Friday, February 4, 2011
Aptera: Still Waiting On Capital From DOE
Vista-based Aptera Motors, the three wheeled electric vehicle firm backed by Idealab and Google, told its supporters today that it is still looking to score funding from the Department of Energy's Advanced Technology Vehicle Manufacturing (ATVM) loan program. The firm, in an update email, said that it's challenge today is "raising sufficient capital to compete in the modern automotive market." The firm said that, "This is reality whether your name is Fisker, Tesla, Ford or Nissan." Aptera said it is "working to secure the capital necessary to deliver the volume and quality to move the market." Aptera saw a setback in December of 2008, when it was initially rejected by the DOE because the firm's vehicles had three, not four wheels; the firm later had that requirement lifted, but is still waiting on a response from the DOE on funding options for the firm.