Aptera co-CEO hints at a return to crowdfunding as $60M raise with US Capital Global falters

Aptera Motors is currently doing fine testing its first production-intent solar electric vehicles but has been very candid about its need for more funding to reach bonafide production. Its most recent SEC filing details slower-than-expected investments from convertible notes, and the startup’s co-CEO recently hinted that Aptera might revisit crowdfunding, seeking help from the loyal following that has helped it this far.

Aptera Motors is the solar-electric “engine” that could (and still could). We’ve kept close tabs on the startup over the years and have made a conscious effort to keep you readers informed on its progress, much of which has been promising. Especially over the past 18 months or so.

We consistently applaud Aptera Motors for its transparency and monthly updates, often led by co-CEOs Steve Frambro and Chris Anthony, who continue to fight onward in bringing the second iteration of Aptera to its fullest potential and reach what has now become the holy grail of solar EV development – full-scale production.

Last month, Aptera delivered a significant milestone to the public, showcasing its first-ever production-intent build, complete with genuine components we could one day see in a flagship solar EV on the road. Until this point, crowdfunding led by a loyal fanbase of reservation holders and believers in sustainable technology has gotten Aptera this far.

Last we heard, Aptera had raised over $135 million from over 17,000 investors, which the startup touted as the most successful crowdfunding raise in history. However, the company shared that it would need another $60 million in additional funding to begin low-volume SEV production, now slotted for late 2025.

To achieve this, Aptera shuttered its crowdfunding campaigns and turned to financial group US Capital Global, which has been leading the $60 million sale of convertible notes since July. Based on SEC filings, more prominent investors appear weary of investing in the solar EV startup. Still, Aptera’s co-CEOs continue to push forward regardless but have hinted at other levers to gain cashflow, including a fresh crowdfunding campaign.

Could Aptera revisit crowdfunding to reach production?

So far, Aptera’s $60 million funding raise has not gone as quickly as planned. When the startup originally announced the partnership with US Capital Global over the summer, executives from the financial group anticipated the raise would take 60 to 90 days.

We are now in November, beyond the 90-day timeline, and per Aptera’s October 21, 2024, filing with the SEC, it had only sold $400,000 of the $60 million in convertible notes. The co-CEOs shared that the minimum investment price through US Capital was $50,000. That is far too much green for the average Aptera crowdfunding participant but not an obscene amount for larger investment firms.

Based on those October figures, financial groups appear hesitant to invest in the startup despite its progress and the potential of its solar EV technology. Whether its on Reddit, Discord, or the Electrek comment section, the Aptera community is still very high on the startup and believes it can succeed and stay on track for mass production in 2026.

Munro and Associates, led by Sandy Munro, signed on as a partner to Aptera Motors in 2020, and the famed automotive enthusiast has made several appearances alongside the startup’s co-founders in addition to routine visits to its headquarters in Carlsbad, California.

Last month, Munro Live shot a video at Aptera HQ where co-founders Steve Fambro and Chris Anthony walked Sandy around the shop and inside and out of the PI-2 Solar EV. From the driver’s seat, Munro peppered Fambro and Anthony with questions about their required funding.

Most of the answers were routine and stuff we’d already heard before, but there was one little juicy tidbit Chris Anthony said that’s noteworthy. We highly recommend watching the full 40-minute video, which we’ve embedded below, but the stuff we’re talking about today starts at around 37 minutes.

Munro asked about funding, and Anthony explained the $60 million raise via convertible notes with US Capital. Per Anthony, that funding would help Aptera get all the necessary production equipment and tooling to begin building initial customer vehicles. Anthony also shared that money would help get Aptera to a run rate of 6,000 solar EVs per year, which are cashflow neutral. Here’s where it gets good. Anthony elaborates:

We think along the way, we may open the crowdfunding again because right now, the minimum investment for the convertible note is $50,000. So, a lot of people have been waiting to invest in Aptera, but they can’t because the minimum is so high.

So Aptera is considering a return to crowdfunding to gain additional funding, but perhaps somewhere down the road. The immediate focus remains on the convertible note with US Capital Global. Anthony went on:

But it’s going well, 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.

If there wasn’t enough riding on the $60 million convertible note with US Capital, it is the best current option to get Aptera the equipment it needs to begin genuine SEV production. However, crowdfunding has already proven quite fruitful for Aptera in the past, and its founders have not lost sight of that option.

As always, we will keep you in the loop on Aptera news as it progresses with more production-intent builds, including a PI-2 with solar panels ahead of more testing. You can reserve an Aptera for $30 off the $100 reservation by clicking here.

As promised, here’s the full video from Munro Live that offers a fantastic look at the PI-2 build so far: