Lunaz only surfaced a couple of years ago but the company has quickly grown to become one of the go-to places for converting classic cars to run on battery-electric power, and this growth has attracted soccer star David Beckham to jump aboard as an investor.
In a deal announced on Thursday, Beckham purchased a 10% stake in Lunaz via an investment company he runs focused on fast-growing startups. Beckham's investment together with funds from several other new strategic investors will help Lunaz as it expands into electrifying more than just classic cars.
Lunaz wants to transform into a technology company able to supply other firms including major automakers and suppliers with proprietary electric-vehicle technology, similar to Croatia's Rimac.
It also wants to convert specialized commercial vehicles to run on electric power, such as buses and garbage trucks, which Lunaz CEO and founder David Lorenz posits as a greener alternative to having the vehicles scrapped and replaced with newly built electric equivalents in the quest to reduce emissions.
David Beckham at Lunaz's headquarters in Silverstone, United Kingdom
He also sees the process, referred to as "upcycling," as being financially shrewd. According to Lorenz, a converted garbage truck could save a city council more than 43% in total cost of ownership versus replacing it with a newly built electric equivalent.
“Our approach will save fleet operators capital while dramatically reducing waste in the global drive towards de-carbonization,” he said in a statement.
Lunaz has developed a proprietary powertrain that is modular in design, which the company claims enables it to be applied to nearly every class, size and classification of vehicle. Responsible for the development is Jon Hilton, who ran the power unit development team of the Renault Formula One team when it secured the 2005 and 2006 world championships with Fernando Alonso.
Currently, Lunaz is converting classic cars like the Jaguar XK120, Bentley S3 Continental Flying Spur, Rolls-Royce Phantom V, and Range Rover Classic to run on electric power. Business has been booming and with its new operations the company expects to grow its team to over 500 by 2024.