The Dutch solar car start-up Lightyear has announced the founding of a new company that will focus entirely on the Lightyear 2. However, not all details have been negotiated yet, and the insolvency administrator has yet to approve.
According to Lightyear, enough money has been generated to create a “solid capital base” for the new company. This was achieved through the “continued support and efforts of our loyal investor community”. Numerous investors, including private investors, had joined together in the Individual Investors Group (IIG).
“I am relieved that we were able to facilitate this relaunch by raising 8 million euros in one day amongst investors who embarked on this adventure from the start,” says IIG initiator Arnoud Aalbersberg. “This shows our strong belief in building solar electric cars with reduced dependency on the power grid for a wider audience.”
The intellectual property will be contributed as collateral to the new company, he said. This was made possible by a special corporate construct in which the intellectual property rights were held by a company other than the one responsible for operations, including production. In the coming days, Lightyear wants to work out all details with all parties involved, including the insolvency administrator, and publish further information as soon as possible.
However, the intellectual property in question has apparently been pledged. The company Invest-NL is leading a consortium of former holders of the pledges on intellectual property. However, Lightyear can count on the support of Invest-NL: “Thanks to the efforts of many, we are glad that Lightyear can continue its mission,” says Rinke Zonneveld, CEO of Invest-NL. “The past year Invest-NL has invested significantly in Lightyear, because we believe in the potential of its technology. The challenge remains significant, but the company also has great opportunities. Together with all involved we want to make a success of Lightyear.”
At the end of January, Atlas Technologies, the operating company responsible for producing Lightyear’s solar cars, had been declared insolvent by a Dutch court. Previously, the financially troubled company had stopped production of the first model Lightyear 0 after only a few units in order to concentrate all resources on the planned volume model Lightyear 2.
Keyword: Lightyear wants to launch new company to develop Lightyear 2