Former professional footballer David Beckham invested an undisclosed amount in the British electric vehicle company, Lunaz, acquiring a 10 per cent stake in the firm.
The former LA Galaxy and AC Milan player, renowned for his bending free-kicks, joined British businessman Alexander Dellal and the UK-based Reuben and Dellal families in the latest funding round of Lunaz, according to a company statement. Lunaz did not disclose the value of the funding.
"Lunaz represents the very best of British ingenuity in both technology and design," said Mr Beckham, who has backed start-ups in various sectors such as e-sports and athletic recovery products through his investment company DB Ventures.
"I was drawn to the company through their work restoring some of the most beautiful classic cars through upcycling and electrification … [they] are building something very special and I look forward to being part of their growth," he added.
Founded in 2018, Silverstone-headquartered Lunaz electrifies luxury cars like Rolls-Royce, Bentley, Jaguar and Range Rover.
The company upcycles and converts vehicles to clean-air powertrains. It replaces polluting engines and fits batteries and electric motors with zero exhaust emissions.
The upcycling of existing passenger, industrial and commercial vehicles presents a "sustainable alternative" to replacing with new vehicles, David Lorenz, founder and chief executive of Lunaz, said.
"Our approach will save fleet operators capital while dramatically reducing waste in the global drive towards de-carbonisation … this top tier investor commitment is testament to Lunaz’ path to defining the market for remanufacturing and conversion to clean-air powertrains," he added.
Restrictive emissions and fuel-efficiency regulations have forced car brands around the world to produce vehicles that are environmentally friendly.
In November, the UK government decided to stop selling fossil-fuel cars from 2030.
In January, General Motors, the largest US car maker, said it plans to eliminate petrol and diesel light-duty cars, including SUVs, by 2035. Volkswagen, the second-largest car maker by sales last year, plans to unveil about 70 new electric models by 2028.
By 2030, when internal combustion engine bans in major markets come into effect, more than 2 billion traditionally-powered vehicles will exist on the roads, according to the industry experts. Remanufacturing, upcycling and electrification can prevent a large proportion of these vehicles from being scrapped. This approach is in line with the principles of the emerging circular economy.
"Firms like ours, which operate in the principles of the circular economy show that British industry can provide potent answers to the global need to transition to less impactful industrial practices," said Mr Lorenz.
"Our commitment to Silverstone affirms the UK’s status as a leader in the development of clean-air automotive technologies," he added.
Following the injection of the new funds, Lunaz now aims to expand its offering to the electrification of industrial vehicles.
It will begin with industrial heavy goods vehicles including refuse trucks, of which 80 million exist in the UK, the US and Europe alone. Lunaz said it plans to double the number of jobs for engineers and manufacturing technicians at its Silverstone facility by the end of this year.
The company’s remanufacturing and electrification process will save fleet operators significant costs. A municipal authority could save more than 43 per cent in the total cost of ownership of an upcycled and electrified refuse truck versus replacing their existing fleet with new equivalent electric vehicles, according to the company.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
