Dutch startup Lightyear has decided to abandon its plans for solar electric cars as it has failed to overcome the major challenges it has faced since its inception.
As per Electrive, Lightyear shifted its focus and resources to the development of onboard solar charging systems for the auto industry.
Plan changes
As mentioned, Lightyear now aims to shift its efforts and resources to onboard solar charging systems development for other automakers.
The company is apparently now gearing up to launch its new onboard solar products in the rapidly growing automotive industry.
It plans to leverage the technologies it developed from its previous solar electric cars by offering OEMs innovative onboard solar products for their cars.
“Lightyear has demonstrated how highly-efficient electric vehicles combined with onboard solar will accelerate the energy transition and benefit the world. Lightyear has set the stage for a new era of solar-powered mobility. I look forward to partnering our amazing team with the automotive industry to ensure the best onboard solar technology is available to everyone.”
Dr. Bonna Newman, Lightyear CEO
Company reorganization
As part of its efforts to take on a new business path, Lightyear recently replaced its founding Chief Executive Officer.
According to the recent announcement, Bonna Newman will lead Lightyear’s onboard solar products development as the new CEO. Marnix Borghouts will also advance as the company’s new Chief Financial Officer.
Nonetheless, the company will keep former CEO Lex Hoefsloot to ensure a smooth transition in the leadership. He will also prioritize exploring the company’s potential for long-term growth.
“As Lightyear is becoming more mature and shifts towards scaling the onboard solar technology, my skills are best put to use in a different role within the company. I will focus on getting more of our automotive technology IP stack onto the market and find the right partners to execute on the commercial potential of the Lightyear vehicle.”
Former CEO Lex Hoefsloot
Lightyear’s solar EV development
Lightyear’s solar electric vehicle development is indeed remarkable due to its high-tech and sustainable technologies. However, the company failed to deliver Lightyear 0 and Lightyear 2 in the market due to a lack of funds.
In fact, Lightyear was even able to kick off production of the 0 solar car in Finland. It also debuted the enticing $40,000 Lightyear 2 at CES 2023.
A few weeks later, the company filed for bankruptcy and sold all its assets as it sought to try again in the automotive industry.
In April 2023, the solar electric car startup narrowed down the number of its employees to just about 100 from the original 600-member team. It was crucial for the company to reimburse its creditors and focus on developing the more potent Lightyear 2.
Despite these efforts, major challenges still prevailed, impeding Lightyear’s ambition to become the first company to bring a true solar car to the market. That said, the company’s decision to abandon its money-losing solar car development and try another business venture in the solar technology industry may aid its goal of offering “clean mobility solutions for everyone, everywhere.”
