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Solar EV startup Aptera Motors has submitted an Offering Memorandum to the SEC that provides numerous details about its progress in bringing its sustainable mobility technology to market. The startup continues to rely on public investment to fund its SEV development, and the latest filing details just how difficult the road to scaled production is for startups.

We’ve said it once and will say it again – scaling is hard.

Veteran startup Aptera Motors remains up to the challenge and has shared its plans for the future. It will continue to rely on outside investments to reach its holy grail of scaled solar EV production.

In the summer of 2021, Aptera Motors launched a Regulation A offering, complete with an exemption from registration requirements with the SEC in regard to public offerings of its securities while offering the opportunity for funding from (potential) customers up to a certain amount.

In early 2023, co-founders Steve Fambro and Chris Anthony announced a new “Accelerator Program,” in which Aptera accepted community funding investments from reservation holders willing to fork over a minimum of $10,000. Those who invested in Aptera have had their deliveries prioritized with commemorative Launch Edition builds – the first to be built in 2025.

This past February, Aptera relayed that all 2,000 initial production slots had been spoken for, raising nearly $34 million. Despite that influx of cash, Aptera’s co-founders divulged that more funding would be required to scale, and the company had been exploring additional funding streams.

In May, Aptera introduced a new investment opportunity in the form of a self-directed IRA, but less than two weeks later, shared a deadline for crowdfunding opportunities as seeks private funding from FinTech investment firms like US Capital.

Per an email sent to reservation holders and newsletter subscribers, Aptera will close its Regulation A offering on June 30, 2024, capping off three years of crowdfunding that resulted in over $100 million from more than 17,000 investors.

Looking ahead, Aptera still has a long road ahead of it before the masses are driving its potentially revolutionary solar EVs, but its latest SEC filing shows the startup is still very much alive.

Invest Aptera
Aptera’s solar EV, scheduled to begin production in 2025 / Source: Aptera Motors

Aptera SEC filing: $35.6M in assets and $16.1M in cash

Aptera Motors submitted an Offering Memorandum to the SEC dated May 30, 2024, sharing that it is offering up to $5 million worth of Class B Common Stock (non-voting) at a minimum investment amount of $1,000.

Per the SEC filing, Aptera must raise at least $25,000 by June 30, 2024, in order for any securities to be sold. The listed purchase price per share is $10.50, and the startup is offering perks that vary by the amount of money committed:

  • Invest at least $1,000 and receive a $100 coupon toward the purchase price of an Aptera SEV. The coupon can be used for the pre-order reservation fee.
  • Invest at least $2,000 and receive a $1,000 coupon toward the purchase of an Aptera SEV.
  • Invest at least $10,000 and receive the following:
    • 5% discount on a future vehicle.
  • Invest $25,000 will receive the following:
  • Investors who invest at least $27,000 will receive the following:
    • The opportunity to purchase the first Aptera units it delivers to the United Arab Emirates with unique vehicle identifiers for the region.
  • Invest $100,000 and have lunch with Aptera co-founders Chris Anthony and Steve Fambro.

Per the SEC filing, Aptera has a priority delivery waitlist in which the first 53 solar EVs will be delivered to the UAE that will go to investors in the Middle East who commit to at least $27,000. This is a separate perk from the 2,000 Launch Edition Aptera SEVs already secured in California. Here are some other pertinent details from Aptera’s SEC filing:

  • As of May 25, 2024, the startup had 48,000 SEV reservations with a less than 5% cancellation rate and $11 million in open purchase orders (not debt)
  • Its previously announced supply agreements with Yazaki, CPC Group, and CTNS are non-binding.
  • As of April 30, 2024, Aptera Motors had $35.6 million in assets and $16.1 million in cash
  • Between January 1 and May 19, 2024, it sold 864,580 Class B common shares for $9.1 million.
  • Aptera currently has 29 full-time employees.

What’s interesting is through 38 pages of the filing, there is zero mention of US Capital, the potential investor Aptera has been in talks with but has remained extremely vague about.

While production of the Launch Edition SEVs is still targeted for 2025, Aptera shared it won’t scale more until 2026, when it expects an annual output of 20,000 units. Many of the boldened headers in Aptera’s SEC filing detail a tough road ahead, including phrases like “Our auditor has issued a ‘going concern’ opinion” and “We face significant technological and legal barriers to entry.”

Because Aptera’s journey will be so capital-intense in a highly competitive market, it said it will rely heavily on revenue from a single model (the flagship Aptera SEV) and a limited number of them. Previously, Aptera’s co-founders have hinted at plans for additional solar-powered models, but those seem a long way away as the startup continues to claw forward via capital raises and “future fundraising rounds.”

We continuously applaud Aptera Motors for its transparency with the public, so we’re confident the startup will continue to keep investors and reservation holders informed on some of the hurdles detailed above in its monthly updates. We recommend checking out the full Offering Memorandum to see the big picture of where Aptera stands and how it intends to move forward.

