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Dutch startup Lightyear announced today that it has raised 86 million euros ($85 million) as it prepares to start production of its first long-distance solar-powered car in the coming months.
While recent history is full of solar-powered prototypes, the growing electric car movement has largely depended on cars that need to be plugged into the grid for charging, or hybrid electric vehicles (HEVs). to drive. A number of companies are striving to make solar-powered cars a mass-market reality, but Germany’s Sonos Motors recently unveiled the final production design of its first solar electric vehicle, which is slated to hit the market in 2023. In the year A six-year-old startup that launched its prototype in 2019 and has previously raised over $100 million.
Driving change
The introduction of solar charging on the electric vehicle basically solves two problems at once – drivers do not have to worry too much about where the nearest charging station is, because the car can charge itself when it is stopped. And drivers can also travel further without needing to plug in, with Lightyear promising more than 600 miles on a single charge. This is, of course, highly dependent on individual driving habits and the time of year, as sunlight is crucial.
Lightyear CEO Lex Hofsloot unveiled the company’s first solar car on June 9, 2022.
Lightyear is slated to begin production of the Lightyear 0 (formerly Lightyear One) car next fall, which will cost buyers a cool €250,000. Similarly, Lightyear is working on its successor, the Lightyear 2, a fully mass-market model priced at €30,000 – expected to hit production in 2025.
Lightyear’s latest cash injection includes Invest-NL, an investment company set up by the Dutch Ministry of Finance in 2020, and capital from public backers including private funds such as SHV and Dela.
“In the current market environment, our technology has incredible potential to create an incredible societal impact, so I see investments of this scale as a testament to Lightyear’s product vision,” Lightyear CEO and founder Lex Hofsloot said in a statement. “[Lightyear] It remains on track to deliver the world’s first solar car and usher in a more sustainable future.
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