Beckham buys stake in vehicle electrification firm

British startup Lunaz said Thursday that former soccer star David Beckham has bought a 10 percent stake in the company which converts gasoline car engines to electric powertains.

"I was drawn to the company through their work restoring some of the most beautiful classic cars through upcycling and electrification," said Beckham.

The startup started its electrification of gasoline passenger cars from 2019, including classic ones from marques including Bentley and Rolls-Royce.

Lunaz said it is planning to make its foray into the segment of industrial vehicles on a mass global scale.

"Our approach will save fleet operators capital while dramatically reducing waste in the global drive towards de-carbonization," said Lunaz founder and CEO David Lorenz.

The company said its proprietary powertrain is modular, so it can be applied to nearly every class, size and classification of vehicle.

It will begin with industrial vehicles including refuse trucks, of which 80 million currently exist in the United Kingdom, the European Union and the United States.

By 2030 when internal combustion engine bans in major markets come into effect, more than 2 billion conventionally powered vehicles will exist on the planet, said Lunaz.

It said remanufacturing, upcycling and electrification can prevent a large proportion of these vehicles from being scrapped, and this approach is in line with the principles of the rapidly emerging circular economy.