A week after revealing details of its Launch Edition Solar EV, Aptera Motors announced a community fundraising program called Accelerate Aptera, aiming to raise between $20 million and $50 million. By investing a prescribed minimum amount, the reservation holder has a better chance of receiving his one of his 2,000 Launch Edition Apteras planned. Even better, whoever invests the most on the leaderboards (there are leaderboards) will be locked into distribution slot #1.
It’s been a newsworthy week for Aptera Motors and solar EV companies in general. With one SEV startup struggling to file for bankruptcy and another battling for its survival, our hopes for a sun-powered EV future now rest heavily on Aptera.
Last Friday, company co-founders Steve Phanbro and Chris Anthony hosted a live-streamed webinar to walk the public through the specifications of Aptera’s integrated, pre-configured Launch Edition solar EV.
The startup’s loyal community was upset about the lack of DC charging functionality, but it took just three days for the co-founder to take to YouTube again and quickly put things right. All his Aptera solar EVs, including the launch edition, will be equipped with DC fast charging. Phew.
While most of the Aptera news last week was exciting, one of the disappointing aspects is that Launch Edition delivery is at least a year away and the startup will have to wait to reach the first gates of mass production. It was the fact that we needed another $50 million in funding.
Well, the Aptera crew is back with another video. This time, he describes the launch of a new competitive community fundraising campaign called Accelerate Aptera, complete with leaderboards.
Aptera’s Accelerated Funding Program Starting at $10,000
The company shared details of its new accelerator program in a post on its website this afternoon. It also includes a new video from our co-founder. First, Aptera’s team is working on a Series B2 funding round, but says it will take time to secure and complete.
Aptera received a $21.9 million grant, which is almost guaranteed, and the process won’t be completed until February or March. Additionally, because the grant is redeemable, Aptera must first complete eligible purchases (production equipment, machinery, etc.) up to $21.9 million with its own funds.
Join #AccelerateAptera. This is the company’s latest community fundraising program aimed at pumping money into banks and closing gaps towards future grants and a series of funding rounds. Per release:
We want to bring solar mobility to the world as soon as possible. Our Launch Edition vehicle is just one of many future products we hope to build to make the world a better place. After funding, it is expected to take 12 months to start production of the first vehicle. Without funding, the schedule is expected to continue to be postponed. Our community has always been our greatest asset and we are asking order owners and other supporters to help us now to accelerate our growth. If we can raise $20-50 million to run , that would be very helpful. We expect our use of proceeds to include capital expenditures, such as equipment and tools, and assistance in meeting requirements to obtain grants.
Here’s how the accelerated funding program works:
From now until March 26th, anyone can invest a minimum of $10,000 in Aptera to join the Launch Edition leaderboard. Invest over $10,000 and be eligible for a $100 coupon (okay?) and a 5% discount on Aptera Solar EVs (up to $2,500, not including purchase price).
Whoever makes the highest investment by the end of the funding round will receive the first distribution slot of the planned 2,000 Launch Edition. Her remaining 1,999 slots are prioritized below the leaderboard.
Finally, reservation owners who have already invested their hard-earned money into Aptera can contribute an additional $10,000 as soon as those amounts are added to their leaderboard funding totals.
Investing here puts you on the fundraising leaderboard and you can follow the ‘competition’ here. If you haven’t booked Aptera yet, do so now and get $30 off the $100 rate. To learn more about the Accelerate Aptera campaign, check out the co-founder’s best-explained video below.
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