Lightyear, who are developing the world’s first long-range solar car, reaches $110 million (€93 million) funding milestone in 2021 YTD

Latest Lightyear One prototype drove 440 miles (710km) on a single charge

By
Ian Osborne
September 17, 2021
Category:
EV Biz

Lightyear, the high-tech company developing the world’s first long-range solar car, is proud to announce that it has raised €93 million (£79.4 million/$100 million) in funding in 2021 to date. These funds are used for the further development and production of Lightyear One and the expansion of its operations.

Lightyear has options for opening new office and development locations in Amsterdam and Utrecht in the Netherlands, Germany and the United Kingdom.

Cooperation DELA, an international insurer and funeral organiser, made an investment and committed to creating a sustainable future, supporting Lightyear’s mission to provide clean mobility for everyone, everywhere.

DELA has a long-term focus and is truly rethinking sustainability as a company, which makes it a good fit with Lightyear, for further impact and growth.

Private investor Joop van Caldenborgh also invested in Lightyear. Van Caldenborgh is a Dutch industrialist and entrepreneur and one of the first SPAC (Special Purpose Acquisition Company) investors in the Netherlands. Van Caldenborgh is also an art collector and founder of the prestigious Museum Voorlinden.

Earlier this year, Lightyear announced a partnership and collaboration with the multi-national SHV, one of the world's largest private trading groups. This partnership was supported by a strategic €20 million (£17 million/$23.5 million) investment. Together with several other investors (both institutional, as well as private), Lightyear has raised $110 million (€93 million) in funding in 2021 to date.

Lex Hoefsloot, Lightyear CEO and co-founder, said: “We are at the forefront of a historical market opportunity, by introducing the first cars on the market that charge their battery directly from the sun, completely free.

“It is great to see the acknowledgement from investors, which is a testament to the confidence that they have in Lightyear.

“Thanks to the trust and funding received from our investors, we can further grow as a company and bring our Lightyear One exclusive model on the market in 2022. We are very grateful for the support of all our investors and happy to welcome more to join our journey and mission, to create a more sustainable future.”

Frank Eizinga, DELA Chief Investment Officer, said: “We are proud to say that at DELA, decision making is guided by principles of sustainability and long term impact.

“These principles also guide our investment strategy, so we are very pleased to invest in Lightyear’s great mission to provide clean mobility for everybody and contribute to a cleaner, more sustainable future.”

Lightyear recently announced three significant milestones for the company. In July, Lightyear sealed a partnership Valmet Automotive Inc. for the production of Lightyear One, the latest Lightyear One prototype drove 440 miles (710km) on a single charge of 60kWh and the company announced a new location where the solar roofs will be produced.

Lightyear is currently exploring several options, both public and private, for further fundraising for the mass market model of Lightyear, which is planned to go into production in 2024. This is exciting news and takes electric cars one step further in their evolution.

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