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Aptera Motors Adds $24 Million

Aptera Motors, a Carlsbad, Calif.-based developer of low-cost electric and plug-in hybrid vehicles, has raised more than $24 million in Series C funding. Shareholders include Idealab, Esenjay Investments, The Simons Family, The Beall Family Trust and Google Inc.  

 

PRESS RELEASE

 

Aptera Motors announced today that the company 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, a radically different vehicle designed to marry advanced aerodynamics with light-weight composite technology creating an incredibly powerful, yet extremely safe vehicle that is a joy to drive. 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.

 

“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 Motors. “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.”

 

“With energy prices and oil prices where they are, we feel dramatic increases in the efficiency of transportation, like the Typ-1, are greatly needed,” said Bill Gross, chairman and CEO of Idealab. “The Aptera Typ-1 is designed to be the lowest energy way to transport two passengers safely from point A to point B. Clearly, our expectations for this first vehicle and this company are very high.”

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

 

About Aptera Typ-1

The Aptera Typ-1 will be the most efficient passenger vehicle in the world. The first production models are planned to be available in December 2008 with the production rate increasing throughout 2009. With a coefficient of drag literally one-third 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. With these results, Aptera Motors aims to change the way the world thinks about personal transportation. Interest is already high as Aptera has received over 3,300 deposits from California-only buyers eager to be among the first to drive this new vehicle. With its commitment to efficiency and safety, Aptera Motors is positioned to be a leader in the new era of efficient vehicle design and production. California residents can reserve a vehicle now by placing a fully refundable $500 deposit at www.aptera.com.

 

About Aptera Motors

Aptera Motors is working to bring to market the Aptera Typ-1 which will be the most efficient passenger vehicle in the world. The company is based in Carlsbad, California and is backed by Idealab and Google, Inc., among others. For more information, please visit www.aptera.com