Aptera’s clever new community funding program prioritizes your SEV delivery the more you invest
One week after sharing details of its Launch Edition Solar EV, Aptera Motors has announced a community funding program called Accelerate Aptera, hoping to raise between $20 and $50 million. By investing a predetermined minimum, reservation holders have a better chance at receiving delivery of one of the 2,000 Launch Edition Apteras planned. Better still, the person who invests the most on the leaderboard (yes there’s a leaderboard) locks in delivery slot #1.
It’s been a newsworthy week for Aptera Motors and solar EV companies in general. With one fellow SEV startup toiling through a bankruptcy filing and another fighting for its life, our hope in a future of EVs powered by the Sun currently rests heavily on Aptera.
Last Friday, 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 makes things right. ALL Aptera solar EVs will now come equipped with DC fast charging, including the Launch Edition. Phew.
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.
Well, 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.
Aptera’s accelerated funding program starts at $10,000
The company shared details of its new accelerator program in a post to its website this afternoon, which also included a new video from its cofounders you can peep below. First off, Aptera’s team is working through a Series B2 funding round, but says that will take time to secure and finalize.
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. Per the release:
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. We expect our use of proceeds to include capital expenditures such as equipment and tooling and assisting in completing the requirements for obtaining the grant.
Here’s how the accelerated funding program works.
From now through March 26, anyone can invest a minimum of $10,000 in Aptera to join the Launch Edition leaderboard. Investments over $10k qualify you for a $100 coupon (okay?) and a 5% discount on your Aptera solar EV (up to $2,500 and does not include purchase price).
Whoever contributes the highest investment by the end of the funding round will receive the first delivery slot of 2,000 planned Launch Editions. The remaining 1,999 slots will be prioritized down the leaderboard.
Lastly, those reservation holders who already have their hard earned money invested in Aptera will have those amounts added to their leaderboard funding total… as soon as they donate an additional $10,000.
You can join the funding leaderboard by investing here, and can follow the “competition” here. If you still haven’t reserved an Aptera, you can do so here and get $30 off the $100 fee. To learn more about the Accelerate Aptera campaign, see the video below where the cofounders explain it best.
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Two next-generation battery material and cell manufacturers are cooperating to expedite solid-state battery development. LG Chem and Factorial Energy have signed a Memorandum of Understanding, hoping to eventually lead the solid-state battery segment with a strategic partnership.
Factorial Energy is a Massachusetts-based solid-state battery developer that has been developing energy-dense solid-state technology for EV propulsion applications. This includes its flagship product, the 100 Amp-hour (Ah) Factorial Electrolyte System Technology (FEST) solid-state cell.
This proprietary battery technology is compatible with existing lithium-ion battery manufacturing equipment, enabling automakers to transition to the advanced cells more seamlessly.
Those solid-state cells have been UN-certified, and A-sample battery cells have been sent to OEM partners. All while Factorial continues cell production at a brand-new facility in its home state. Meanwhile, LG Chem has invested billions in battery material development, particularly those required in cathodes, including solid-state cells, while setting up its own US facilities following a long-term supply contract signed with General Motors.
Now, LG Chem and Factorial are combining their respective expertise in battery materials and manufacturing practices to speed up solid-state battery development and implementation.
LG Chem and Factorial to combine solid-state know-how
To accelerate the development of solid-state batteries, LG Chem and Factorial Energy say they will collaborate, pairing the former’s battery material capabilities with the latter’s next-generation battery material and process innovations. Per Factorial CEO Siyu Huang:
We are thrilled to enter into this collaboration with LG Chem, one of the pre-eminent global leaders in battery materials. The electric vehicle industry is at the cusp of a much-needed breakthrough in battery technology, and we believe that close supply chain partnerships will help accelerate this transition. Together with LG Chem, we’re advancing the development of critical solid-state battery technology that will unlock the electric vehicle future.
Following the initial solid-state development project, LG Chem and Factorial stated they would explore technology licensing and material supply as part of an expanded strategic partnership with hopes of taking the market. LG Chem CTO Jong-ku Lee also spoke to the signed MOU:
Through this collaboration, we will become technology leaders in the field of next-generation batteries. We expect to secure solid-state materials through Factorial’s accumulated experience in next-generation batteries and LG Chem’s superior material technology.
Details of the new partnership remain light at this point, but this has the makings of a lucrative partnership, as Factorial can benefit from LG Chem’s cathode and other battery material expertise. At the same time, LG Chem can successfully supply essential materials to Factorial’s FEST solid-state cells, especially as they develop toward scaled production.
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Environment
BETA hits its latest eVTOL milestone, transitioning mid-air with a pilot onboard [Video]
![BETA hits its latest eVTOL milestone, transitioning mid-air with a pilot onboard [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/04/BETA-eVTOL-piloted-flight.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Electric aircraft developer BETA Technologies has shared video footage of its ALIA eVTOL transitioning from vertical takeoff to forward propulsion in its latest test video. This is a key milestone as the company seeks certification for the aircraft ahead of several use cases.
BETA Technologies is a fully integrated electric aircraft and systems developer based in Vermont that we’ve been reporting on since 2021 with the debut of its first electric vertical takeoff and landing (eVTOL) aircraft – the ALIA-250, which has since been renamed the ALIA VTOL.
The ALIA VTOL has since been joined by an electric conventional takeoff and landing (eCTOL) plane called the ALIA CTOL, which has flown tens of thousands of test miles to date en route to evaluation flights for FAA certification and is targeting full approval for commercial operations by 2025.
