U.S. solar electric vehicle maker Aptera said it has secured access to up to $75 million in equity financing as the company prepares to go public on the NASDAQ later this week, aiming to fund the final stages of bringing its highly efficient solar car to production.
Aptera, which is conducting a direct listing rather than a traditional IPO or SPAC merger, said the financing comes through a share purchase agreement with New Circle Principal Investments LLC, an affiliate of New Circle Capital. “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 company said in a statement.
Unlike a conventional IPO, Aptera’s direct listing will not raise new funds upon its market debut, allowing existing shareholders — many of whom joined through crowdfunding campaigns — to trade their shares publicly. The fresh financing agreement therefore provides a much-needed capital injection as the company faces mounting costs to launch production.
Aptera said proceeds from the funding will “support production readiness, including tooling and other activities required to bring Aptera’s Launch Edition vehicles to market.” The company added that the structure “gives Aptera the flexibility to raise capital in stages over time, aligning with the Company’s strategic priorities and market opportunities.”
The California-based startup, known for its three-wheeled, solar-powered vehicle that can reportedly achieve up to 1,000 miles of range per charge, had previously disclosed only $13 million in remaining cash as of June, according to SEC filings. The lack of a lockup period for company insiders in the upcoming listing had raised concerns among some investors about management’s commitment.
Aptera initially targeted vehicle production this year but postponed its timeline due to financing delays. The new agreement marks a significant step toward addressing its capital needs as it seeks to transition from prototype development to full-scale manufacturing.
