Lightyear sees light at the end of bankruptcy tunnel: Sets up new company with backing from Individual Investors Group

Helmond, the Netherlands-based Lightyear, a company that develops scalable grid-independent solar electric vehicles, announced on Tuesday that it will continue to focus on its affordable solar electric vehicle Lightyear 2 by setting up a new company. 

Lightyear founder, Lex Hoefsloot, says, “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 realise that the impact on our employees, investors, clients, and suppliers is significant, but we tried to find the best way forward for everyone.”

The announcement comes after Atlas Technologies, a subsidiary of Lightyear and the company responsible for the production of Lightyear 0, declared bankruptcy. 

Individual Investors Group to the rescue

The Dutch company says it has “raised enough money to create a solid capital base” for its new company from Individual Investors Group (IIG). 

It is unclear whether IIG was the only investor or if there were any other participants involved.

IIG initiator, Arnoud Aalbersberg, says, “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.”

The capital will help Lightyear to work on the concept and raise the additional capital required to start the production of Lightyear 2. 

Intellectual Property as collateral

Lightyear’s Intellectual Property (IP) will be brought to 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.

CEO of Invest-NL, Rinke Zonneveld, says, “Thanks to the efforts of many, we are glad that Lightyear can continue its mission. In 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.”

Lightyear 2 production in 2025

In January, Lightyear opened the waiting list for Lightyear 2 to make electric driving accessible and convenient at a more affordable price.

Initially, Lightyear 2 will be available in the US, UK, and EU regions, and production will start by the end of 2025 with an estimated price point of below €40,000.