Aptera secures multimillion-dollar supply deal and investment for solar EV battery packs

As Aptera Motors looks to reach its long-sought scaled solar EV production milestone, it has secured a tier-1 battery supplier and a hefty investment from Korean manufacturer CTNS.

Solar EV startup Aptera Motors hit us with an encouraging progress update as we shut the book on 2023 and look toward 2024, the year we may finally see scaled production of the company’s solar EV by the same name.

Since the startup debuted in its second iteration years ago, we’ve shared its progress nearly every step of the way – from beta models through gamma, securing state grants, and the debut of its Launch Edition solar EV, alongside an accelerator crowdfunding program to purchase the necessary equipment to get production going.

If and when that production process gets underway, Aptera will gain manufacturing expertise from Creative Technology & Surprise (CTNS) – a South Korean battery technology company founded in 2017.

Aptera nabs investment and battery contract from CTNS

Per a LinkedIn post from CTNS chief strategy officer Junmo Kim, the battery technology company and Aptera Motors signed a master supply agreement on December 22. The visit from Aptera cofounder Chris Anthony to CTNS’ Seoul headquarters also included signing an investment agreement in Aptera totaling millions.

As part of the two agreements, CTNS will install battery production lines for Aptera and supply the battery packs for its solar EVs as a tier-1 supplier. Per Kim, the total size of the contract equates to more than $15 million dollars. CTNS CEO Ki-jeong Kwon spoke during the signing ceremony in Seoul:

I believe that this is an important moment for CTNS to leapfrog to the future unicorn in global market, and sincerely appreciated to Chris Anthony & Aptera Motors to become our partner for the journey.

Batteries are a vital component on any EV production line, so securing a tier-1 supplier in CTNS is a key milestone as Aptera continues its validation phase of production intent solar EVs. Together, Aptera and CTNS hope to bring the former’s production dreams to reality sooner rather than later. Per Aptera Motors co-founder Chris Anthony:

Happy to invite CTNS as an official partner for Aptera Motors and was impressed a lot by the enthusiasm & spirit of the Korean startup.

As of December 28, 2023, Aptera’s Accelerator program has less than 350 spots remaining. Aside from the investment program, you can still reserve an Aptera SEV of your own for $100 down, $70 if you use the following link.

Featured image credit: Junmo Kim / LinkedIn