David Beckham invests in Silverstone electric vehicle company

  • Watch this video report by ITV News Anglia's Rebecca Haworth

David Beckham has joined a team of investors in the Silverstone-based electric vehicle company.

He took a 10% stake in the company Lunaz and their mission is simple but sustainable - they convert existing cars into electric ones.

Classic car collection at Lunaz Credit: ITV News Anglia

Lunaz is the first company to make some classic cars fully electric including Range Rover, Bentley, Rolls-Royce and Jaguar sports cars.

Credit: Lunaz

With the help of investors like Beckham, the company now has plans to expand its electrification of industrial vehicles like HGV and refuse trucks.

In 2030 the UK's ban on the sale of cars fueled by petrol or diesel comes into effect.

Remanufacturing, upcycling and electrification can prevent a large number of these vehicles from being scrapped.

It would also save companies 43% of costs to upcycle rather than to buy new electric vehicles which is said to be more cost-effective and ecological in the long run.

Credit: ITV News Anglia

However, it is still an expensive process to upcycle - sometimes costing hundreds of thousands of pounds. 

Bosses at the Northamptonshire firm hope that by the end of the year they will double the number of jobs for engineers and manufacturing technicians - with more than 500 highly skilled jobs in Silverstone by 2024.