Aptera announces a new community funding program to increase the funding. It is called “Accelerate Aptera”, which is expected to raise around $20 to $50 million. The idea behind the concept is that those investors who invest with the predetermined minimum amount, such as reservation holders can get one of the 2,000 Launch Edition Apteras planned. Also, the person who invests more according to the leaderboard can lock delivery slot #1.
Just a few days ago, the company stated that they need more than $50 million to start production of Apteras. The company’s cofounders Steve Fambro and Chris Anthony held a live-streamed webinar, where they walked the public through the specifications of Aptera’s unified, preconfigured Launch Edition solar EV. The startup’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.
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 startup needs another $50 million in funding to reach its first gate of scaled production. 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.
Funding
The company shared a few details on its website. The team is working on a series B2 funding round but is expected to take time for securing and finalising. 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. As stated in the website, “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.”