Lightyear is making a relaunch with the solar car Lightyear2. The Dutch company announced this in a press release this afternoon (Feb. 20). A group of private investors has raised 8 million euros, with which the construction of the Lightyear2 model can be continued.
Last month, the company announced it was discontinuing activities to build the first (expensive) Model 0. Lightyear had placed its production in a separate company. The bankruptcy of this company meant a loss of about 600 jobs.
The Lightyear 0 would cost about 250,000 euros and has built-in solar panels. This reduces the need to recharge the car. The Lightyear 2 would be the consumer model, priced under 40,000 euros. Earlier this year, Lightyear said it had received another order from leasing company Arval for 10,000 units.
‘Great news’
Lightyear founder, Lex Hoefsloot: ´This is great news. All involved worked relentlessly to secure the continuation of our mission. We kept the interests of all stakeholders at heart during this process. We realize that the impact on our employees, investors, clients and suppliers is significant, but we tried to find the best way forward for everyone.´
Through continuous support and efforts from our loyal investor community, Lightyear was able to raise enough money to create a solid capital base for our new company. We want to thank the Individual Investors Group (IIG) for their commitment and trust in our mission. This foundation gives us the opportunity to further work on the concept and raise the additional capital required to start producing the Lightyear 2.
Strong belief in building solar electric cars
IIG initiator, Arnoud Aalbersberg: ´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. This shows our strong belief in building solar electric cars with reduced dependency on the power grid for a wider audience.´
Furthermore, Lightyear can announce that the Intellectual Property (IP) will be brought in the new company as collateral for all stakeholders. Invest-NL, leading the consortium of former IP pledge holders, agreed to accommodate this for the new company.
Great opportunities
CEO Invest-NL, Rinke Zonneveld: ´Thanks to the efforts of many, we are glad that Lightyear can continue its mission. 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.´
“In the coming days we will work out all details with all involved parties including the bankruptcy trustee and we will disclose more information when available”, says the company.
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