Lightyear raises more than 10 million euros from investors to develop solar systems for the automotive industry. The company aims to use the money to expand its team.
Dutch company Lightyear was founded in 2016 and initially focused on producing its own solar car: the Lightyear 0 (previously known as Lightyear One). This electrically powered vehicle generates its own energy using solar panels embedded in the roof. This allows the car to generate much of the energy needed to drive itself.
Strong interest from investors
The concept sparked the interest of many parties. Among others, the Swedish sports car manufacturer Koenigsegg, Invest-NL, the province of North Brabant, and the regional development companies for the provinces of North Brabant and Limburg (BOM and LIOF) and the investment funds SHV and DELA put money into Lightyear.
However, the company ran into financial difficulties; Lightyear’s operating company, Atlas Technologies, filed for bankruptcy in early 2023. The manufacturer made a fresh start and initially hoped to focus on the production of the Lightyear 2. This is a model that was intended to be considerably cheaper than the Lightyear 0.
Focus shifts to production of solar roofs
However, it was not to come to that. In October 2023, it emerged that Lightyear had been unable to find investors for its plans. It then announced that, for the time being, it intended to focus on the production of solar roofs for other car manufacturers.
"The automotive sector is showing increasing interest in electricity from solar cells. This is also due to pressure from the EU to electrify the automotive sector. But solar energy thinking is still at an early stage. And in the current capital market it is not easy to raise money," top executive Lex Hoeksloot told the FD at the time.
Over 10 million euros raised
It now appears that Lightyear has raised over 10 million euros in an investment round to develop its technology. The company wants to use the money to expand its team. And wants to grow into a major supplier to the automotive industry. In doing so, it focuses on manufacturing on-board solar systems for vehicles, including solar panels on car roofs.
Although the Lightyear One is no longer in production, it is still possible to purchase one of these vehicles. This is the first production car, with chassis number 001. The Lightyear 0 is currently being auctioned, with the highest bid standing at 17,500 euros. The vehicle has no type approval or registration number, and is therefore not permitted to be driven on public roads.
Author: Wouter Hoeffnagel
Image: Lightyear
