The Dutch solar electric car start-up Lightyear has raised another 81 million euros from investors. With the fresh capital, Lightyear aims to secure the production of the first series model, Lightyear 0, and will also be able to push ahead with the development of the Lightyear 2.
The money comes from a public consortium consisting of Invest-NL and regional development agencies for the provinces of North Brabant and Limburg (BOM and LIOF), as well as new private funds and existing investors SHV and DELA.
Three years after its initial presentation, Dutch start-up Lightyear, which emerged from the TU Eindhoven solar team, had unveiled the final design and specifications of its long-range solar car in June, renamed Lightyear 0 from Lightyear One. Production at contract manufacturer Valmet Automotive is scheduled to begin this autumn, with the first examples to be delivered in November.
“Thanks to the support of Invest-NL, the entire consortium, and our other investors and strategic partners, Lightyear is well positioned and remains on track to deliver the world’s first solar car and work towards a more sustainable future,” said CEO Lex Hoefsloot, adding: “In the current market environment, our technology has incredible potential for positive societal influence, so I see investments of this caliber as a testament to Lightyear’s product vision.”
The company has announced the second model, the Lightyear 2. The new model, with which Lightyear is targeting the mass market and whose production is scheduled to begin in 2024 or 2025, is expected to come onto the market starting at 30,000 euros.
Although so many details are still unclear, Lightyear has already been able to win a major customer for the Lightyear 2: Leasing company LeasePlan will take delivery of 5,000 vehicles, according to Lightyear. “LeasePlan has been a very strong partner for us since 2018,” Hoefsloot said at the presentation of the Lightyear 2. “Today’s announcement is a testament to their commitment to our product vision to make clean mobility accessible for everyone.”
Most recently, Lightyear announced it had entered into a development collaboration with Koenigsegg. The technologies of the company, known for its extremely powerful sports cars, will be incorporated into the mass-market Lightyear 2 model.
Keyword: Lightyear raises €81 million in funding