Aptera secures multi-million greenback provide deal and funding for photo voltaic EV battery packs

As Aptera Motors seems to achieve its long-sought scaled photo voltaic EV manufacturing milestone, it has secured a tier-1 battery provider and a hefty funding from Korean producer CTNS.

Photo voltaic EV startup Aptera Motors hit us with an encouraging progress replace as we shut the e book on 2023 and look towards 2024, the yr we could lastly see scaled manufacturing of the corporate’s photo voltaic EV by the identical identify.

For the reason that startup debuted in its second iteration years in the past, we’ve shared its progress almost each step of the best way – from beta fashions by gamma, securing state grants, and the debut of its Launch Version photo voltaic EV, alongside an accelerator crowdfunding program to buy the required gear to get manufacturing going.

If and when that manufacturing course of will get underway, Aptera will achieve manufacturing experience from Inventive Expertise & Shock (CTNS) – a South Korean battery expertise firm based in 2017.

Aptera nabs funding and battery contract from CTNS

Per a LinkedIn put up from CTNS chief technique officer Junmo Kim, the battery expertise firm and Aptera Motors signed a grasp provide settlement on December 22. Aptera co-founder Chris Anthony’s go to to CTNS’ Seoul headquarters additionally included signing an funding settlement in Aptera totaling tens of millions.

As a part of the 2 agreements, CTNS will set up battery manufacturing strains for Aptera and provide the the battery packs for its photo voltaic EVs as a tier-1 provider. Per Kim, the whole measurement of the contract equates for greater than $15 million {dollars}. CTNS CEO Ki-jeong Kwon spoke throughout the signing ceremony in Seoul:

I consider that this is a vital second for CTNS to leapfrog to the long run unicorn in international market, and sincerely appreciated to Chris Anthony & Aptera Motors to grow to be our companion for the journey.

Batteries are a significant part on any EV manufacturing line, so securing a tier-1 provider in CTNS is a key milestone as Aptera continues its validation section of manufacturing intent photo voltaic EVs. Collectively, Aptera and CTNS hope to carry the previous’s manufacturing goals to actuality sooner relatively than later. Per Aptera Motors co-founder Chris Anthony:

Completely happy to ask CTNS as an official companion for Aptera Motors and was impressed rather a lot by the keenness & spirit of the Korean startup.

As of December 28, 2023, Aptera’s Accelerator program has lower than 350 spots remaining. Other than the funding program, you possibly can nonetheless reserve an Aptera SEV of your personal for $100 down, $70 for those who use the next hyperlink.

Featured picture credit score: Junmo Kim / LinkedIn