Netherlands-based solar EV startup, Lightyear, has announced plans for a relaunch following its recent bankruptcy declaration. The new company will be entirely focused on delivering its affordable and mass-produced Lightyear 2 solar EV to consumers.
Lightyear says it has raised a “solid capital base” from a community of investors to continue development but has risked its intellectual property (IP) as collateral. The relaunch comes after the startup halted all production of its flagship Lightyear 0 and officially filed for bankruptcy, relinquishing its business to Holla legal & tax in the Netherlands as trustee.
The capital raise was lead by Individual Investors Group (IIG), who helped facilitate the relaunch by raising 8 million euros in one day amongst investors who embarked on this adventure from the start. IIG initiator Arnoud Aalbersberg stated that this shows their strong belief in building solar electric cars with reduced dependency on the power grid for a wider audience.
See also: Lightyear Solar Car Project Uncertain After Atlas Technologies Declared Insolvent
The relaunch has brought up questions about Lightyear’s future, as much of the laid-off staff at Lightyear version 1.0 is staring down unemployment, and additional funding will likely be necessary. While investors believe in Lightyear and its solar EV technology, they require security in the form of the technology itself.
Lightyear’s intellectual property will be brought over to the new company as collateral for all stakeholders as part of the capital raise, with Invest-NL leading the consortium of former IP pledge holders accommodating the move for Lightyear 2.0.
Lightyear’s relaunch provides hope for the future of solar EVs, particularly for sleek and aerodynamic models like the Lightyear 2. The company says it is working out all the details with all parties involved in its rebirth, including the bankruptcy trustee, and more information will be available soon. While the financial deck may be stacked against it, Lightyear’s relaunch is a last swing for the fences to try and successfully scale and offer a sustainable mode of transportation for a wider audience.
