David Beckham invests 10% in Silverstone
Player ploughing own cash in local business
David Beckham has become the new celebrity investor in a Silverstone-based company that plans to electrify bin lorries and other commercial vehicles.
The former football star has bought a 10 per cent stake in the rapidly growing vehicle electrification company Lunaz, based at Silverstone Park.
Lunaz Design, founded in 2018 by entrepreneur David Lorenz and triple F1 World Championship-winning technical director Jon Hilton, already upcycles and converts classic cars to its proprietary electric powertrain, marketing the world’s first fully electric Range Rover, Bentley, Rolls-Royce and Jaguar sports cars.
The 1961 Bentley Continental Flying Spur by Lunaz was awarded by BBC Top Gear in its ‘Electric Vehicle Awards’ issue.
Now Lunaz has announced ambitious new plans to remanufacture and electrify passenger, commercial and industrial vehicles, with the backing of a group of strategic investors.
David Beckham is joined as an investor by the Reuben and Barclay families and Alexander Dellal. They join founding investors; Navid Mirtorabi and CJ Jones who are both entrepreneurs and investors in clean-tech startups. Beckham has previously invested in fast-growth start-ups in sectors as diverse as e-sports and athletic recovery products.
Company founder and CEO, David Lorenz, 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 decarbonisation.
"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.”
David Beckham said: “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.”
Lunaz plans to grow its upcycling and electrification of industrial vehicles on a global scale, starting with industrial HGV vehicles including refuse trucks, of which there are currently 80 million in the UK, EU and USA.
The company claims that by 2030 when internal combustion engine (ICE) bans in major markets come into effect, more than two billion conventionally powered vehicles will exist on the planet - and remanufacturing, upcycling and electrification can prevent a large proportion of these vehicles from being scrapped.
By the end of 2021, Lunaz Group intends to double the number of jobs for engineers and manufacturing technicians, with a projected 500 highly skilled jobs in Silverstone by 2024.