Startup Aptera Motors is discussing crowdfunding as an option for raising money to support its solar vehicle production, according to Electrek.
The Carlsbad, California-based startup is a pioneering venture aimed at designing and creating solar-powered vehicles that can, as the company states, “handle most daily driving needs completely off the grid.” Recently, the company revealed its first-ever production-intent build that showcased actual components for the flagship solar EV, as Electrek detailed.
Despite the company’s loyal and excited following, Aptera Motors needs more funding to reach official production.
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Co-CEOs Steve Fambro and Chris Anthony have hinted that the company needs $60 million in additional funding to jumpstart low-volume SEV production, according to Electrek. To raise funds, Aptera reached out to the financial group U.S. Capital Global. Since July, U.S. Capital Global has been heading the $60 million sale of convertible notes.
While executives at U.S. Capital thought the raise would take 60-90 days, as of late October, they had only $400,000. The Aptera CEOs believe that is mainly the result of the high minimum investment price.
“We think along the way, we may open the crowdfunding again because right now, the minimum investment for the convertible note is $50,000,” Anthony said, per Electrek. “So, a lot of people have been waiting to invest in Aptera, but they can’t because the minimum is so high.”
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Aptera’s solar-powered vehicle prototype harnesses the power of the sun, requiring no electric charging and emitting no harmful pollutants. So, the solar vehicle has major implications for both drivers and the environment.
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By investing in and transitioning toward clean-energy vehicles, startups such as Aptera can significantly decrease the amount of harmful gases entering the environment.
Production for Aptera’s solar-powered vehicle is slated to begin in late 2025.
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“We’ve made lots of great connections over the last two months and hopefully we’ll continue the raise and be able to start buying some of this bigger equipment like the castings for the rear and stuff like that soon,” Anthony said, per Electrek.
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