The British soccer star, David Beckham, has bought a stake in a niche electric vehicle company, Lunaz.
Through his investment arm, the former Manchester United striker has acquired a 10 percent stake in a rapidly growing technology company, which upcycles and converts motor vehicles to its proprietary electric powertrain.
The privately-owned British automaker is known to covert petrol-powered vintage Range Rovers, Bentleys, Rolls-Royces, and Jaguars into clean-energy autos. The company didn’t say how much Beckham paid for the stake.
Based in Silverstone, home to Britain’s Formula One circuit and an automotive technology hub, Lunaz started production of its first cars in 2019 and markets itself as upcycling existing passenger, industrial and commercial vehicles to offer a sustainable alternative to replacing with new.
Beckham, whose investment arm already owns equity in startups connected to esports and products that help muscles recover after workouts, said in a statement: “I was drawn to the company through their work restoring some of the most beautiful classic cars through upcycling and electrification. Lunaz represents the very best of British ingenuity in both technology and design.”
Funds from the new investment round will be used to expand Lunaz’s business upcycling and electrifying industrial vehicles such as refuse trucks, fire engines and commercial vehicles.
It claims a municipal authority could save more than 43% in the total cost of owning an upcycled and electrified refuse truck versus replacing their existing fleet with new equivalent electric vehicles.
David Lorenz, Founder and CEO, Lunaz said: “The upcycling of existing passenger, industrial and commercial vehicles presents a sustainable alternative to replacing with new. Our approach will save fleet operators’ capital while dramatically reducing waste in the global drive towards de-carbonization.
“There is evidence everywhere in the global economy that responsibility and commerciality are no longer mutually exclusive. This top-tier investor commitment is testament to Lunaz’s path to defining the market for remanufacturing and conversion to clean-air powertrains.”
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