Lightyear is raising 8 million euros for a restart

Solar car manufacturer Lightyear has been promised 8 million euros for a restart. With this money, the manufacturer wants to establish a new company for the production of its upcoming Lightyear 2 solar car. The curator still has to assess the plans.

The money comes from 225 private investors who previously invested 80 million euros in Lightyear, the investor group says to the Eindhovens Dagblad. The money can be used to start a new company with room for 100 employees. Atlas Technologies, the Lightyear subsidiary that worked on the 0 solar car, employed 600 people.

The 8 million euros is not enough to actually start production of the 2-solar car. First, the solar car must be further developed, for which the company wants to raise 40 to 50 million in the coming weeks. To eventually put the car into mass production, Lightyear expects to need more than a billion euros. That money must be raised in phases, the company said in a response.

Lightyear was founded in 2016 and first worked on the 0 solar car, which has a very aerodynamic design, solar panels on the roof and electric motors in the wheels. This car initially cost 150,000 euros, although that was later increased to 250,000 euros. A month ago, Lightyear announced that it would have to stop production of this car due to financial problems. Later, Atlas Technologies was declared bankrupt. Intellectual properties and patents were not covered by Atlas Technologies, allowing Lightyear to continue production of the upcoming Lightyear 2. This car should become a more affordable solar car for the masses.

Light year 0