US Air Force project AFWERX remains a partner and long-time collaborator with BETA Technologies, helping develop its eVTOL and eCTOL technology. Recent updates have included a lot progress with the ALIA eCTOL, including international flights to Canada and a successful testing deployment with the US Air Force.
Recently, however, BETA has been touting a key milestone in the development of its ALIA eVTOL, transitioning from vertical takeoff to forward flight while in the air.
Watch BETA’s ALIA eVTOL transition mid-flight
We recommend watching the five-minute flight video below, which gives you an idea of all the prep and testing that went into the eVTOL’s first transitional flight before BETA ever left the ground. While the transition may seem simple at first glance, it’s rather difficult to engineer an aircraft that can take off in one direction and then adjust its rotors to move on an entirely different axis… all while in the air.
BETA stressed the importance of this eVTOL flight test milestone because it validates the ALIA’s “lift and cruise” design. As a simpler solution to the challenge of runway independence, BETA believes it can certify its eVTOL aircraft more quickly.
Better yet, BETA relayed that its eVTOL design significantly reduces maintenance and cost while increasing flight reliability and safety. All without any air pollution. Per the release:
We’ve been progressing toward this technical milestone for a while. It’s a new flight regime, and we fly all our missions with a pilot in the seat, so we approached it the best way we know how: by respecting physics. Like everything we do at BETA, we took a methodical, step-by-step approach.
Transition — and all of the incremental testing leading up to it — provides us with the data we need to validate our design decisions as we continue toward certifying A250. It also brings us one step closer to getting this technology into the market and into the hands of our customers to complete meaningful missions
Looking ahead, BETA says the ALIA aircraft will be used by the military first, then cargo carriers and commercial passenger operations. The ALIA eVTOL transition test seen below was piloted by Nate Moyer, BETA test pilot, and former experimental test pilot for the US Air Force:
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Environment
‘A real wildcard’: World’s largest wealth fund issues inflation warning on hot commodity markets
Nicolai Tangen, chief executive officer of Norges Bank Investment Management, during a news conference in Oslo, Norway, on Tuesday, Jan. 30, 2024.
Bloomberg | Bloomberg | Getty Images
The chief executive of the world’s largest wealth fund says there are many wild cards in financial markets right now, but the “big worry” for investors is what a commodities rally could mean for the inflation outlook.
Nicolai Tangen, CEO of the Norges Bank Investment Management (NBIM), told CNBC’s “Squawk Box Europe” on Tuesday that soaring energy and raw material prices could prove to be a significant headache for major central banks as they continue to fight inflation.
As of Tuesday afternoon, the S&P GSCI, a benchmark index that tracks the performance of global commodities, had jumped 9% since the start of the year, outpacing the broad S&P 500 index.
Oil and copper prices have climbed around 13%, respectively, year-to-date, while gold has repeatedly notched fresh record highs in recent months.
Asked whether he had any concerns about hot commodity markets, NBIM’s Tangen replied, “Yes, the big worry is just what that could mean for inflation right?”
He added, “So, if energy and raw material prices continue to move up, that is going to feed through to end-product prices, which are going to be higher. And that could be the real wildcard when it comes to inflation expectation.”
NBIM manages the so-called Norwegian Government Pension Fund Global. The world’s largest sovereign wealth fund, which was valued at 17.7 trillion kroner ($1.6 trillion) at the end of March, was established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector.
To date, the fund has put money in more than 8,800 companies in over 70 countries around the world, making it one of the largest investors across the globe.
Fewer rate cuts
European Central Bank President Christine Lagarde had also signaled the impact of commodity prices last week, in the broader context of the institutions next monetary policy steps. She said the central bank remains on course to cut rates, barring any major shocks — but stressed that the ECB would need to be “extremely attentive” to commodity price movements.
“Clearly on energy and on food, it has a direct and rapid impact,” Lagarde said.
Euro zone inflation slowed by more than expected to 2.4% March, bolstering expectations of a near-term rate cut. Market pricing for interest rate cuts, which has been highly volatile in recent weeks, now also points to the ECB appearing set to ease monetary policy before the U.S. Federal Reserve.
With most readings putting U.S. inflation at around 3% and not moving appreciably for several months, traders on Tuesday afternoon were pricing in a 13% chance of a U.S. rate cut in June, according to the CME Group’s FedWatch tool. That’s down from nearly 70% last month.
A worker supervises the furnace in the foundry at the ZiJIn Serbia Copper plant in Bor, Serbia, on Thursday, April 18, 2024. Copper prices have rallied recently, driven by an improving outlook for global manufacturing and mine disruptions.
Bloomberg | Bloomberg | Getty Images
Tangen said Norway’s wealth fund continued to believe it would be “tough” for central banks to get inflation down toward target levels, and major central banks would move differently, depending on local inflationary pressures.
Acknowledging multiple factors that now underpin inflation, Tangen said, “You have some of the geopolitical tensions, you have near-shoring, you have the climate effect on food through the world’s harvest, you’ve got some changes in trading routes and so on, and wage inflation is also higher than perhaps we had expected.”
He added, “We are expecting fewer rate cuts than the market did, of course, earlier in the year. I have to say my surprise is that the market has taken it so well. I would have expected the market to have reacted more negatively to this postponement of interest rate cuts.”
— CNBC’s Jeff Cox contributed to this report.
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