Lunaz announced ambitious plans to grow its offering to the upcycling and electrification of industrial vehicles on a mass global scale following funding from a group of investors. David Beckham has joined Reuben and Barclay families and Alexander Dellal to invest in Lunaz, a rapidly growing technology company that upcycles and converts motor vehicles to its proprietary electric powertrain.
They join founding investors Navid Mirtorabi and CJ Jones who are both entrepreneurs and investors in clean-tech startups. Through his investment arm Beckham has successfully identified and backed fast-growth start-ups in sectors as diverse as eSports and athletic recovery products. He took a 10 percent stake in the company.
The company will begin with industrial HGV vehicles including refuse trucks, of which 80 million currently exist in the UK, EU and USA alone. The Lunaz remanufacturing and electrification process will extend the life of up to 70 percent of the existing weight and embedded carbon within a vehicle. It also saves fleet operators significant costs compared with replacing existing vehicles with new. For example, a municipal authority could save more than 43 percent in the total cost of ownership (TCO) of an upcycled and electrified refuse truck versus replacing their existing fleet with new equivalent electric vehicles, as per the statement.
“Lunaz represents the very best of British ingenuity in both technology and design. I was drawn to the company through their work restoring some of the most beautiful classic cars through upcycling and electrification. David Lorenz and his team of world-class engineers are building something very special and I look forward to being part of their growth,” said David Beckham, Investor, Lunaz.
“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-carbonisation. 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’ path to defining the market for remanufacturing and conversion to clean-air powertrains,” commented David Lorenz, Founder and CEO, Lunaz
According to the statement, by 2030 when internal combustion engine (ICE) bans in major markets come into effect, more than 2 billion conventionally powered vehicles will exist on the planet. Remanufacturing, upcycling and electrification can prevent a large proportion of these vehicles from being scrapped. This approach is said to be in line with the principles of the rapidly emerging circular economy.