Solar-powered carmaker Lightyear raises $85M and gears up for production

Sep 6, 2022 08:16 AM ET
  • Lightyear, a Dutch startup creating a long-range solar-powered car, today announced that it has raised EUR86 million ($ 85 million) as it prepares to start production of its first vehicle in the coming months.
Solar-powered carmaker Lightyear raises $85M and gears up for production

While recent background is littered with examples of prototype solar-powered vehicles, the burgeoning electrical car movement has until now been primarily restricted to autos that need to be linked into the grid to charge, or crossbreed electric vehicles (HEV) that self-charge while driving. A number of business are pressing to make solar-powered cars a mass-market truth, nevertheless, such as Germany's Sonos Motors which recently exposed the last production layout of its inaugural solar electric vehicle, set up to introduce a long time in 2023. And Lightyear, a six-year-old startup that debuted its prototype back in 2019 and also which had previously raised more than $100 million.

Driving adjustment

Introducing solar-charging to the electric vehicle fray basically solves 2 problems in one-- chauffeurs don't have to worry a lot about where the nearest charging station is, as the car can continuously top itself up while parked. And motorists can additionally take a trip additionally without having to plug in, with Lightyear guaranteeing a variety of more than 600 miles on a single cost. This is, of course, extremely depending on individual driving routines, along with the time of year, considered that sunlight is crucial.

Lightyear is set up to begin production of its Lightyear 0 (previously called Lightyear One) car this coming autumn, setting you back possible buyers an awesome EUR250,000. In tandem, Lightyear is likewise currently servicing the follow-up, the Lightyear 2, which is its full mass-market version that weighs in at an extra affordable EUR30,000-- it's anticipated to hit production in 2025.

Lightyear's most recent cash injection includes funding from a public consortium of backers that consists of Invest-NL, an investment company set up by the Dutch Ministry of Finance in 2020, and also personal funds from the likes of SHV as well as Dela.

" In the present market environment, our innovation has amazing potential for positive societal influence, so I see investments of this quality as a testimony to Lightyear's item vision," Lightyear chief executive officer and also cofounder Lex Hoefsloot claimed in a declaration." [Lightyear] continues to be on track to provide the globe's first solar car as well as work towards a much more lasting future."

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