If anything, Aptera’s SEC filing shows just how difficult the process is to reach scaled vehicle production unless you have billions of dollars at your disposal. Still, we are very much rooting for the company and hope to get behind the wheel of a production version of the SEV in the future.

As always, you can still reserve an Aptera for $30 off here or visit the company’s investment page to support its attempt at reaching production.

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Mitsubishi Fuso cleans up, putting 89 electric garbage trucks to work in Greece

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Mitsubishi Fuso cleans up, putting 89 electric garbage trucks to work in Greece

The Greek cities of Athens and Thessaloniki are popular tourist spots, and those tourists are about to breathe a little bit easier – literally! – thanks to nearly 90 new electric garbage trucks from Mitsubishi Fuso.

The Daimler-owned Mitsubishi Fuso brand has been making big moves since export of its newest electric eCanter medium duty truck kicked off earlier this year. First expanding to Hong Kong, and now taking orders in the EU.

“Thanks to its compact dimensions and high chassis load capacity, the electric Next Generation eCanter is ideal for waste disposal companies that drive on narrow roads,” says Florian Schulz, Head of Sales, Marketing and Customer Services. “In addition, the vehicle is locally emission-free and quiet, so that garbage can be emptied early in the morning in densely populated areas. This makes it particularly suitable for municipal applications.”

One of the most important goals the cities’ governments had was to quiet down the garbage collection process. To that end, Greek body manufacturer KAOUSSIS has put a lot of development work into the upfit body to quiet the hydraulic and compaction actions. The company is calling its refuse body “the first of its kind,” creating a market advantage for the electric eCanter while meeting all EU technical regulations for operating waste disposal vehicles with standing personnel.

The hydraulic system employs proportional, electro-hydraulically operated directional valves that operate at a maximum pressure of 180 bar. KAOUSSIS says it’s specially designed for EVs, and is compatible with garbage bins between 80 and 390 liter (aka: really big) capacities. The lift also features a dynamic weighing system that records the weight of the waste with an accuracy of up to ±0.5 kg (about a pound).

“We have had a very close cooperation with KAOUSSIS for over 30 years,” says Antonios Evangeloulis, Director of Sales & Marketing of the Greek importer & general agent for Daimler truck products and services Star Automotive Hellas. “All the necessary tools, safety measures, technicians, training and certifications are in place and we are able to offer excellent after-sales support for these vehicles. Overall, it was an exciting project that we were able to realize together.”

Forty of the new electric refuse trucks are expected to be deployed by the end of November, with the balance expected to be delivered over the course of 2025.

Electrek’s Take

Mitsubishi Fuso eCanter; via Daimler Trucks.

Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and garbage is definitely “stuff.”

Here’s hoping we see more “right size” electric solutions like this one in small towns and tight urban environments stateside somewhat sooner than later.

SOURCE | IMAGES: Daimler Trucks, via Charged EVs.

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Italian DC fast charger maker Alpitronic enters the US market [video]

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Italian DC fast charger maker Alpitronic enters the US market [video]

Electrek‘s Seth Weintraub went to Alpitronic America’s new HQ to speak with CEO Mike Doucleff about its plans to roll out its ultra-fast chargers across the US.

Bolzano, Italy-based Alpitronic was founded in 2009, and it specializes in the development and production of DC fast chargers. The global company’s best-known product line is the Hypercharger, an ultra-fast EV charging station that can deliver charging power from 50 kW to 400 kW, depending on the model.

Alpitronic Americas recently announced an agreement with Mercedes-Benz High-Power Charging to become the first DC fast-charging network to deploy Hypercharger 400 units at scale in the US.

Alpitronics Americas’ new headquarters’ 68,000-square-foot office and industrial space in Charlotte, North Carolina, includes a diagnostics laboratory and repair center, a spare parts warehouse, a training center, and space for as many as 300 employees.

The Bolzano, Italy-based company’s Hyperchargers achieve, on average, an efficiency rate greater than 97.5%, and that its repair and service network can service chargers anywhere in the US.

Alpitronic cofounder and CEO Philipp Senoner said, “As a natural part of Alpitronic’s growth, we are anxious to expand our industry-leading Hypercharger network from Europe, where we are market-share leader, to North America. We are pleased with the talent we are finding in North Carolina and look forward to setting a new standard for the EV charging network in the US.”

Alpitronic chargers support all EV brands. Pre-production units have been tested publicly in Rock Hill, SC, and Portland, OR. The first US-built, public chargers are expected to be installed and available in October.

