Solar EV startup Lightyear filed for bankruptcy amid a production halt for its first developed model 0 in late January 2030. Now, Lightyear just announced plans to launch a new company solely for the Lightyear 2 production, which is a more affordable model than the Lightyear 0.
For context, the Lightyear 2 is aimed at the mass market with a starting price of below €40,000. As of the January announcement, the startup has already accumulated over 20,000 pre-orders for this new model.
“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 realize that the impact on our employees, investors, clients, and suppliers is significant, but we tried to find the best way forward for everyone.”
Lex Hoefsloot, Lightyear founder
What’s the collateral?
Lightyear assured that the company had secured a “solid capital base” from Individual Investors Group (IIG) to pursue the development of model 2. However, it has also stated that it will bring its Intellectual Property (IP) to the planned new company as collateral for stakeholders.
Notably, the consortium of previous IP pledge holders, led by Invest-NL, has decided to facilitate the move for Lightyear 2.
It is indeed great news for the company and its loyal fans. However, the progress of the Lightyear 2 development is still uncertain, given the challenges it would face along the way as a startup.
In fact, the company has yet to secure additional funds to successfully bring the Lightyear 2 to customers. As of now, the IIG has raised 8 million euros in just a day among the community of investors who believe in Lightyear’s mission.
“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.”
Arnoud Aalbersberg, IIG initiator
The bankruptcy trustee is one of the parties participating in Lightyear’s relaunch. The company claims it is currently working out all the details with them.
Hopefully, the solar EV startup will succeed this time, which will mark another significant advancement in the industry.
