Solar EV startup Lightyear secures $80M investment as it prepares to produce first model

Lightyear, a Dutch electric vehicle (EV) startup focused on solar energy-powered mobility solutions, has announced that it has secured €81 million as it is all set to start production of its first vehicle within the next few months.

The fresh investment has been made by a consortium comprised of the province of North Brabant and a number of other regional development agencies, in addition to an Amsterdam-based investment firm, called Invest-NL.

The startup said in a statement that fresh capital would help it stay on track to start production of its first model before the end of this year, most probably in November 2022. The startup’s first model is the Lightyear 0, which is going to be the world’s first production solar electric car.

The Lightyear 0 is an environment-friendly, zero-emissions large fastback, with the bonnet, roof as well as boot area covered with 5 m2 of solar cells. As per the startup’s claims, it will offer a WLTP range of 725 km (roughly 450 miles). The vehicle has 1,000 solar cells that are efficient enough to add 50–65 km (roughly 30–40 miles) of range daily during summer. The all-wheel drive (AWD) system will be comprised of four in-wheel electric hub motors powered by a low-mounted battery. It will provide space for five adults and luggage.

The production of the solar car was originally scheduled to begin in 2021, but it was delayed to this year. This time, the startup is confident that it will be able to starting producing the vehicle before the end of 2022. The price of the solar car is expected to be €149,000 including VAT (approximately US$176,000).

When asked for a comment on fresh investment in the company, Lightyear CEO Lex Hoefsloot said that the money would not only help the company in staying on track to start producing its first model this year but also in developing its second model.

In a newly released statement, CEO Hoefsloot said, “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.” Helmond, The Netherlands-headquartered Lightyear has plans t produce no more than 1,000 units of the Lightyear 0. However, a lot more units will be produced of the next model.