California Energy Commission $22M grant

Aptera Community Aptera Discussions California Energy Commission $22M grant

Aptera Community Aptera Discussions California Energy Commission $22M grant

  • California Energy Commission $22M grant

     Curtis Cibinel updated 1 month ago 15 Members · 24 Posts
  • Dan Stevens

    Member
    August 24, 2022 at 11:45 am

    Well, okay, the money is not in the bank yet, but today, the CEC recommended the award of $21,911,630 to Aptera for the ‘Aptera Solar Mobility Manufacturing Project’.

    I believe the money has been allocated now, but in government fashion, there are some ongoing checkboxes that have to be done to get the actual $$$$.

    For strange reasons, I follow the CEC, though I never truly understand most of what they send out. You can see this award by downloading the document at https://www.energy.ca.gov/media/7204

    Some interesting sounding projects won awards as well:
    Gillig – make ZEV buses, almost $30M
    Chargepoint – $15M
    FirstElement Fuel Inc (never heard of them) – $9M

    Moxion (batteries) – $15M
    BYD Coach (electric school busses) – $30M
    Wiggins (electrified ForkLifts) – $8M

    The state clearly liked buses for these grant awards.

    • This discussion was modified 1 week, 1 day ago by  bbelcamino.
  • Vernon Sinnott

    Member
    August 24, 2022 at 11:58 am

    That’s great news for Aptera, it’s investors, & customers.

  • Curtis Cibinel

    Member
    August 24, 2022 at 11:58 am

    This is a huge boon for the company. Obviously funding is relatively tight given the economy and this will help them get into production.

    Looking at the document Aptera scored the 2nd highest based on the criteria. It would be interesting to know how they judged them as all the companies were scoring quite close together in the 70-77% range.

  • Bob Kirchner

    Member
    August 24, 2022 at 12:07 pm

    That’s an oddly specific dollar amount. I wonder why they didn’t break it down to the nearest penny.

    • BRUCE MENGLER

      Member
      August 24, 2022 at 12:45 pm

      MATCH Amount column * Score = Award Amount

      • Rob Spruijt

        Member
        August 24, 2022 at 1:26 pm

        Eh? 75.5 % of the match amount of $26,412,998 is not $21,911,630. Match funding of at least 25% of the money that is applied for is the applicants demonstration that they are not solely relying on this grant, and that they can ‘match’ the grant with their own funding. That is at least my reading of the CEC website.

        • BRUCE MENGLER

          Member
          August 24, 2022 at 5:29 pm

          I thought it solved correctly but upon further review, I suffered from a major brain cramp.

  • Rob Spruijt

    Member
    August 24, 2022 at 12:23 pm

    Thanks Dan, that is wonderful news! A great confidence booster and making production much, much more likely now. Not only does this make me more confident that Aptera can really go into production, there is also the confidence booster that the CEC thinks Aptera is a serious company. I browsed around for a bit to find out when the money might actually be transferred and if there are additional hoops, but I have not found that. I did see (in the file you linked) that there is an additional 26 mil ‘match fund’, which, if I am understanding things correctly, is provided by Aptera.

    This is together pretty close to the 50 mil mentioned recently as what is needed to make it to production. This match fund would have been an estimate from a few months ago, when this grant was opened up. I expect that the new stock offering that was also mentioned recently will probably open up with bells and whistles after the great reveal on Sept 10.

    Curious if others have opinions about the other projects that got rewarded: electric school busses and forklift, for example. These are real projects, with real impacts, not pie in the sky stuff.

    BTW: final approval of the grant is in a CEC business meeting. The next CEC business meeting is Sept 14: https://www.energy.ca.gov/proceedings/business-meetings. That should be rubber stamping, but there is this thing about counting chickens and hatching eggs.

    • This reply was modified 1 month ago by  Rob Spruijt.
  • Russell Fauver

    Member
    August 24, 2022 at 1:24 pm

    Excellent!

  • OZ (It’s OZ, Just OZ)

    Member
    August 24, 2022 at 2:47 pm

    Excellent find Dan, I’ve posted the info to various FB groups and Reddit.

  • John Voules

    Member
    August 24, 2022 at 2:56 pm

    Moo

    E

    Bueno

    Fantastic news. Should rev up all involved especially future investors. As much as I have invested in APTERA…I now may free up some extra cash if they decide to reopen non accredited investors. This vehicle will be built!!!

