Aptera raises $33 Million to fund solar EV production

March 14, 2024

Aptera Motors, a solar electric vehicle manufacturer, has announced the successful completion of its Accelerator Program, raising over $33 million to fund the initial phases of production for its solar electric vehicle.

The Accelerator Program, launched in January 2023, enabled individuals to secure one of the first 2,000 vehicle reservation slots by investing $10,000 or more into the company’s crowdfunding campaign. The program raised significant funds throughout the year, with over $2 million raised in the last few days. Each Accelerator slot was ranked by investment amount, with the first spot garnering close to $4 million in total.

Aptera’s design utilizes Earth’s natural resources responsibly and aims to cover most daily driving needs completely off the grid through solar power. The company has a patented design for two-axis automotive-grade solar panels, an efficient powertrain, and one of the most energy-dense battery packs. Aptera’s debut product, the Launch Edition vehicle, has a 400-mile range on a single charge. Equipped with approximately 700 watts of solar cells, the Launch Edition allows drivers to cover an additional 40 miles per day purely from solar energy.

In addition to the Accelerator Program, Aptera has also utilized equity crowdfunding over traditional methods, securing over $100 million during the past two years. With the $33 million raised through the Accelerator Program, Aptera has secured the capital to fund its initial phases of production. Funds raised through this program will contribute to the procurement of low-volume tooling and the buildout of the company’s first production-intent vehicles for testing and validation.

After Aptera’s production-intent vehicles have been validated, the next step is to raise capital for the sourcing of tooling and equipment for high-volume production, which is expected to require 10 times less capital than traditional automakers. Aptera’s Accelerator program is now closed to new participants, but the company is still offering the opportunity to become a shareholder at invest.aptera.us.