Seth and Mike Doucleff discuss what Aliptronic’s main driver was to come to the US, what attracted them to Charlotte, and what the company thinks the future of DC fast chargers is in the US, among other things. Their conversation begins at 00:41 on the Electrek podcast below:


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Volvo CE rolls out some new hotness at Volvo Days 2024 [part 1]

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Volvo CE rolls out some new hotness at Volvo Days 2024 [part 1]

This week, Volvo Group held its once-every-three-years “Volvo Days” event in Shippensburg, PA for the first time since the pandemic, showing off tons (literally!) of new equipment, new trucks, and new concepts – including a couple of “world’s first” debuts.

What is Volvo Days? That might require a bit of background …

The heavy equipment world operates on something of a three-year cycle. ConExpo, the industry’s biggest trade show, happens every three years. That sets the tone, with companies showing off all their hottest concepts and forward-thinking new projects. That’s year 1. Year 2 is typically when shows like Volvo Days typically take place, with manufacturers rolling out the production versions of the concepts they showed at ConExpo and inviting a mix of dealers, end-users, and journalists in to try out some of what got showed at ConExpo. Year 3 is more insular, with the manufacturers bringing in salespeople to get them trained on new products and prepare them for how to talk about what the company is planning to show at next year’s ConExpo.

ConExpo was last year, so this year we get Volvo Days – for the first time since 2018, in fact, since the 2021 event was canceled due to COVID. That makes this the first Volvo Days in six years … and expectations were high.

The kickoff

Volvo Days, night 1; kickoff.

Volvo kicked off the week’s events with a drone display highlighting the company’s construction equipment history – appropriate, given that the event was held at Volvo CE’s Pennsylvania engineering and production campus. The drone show was followed by a genuinely impressive, highly choreographed equipment ballet that featured new electric equipment shown for the first time in North America, as well as the new-for-2025 Volvo VNL and Mack MD Electric trucks doing some heavy lifting and hauling.

The show lasted well over thirty minutes, and it was impossible for me to keep track of everything that was happening, but you can get a sense of it in the video (above).

Compact electric equipment

Volvo had its new, in-production L20/120 Electric wheel loader and ECR25 Electric excavator front and center in its reception center, along with information highlighting their competitive advantages in the compact equipment space.

The best thing about Volvo Days, however, isn’t that they have interesting vehicles on display – it’s the fact that nearly every one of those interesting vehicles is available to experience first hand … including the 30-ton EC230 Electric excavator.

Volvo Electric excavators with Steelwrist; photo by the author.

All the electric excavators (even the mini) were incredibly smooth and quiet, with noticeably fewer vibrations than their diesel counterparts … which we also got to play with.

That said, I’m not a “real” equipment operator, which means my seat of the pants impressions are probably worth less than those of the people who use these things every day. That’s why I was glad to have Mike Switzer, my co-host on The Heavy Equipment Podcast, along for the ride.

“It’s really impressive, and the articulation on the Steelwrist is incredible,” Mike told me, after hopping out of the demo EC230. “I’ve seen it before, obviously, but I’ve never had a chance to use it. I think every municipality needs to take a look at that.”

Electric compaction

Volvo electric compactors; image by the author.

Over on the compaction side, Volvo had its DD25 Electric vibrating drum compactor on display – where the all-electric tandem roller was joined by two all-new siblings being shown off for the first time ever: a pre-production DD15 Electric “mini” compactor prototype seemingly designed for sidewalks and driveways, and the TC13 Electric trench compactor.

The TC13 Electric is designed as a walk-behind unit that uses its heavy batteries to provide the compaction mass – but those heavy batteries won’t get depleted in the hour or so of operation that most trench compactors see on a busy day. To keep the little TC13 useful throughout the day, Volvo gave it a pair of 110 and 220V outlets.

TC13 power outlets; photo by the author.

Specs weren’t released, but Volvo’s compaction brand manager claimed those outlets were more than capable of keeping the rest of the job site’s battery-operated tools running all day long, and even packed enough juice (in a pinch) to power a portable office, table saw, or drill press.

“Did you see his face when I asked if it could run an arc welder?” asked Mike, smiling. “He said, ‘It’s not something we’d advise,’ but you could tell he liked that question.”

Yeah, he did!

Electrek’s Take

Jo Borrás looking for prizes; photo by Jefferson Yin.

Somewhere around the twenty minute mark of the “equipment ballet” show, something broke inside my brain. I think it was the sparks flying off the bucket when the L20 Electric scooped up a few thousand pounds of gravel and sand at full speed, scraping its bucket along the ground. Maybe it was the hydrogen-powered articulated loader, or the open bar.

Regardless, one thing that was made very clear at Volvo Days ’24 is that, while other companies are still developing the initial entries into the electric commercial vehicle space, Volvo has not just a full line of products – but an expanding line of products, with the company entering new spaces specifically because of the unique advantages electric offers.

As Volvo’s North American President, Scott Young, explains, the future is electric, and Volvo’s vision for the future has the company firmly in the leadership position … but more on that in part 2.

ORIGINAL CONTENT FROM ELECTREK.

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