BECKHAM BACKS A WINNER IN LUNAZ

“The work Lunaz is doing, which not only extends the life of vehicles that would otherwise be scrapped, but also electrifies vehicles avoiding millions of tonnes of carbon going into the atmosphere is ground-breaking”

Funding from David Beckham and the Buckinghamshire Local Enterprise Partnership (and you don’t often get to put those in the same sentence), is driving forward a firm specialising in restoring and re-engineering classic cars and refuse trucks with electric technology.

Since launching in 2019, Lunaz has grown to reach a valuation of £158 million in February this year following a private capital raise. The firm currently employs 130 staff, with ambitions to expand to 350 by 2024.

Along with David Beckham and the LEP, the firm has also received investment from the Barclays and Reuben families.

When it began operating from an 8,000 sq ft unit at Silverstone Park, the business, which specialises in converting classic cars such as Rolls Royces and Aston Martins as well as refuse trucks, was helped by the Buckinghamshire Enterprise Zone rates relief.

This relief will see a total of £240,508 reinvested into the business.

Despite moving to larger, 44,000 sq ft premises and splitting into three divisions focused on passenger, commercial and industrial vehicles - Lunaz Applied Technologies, Lunaz Design, and Lunaz Powertrain – the firm’s classic cars have a two-year waiting list.

The firm is now preparing to open another 110,000 sq ft unit at Silverstone Park, which is expected to be operational by the end of the year. This will make Lunaz the largest business of its kind in Europe. With governments across the globe announcing bans on the sale of Internal Combustion Engine vehicles by 2030, Lunaz expects growth to continue.

David Lorenz, CEO, said: “We are proud to be in Silverstone, a global centre of excellence in manufacturing, engineering and technology and motorsport and have felt very well supported in Buckinghamshire.

“Rates relief and other support is directly reinvested back into the expansion of our facilities, creates jobs and has a greater economic impact in the area. The support provided by the Bucks LEP Enterprise Zones as we built the foundations of our business has been absolutely invaluable.”

Along with arranging funding, the Buckinghamshire LEP is planning to support the firm's aim to recruit apprentices and young designers through the Buckinghamshire Skills Hub.

Richard Harrington, Chief Executive of the Buckinghamshire Local Enterprise Partnership said: “We are proud to have provided rates relief financial support and Getting Building Funding to help establish and grow the Lunaz business.

“This investment links closely with our strategy to create more opportunity, stimulate additional employment opportunities and generate further productivity in Buckinghamshire.

“The work Lunaz is doing, which not only extends the life of vehicles that would otherwise be scrapped, but also electrifies vehicles avoiding millions of tonnes of carbon going into the atmosphere is ground-breaking.

“We are delighted to be supporting this cutting-edge innovation which tackles the climate crisis head on.”