7/25/08 - Aptera Raises More Than $24M in Series C Round - greencarcongress.com

[drivin98]

Aptera has attracted another $24 million to go towards actual production! :jumping0007:

Obtained from: http://www.greencarcongress.com/2008/07/aptera-raises-m.html#more

Aptera Raises More Than $24M in Series C Round

25 July 2008

Aptera Motors has raised more than $24 million at the close of its Series C round of venture funding. The new funds will be used to start initial production of its Aptera Typ-1 (earlier post), a three-wheeled plug-in (in all-electric and gasoline-electric hybrid versions) designed to combine advanced aerodynamics with light-weight composite technology.

Additionally, the company plans to use the newly raised funds for a new manufacturing facility located in Vista, Calif., just a short distance from the company’s present headquarters in Carlsbad.

Investors in Aptera Motors now include: Idealab, Esenjay Investments, The Simons Family, The Beall Family Trust and Google, Inc.

The first production models of the Typ-1 are planned to be available in December 2008 with the production rate increasing throughout 2009. With a coefficient of drag one-third of that of a subcompact car and less than half the weight, the all-electric version will get up to 120 miles per charge, while the hybrid version, which will follow in about 12 months, will achieve close to 300 mpg.

Aptera has received more than 3,300 deposits from California-only buyers. California residents can reserve a vehicle now by placing a fully refundable $500 deposit at www.aptera.com.

[Aptera#1434]

I wonder where the reporters get their reservation info. According to the Apteraforum calender, we are at 3862 now, not the 3300 as quoted.

[A1phaGeek]

From their editor's perspective, it is better to report a known milestone past than cutting edge reservation numbers.

[DennisCogan]

If you search Google for "Aptera Funding" you'll find the source of this exciting news release!

Aptera pulls in over $24M in funding :) :) :)
July 25, 2008 (Friday)

Google.org's not the only one putting cash into three-wheelers.

Carlsbad, Calif.-based electric car maker Aptera Motors said that it raised more than $24 million in a Series C round of funding. The news comes a day after Google.org, the philanthropic arm of Mountain View, Calif.-based Google (Nasdaq: GOOG), announced its first investments under its RechargeIT initiative, including some cash for Aptera (see Google plugs cash into plug-ins).

Google.org said it put $2.75 million into Aptera and Austin, Texas, battery developer ActaCell, but did not disclose how much cash it put into each company.

In addition to Google.org, Aptera's investors include Idealab, Esenjay Investments, the Simons family, and the Beall Family Trust. Aptera raised approximately $20 million in financing last year from Idealab and an undisclosed angel investor.

"We're excited that the tremendous demand that we've received from the thousands of individuals who have pre-ordered their Aptera Typ-1 has been matched with a strong endorsement from our investment partners," said Steve Fambro, founder and CEO of Aptera.

"The vehicle is exciting, the timing seems perfect and the market is eager to buy one of these first built units. These new funds will be instrumental as we pursue our goal of bringing the Typ-1 to market later this year."

The company said the funds will be used to start initial production of its Typ-1, a two-seat, three-wheeled vehicle that it plans to produce in electric and plug-in hybrid versions. The first production models are expected to be available in December, with the production rate increasing throughout 2009.

[Reellucky]

Thanks Dennis! That is great news and really boosts hopes that we might see our new Aptera sooner rather than later! Very cool! :jumping0007:

[BobFox321]

This is big money. Money speaks many languages. The most important message here folks is that APTERA will now go into production. You cannot attract that kind of money for a "maybe production" situation. This will now be production.

Google is an extremely intelligent corporation. Their donation to APTERA shows that this is not a dream. APTERA will be a winner.

Yes there will be competition but no where near what APTERA will produce.

The only significant issue seems to be the proposed selling prices. The lower that APTERA can make the buy in price per vehicle the more units will be sold. The investors, hopefully, will see much higher demands if both models can sell, fully loaded, for less than $25,000.

Go Aptera, produce them, and they will buy em.