the initial production stages, including the procurement of tooling and the assembly of production-intent vehicles for testing and validation.

Chris Anthony also outlined the next steps towards scaling up production, which will require significantly less capital than traditional automotive manufacturing processes: “When we first launched Aptera as a solar mobility company, we were amazed by the overwhelming support from thousands of prospective Aptera owners,” he stated. “With over 46,000 reservation holders, we are dedicated to securing the remaining funds required for scalable, high-volume production of our solar EV.”

Though the Accelerator program has concluded, Aptera continues to offer investment opportunities through its website, inviting individuals to join the solar mobility movement.

Quincy Hilla, Sr. Manager of Marketing Communications, emphasised the inclusive nature of their funding approach: “By democratising 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.”

Aptera's success in the Accelerator Program marks a significant step forward in the solar EV revolution, with the community and investor support playing a crucial role in bringing sustainable and accessible solar mobility to fruition.