  • Qiang Fu

    Member
    August 24, 2022 at 3:07 pm

    Great news!!!

  • Dan Stevens

    Member
    August 24, 2022 at 3:28 pm

    I gave the direct link to the award document previously, but failed to give the link to the grant page.
    You can get a (totally not understandable) overview of the grant at:
    https://www.energy.ca.gov/solicitations/2022-03/gfo-21-605-zero-emission-transportation-manufacturing

    There are links to a lot of the grant info on this page, but if you follow them, you’ll quickly end up in areas not related to this grant.

    The $60Million mentioned on this page was SIGNIFICANTLY increased, allowing for $184,672,200 of funds to be spent on the grant. Yes, that is government math in action.

  • Paul Carlucci

    Member
    August 24, 2022 at 4:25 pm

    Perhaps this will help their chances at raising funds via other means such as direct investment and an ATVM loan.

  • Christopher Barrett

    Member
    August 24, 2022 at 5:16 pm

    Thank you for this wonderful information! Hope Steve at Aptera Owners club sees this and comments. My gut tells me that other investors, who have been shy will not be shy anymore. Nothing short of a whale throwing down a huge pile of cash would be better. This makes fence sitters open their eyes, and then their wallets, as this means it is a real thing, not a dream anymore. CONGRATULATIONS to all who want this to happen, one step closer.

    • OZ (It’s OZ, Just OZ)

      Member
      August 24, 2022 at 5:22 pm

      Steve saw it on my repost over on FaceBook

    • Curtis Cibinel

      Member
      August 24, 2022 at 5:43 pm

      Steve saw it on discord already. Ride the Lightning was very fast to get a video out and I expect Steve will within the day. Hopefully details will be better understood because some aspects (ie matching) isn’t clear

  • Dan Stevens

    Member
    August 24, 2022 at 6:24 pm

    For those who have an hour to waste….. errr, I mean want to understand this better….

    There is a video of the pre-application workshop that sort of walks through what this is for, how it can be used, talks about the ‘match’ and does a good job of answering none of your questions:

    The recording and
    presentation slides are available in the GFO-21-605 pre-application web page at
    https://www.energy.ca.gov/event/funding-workshop/2022-04/pre-application-workshop-gfo-21-605-zero-emission-transportation.

    For reference:
    At 13:58, they talk about eligible project costs
    At 14:39, they talk about match funding requirements

    And if you just want to peruse the Q&A document, you can download it from:
    https://www.energy.ca.gov/solicitations/2022-03/gfo-21-605-zero-emission-transportation-manufacturing

    Scroll down near the bottom and find the Questions and Answers document. Once you read it, please explain it to me.

    Also at the bottom is a link to the presentation I listed above.

    • This reply was modified 1 month ago by  Dan Stevens. Reason: added time references
    • Sam Adams

      Member
      August 24, 2022 at 6:48 pm

      What I’m getting out of this is that they came in 2nd with that score among all applicants. And, if awarded the funds requested, Aptera will have to fund the matched amount.

      • Dan Stevens

        Member
        August 24, 2022 at 7:24 pm

        Actually, they came in 3rd, but it was good enough, they are pending the grant award.

        In the ‘Complete ZEV’ category:
        1. Gillig – 78.6
        2. BYD – 76.8
        3. Aptera – 75.5

        But like I said, that was good enough for this.
        I have no idea how the scores were compiled, but it looks like whoever did it, liked buses.

  • Michael Bramel

    Member
    August 24, 2022 at 7:15 pm

    FWIW, I note that the $22 mil grant plus $26 mil match would come in pretty close to the $50 mil that Steve thought in his recent video they would need to make it to production.

    • Dan Stevens

      Member
      August 24, 2022 at 7:28 pm

      This would only be $22Million of additional money, the match is money they have either used or were already planning on using. But either way, its a big step forward.

      Also, I’m not sure the $50M which came from their filing, was anything more than a random dart throw and they will likely need more than that.

  • Paul Kirchner

    Member
    August 25, 2022 at 5:08 am

    Well, golly gee, score one for California to help the rest of the nation….again.

  • Curtis Cibinel

    Member
    August 25, 2022 at 2:46 pm

    Figured I’d link Steve from Aptera Owner’s Clubs video on the topic.

    https://www.youtube.com/watch?v=cub87P7VZC0

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