Dutch-based Lightyear raises €10M to advance solar roof tech after bankruptcy struggles

Netherlands-based former automaker Lightyear is making a comeback after bankruptcy, having raised €10M to develop its solar roof technology further.

According to NRC, the funds will enable Lightyear to enhance its production capabilities at its facility in Venray (Netherlands), where advanced machinery allows for the layering of flexible solar panels. 

With a current capacity of 60,000 to 100,000 solar roofs per year, Lightyear looks to meet increasing demand from automakers.

Financial struggles and bankruptcy

Founded in 2016 by a group of students from TU Eindhoven, Lightyear embarked on a mission to create solar-powered electric vehicles.

The company secured over €200M in investment to support its vision, including the development of its flagship model, the Lightyear One, which aimed to reduce reliance on charging stations through integrated solar technology.

Despite its initial promise, Lightyear faced challenges during the production of its first car model, ultimately leading to bankruptcy in January 2023. 

In response to these setbacks, the company shifted its focus from manufacturing complete vehicles to developing and selling solar cell technology. This strategic pivot was bolstered by Lightyear’s intellectual property portfolio, which includes 60 patent families related to solar panel technology. 

With this foundation, Lightyear aims to launch commercial production of solar roofs by 2026-2027 and plans to expand its workforce.

NRC reports that before its bankruptcy, Lightyear had already begun exploring partnerships with car manufacturers and had established a subsidiary dedicated to this effort. 

Just prior to the bankruptcy, the company had nearly completed its production line at the Inalfa sliding roof factory in Venray (Netherlands), featuring advanced machines capable of layering flexible solar panels. 

Lightyear’s new CEO, Bonna Newman, highlighted the advantages of Lightyear’s production capabilities, stating, “The machines are available off the shelf, that’s the great thing.”

This could mean that Lightyear can adapt existing machinery to fit its patented technology. Currently, only two people operate the production line, which can produce up to 100,000 solar panels annually.

What to expect from Lightyear’s solar roofs?

Lightyear’s solar roofs can generate 200 watt-hours of electricity per square meter, potentially powering a vehicle’s air conditioning and electronic systems. In optimal conditions, the solar technology could provide up to 15-20 per cent of a vehicle’s energy needs, allowing cars to run for extended periods without needing to recharge.

With three contracts already established for extensive testing with major car manufacturers, Lightyear is gaining traction in the industry. 

Bonna Newman emphasises the growth potential in the US market, particularly as electric vehicle adoption continues to rise. Newman is optimistic about expanding the team from its current size to 30-40 employees in the near future.

The company chose to raise funds from existing investors rather than seeking external capital, allowing it to retain control and prevent dilution of shares. This approach aims to facilitate future fundraising efforts as Lightyear looks to secure larger contracts and scale its operations.