Aptera Motors Raises More Than $24 Million in Series C Funding

Aptera Motors

Aptera Motors, a Carlsbad, California-based company that is developing an ultra-efficient vehicle, announced on July 24th that it raised more than $24 million at the close of its series C round of financing.  The company said that the funds will be used to start initial production of its Aptera Typ-1 vehicle and for a new manufacturing facility located in Vista, California.  Aptera Motors’ investors now include Idealab, Esenjay Investments, The Simons Family, The Beall Family Trust, and Google, Inc.

"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."

According to the company, the Aptera Typ-1 will be "the most efficient passenger vehicle in the world."  The first production models are scheduled for release in December 2008.  The all-electric version will achieve up to 120 miles per charge, and the hybrid version (which will be available 12 months after) will achieve nearly 300 MPG.  The following video, from the September 2007 Aptera launch party, provides additional information on Aptera Motors.

For more information: