Solar EV startup Aptera Motors continues to inch closer to scaled manufacturing of its flagship vehicle, with a new validation assembly line being installed at its headquarters.
The last thirty days or so have been busy for Aptera Motors – “little engine that still might” in the nascent (and lonely) segment of solar EV startups. Last month, the startup finally went public, opting for a direct listing on the Nasdaq instead of an IPO or SPAC merger.
As reported by Electrek’s Fred Lambert, this move was somewhat concerning for Aptera, as it will not directly benefit the company financially from the stock listing. Furthermore, Aptera consistently seems to be paving the financial runway directly in front of it, enabling it to keep pushing forward. Per the startup’s recent SEC filing:
This prospectus relates to the registration of the resale of up to 31,741,948 shares of our non-voting Class B common stock… We will not receive any proceeds from the sale of shares of Class B common stock by the registered stockholders.
However, right before going public as $SEV, Aptera announced a large chunk of equity financing to continue solar EV development and get its assembly lines up and humming. Per the company:
Aptera Motors Corp. (“Aptera”), the solar mobility company focused on developing highly efficient vehicles, today announced it has entered into share purchase agreement providing for up to $75 million of committed equity financing (the “ELOC”) with New Circle Principal Investments LLC, an affiliate of leading growth-focused investor New Circle Capital.
Less than a month later, Aptera’s team is pushing forward with another development milestone – building out its validation vehicle assembly line, which lays the groundwork for future scaled solar EV production.
Aptera is laying the foundation for scaled SEV assembly
According to a press release posted by Aptera this morning, the building of its validation assembly line is now underway in Carlsbad, California. In addition to assembling full-fledged validation vehicles, Aptera can now transcend from unsystematic prototype builds to a more structured assembly process that is scalable and repeatable. Apter co-founder and co-CEO, Steve Fambro, shared a similar sentiment:
Seeing this line come to life signals the next phase for Aptera,” added Steve Fambro, Co-CEO. “It’s the bridge between our prototype builds and the preproduction and series production systems that we aim to one day use to deliver solar mobility at scale.
Seeing this line come to life signals the next phase for Aptera. It’s the bridge between our prototype builds and the preproduction and series production systems that we aim to one day use to deliver solar mobility at scale.
As you can see in the images above, Aptera is stockpiling key components for validation assembly processes, including body-in-carbon (BinC) parts. Per the SEV startup a large-scale precision assembly fixture is the heart of its new validation line, enabling the vehicle’s BinC)to be built with “exceptional dimensional accuracy.”
The fixture will also serve as the baseline for future low-volume production vehicle assembly. This pending process will not only give Aptera techs the first opportunity to establish defined steps in assembly. Still, it will also offer a proving ground to optimize those processes, from component handling to final fit and finish. Aptera’s other CEO, Chris Anthony, also spoke about the latest development milestone:
This marks an important moment in Aptera’s journey. For the first time, our technicians will be assembling vehicles along a defined sequence of stations, using processes developed hand-in-hand with the engineers who designed them.
With vehicle materials now in stock, Aptera has officially begun assembling validation vehicles through its repeatable process en route to pre-production. Then, God willing, bona fide customer vehicle builds will follow. Hold your horses, though, because Aptera still needs more money to get there.
We often celebrate Aptera for its transparency, which is evident in its latest press release, in which the startup announced that it will require an additional $65 million in funding to continue through this new validation assembly stage and into low-volume production.
As always, the deck is stacked against this solar EV startup, but it continues on, and we love to see it. Remember, you can still reserve an Aptera solar EV for only $70 down if you use this link.
Author: Scooter Doll
Source: Electrek
Reviewed By: Editorial Team
