Lightyear receives €81 million in investments and welcomes public consortium to boost sustainable Dutch innovation and beyond
We’re delighted to welcome a consortium of public investors, anchored by Invest-NL, as we announce €81 million in additional capital that ensures production targets of Lightyear 0 and steers development for Lightyear 2.
These latest funds will ensure we keep momentum as we progress toward the production of Lightyear 0 later this year. With development milestones on the horizon for Lightyear 2, the investments will also support work to accelerate access to clean mobility, backing pivotal next steps toward international expansion beyond Europe.
The public consortium consists of Invest-NL and regional development agencies for the provinces of North Brabant and Limburg (BOM and LIOF). Additional investments come from new private funds and follow-up investments from SHV and DELA.
Dutch backing for global expansion
Invest-NL is an impact investor committed to businesses and projects that will make the Netherlands more sustainable and innovative. As the National Promotional Institution (NPI) of the Netherlands, its strategic focus lies in speeding up the transition towards a carbon-neutral and circular economy.
“Lightyear has been making consistent progress since its founding and holds a promising future for the development of an innovative solar eco-system in the Netherlands,” says Rinke Zonneveld, CEO at Invest-NL.
“Their technology, strategic partnerships and acumen fit perfectly with Invest-NL’s ambition to co-create new tech-driven market and business opportunities, and we look forward to supporting their growth from Dutch scale-up to global OEM.”
Lex Hoefsloot, CEO and Co-Founder of Lightyear, said: “In the current market environment, our technology has incredible potential for positive societal influence, so I see investments of this caliber as a testament to Lightyear’s product vision.
“Thanks to the support of Invest-NL, the entire consortium, and our other investors and strategic partners, Lightyear is well positioned and remains on track to deliver the world’s first solar car and work towards a more sustainable future.”
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Inroads to Lightyear 2
The research and development plied into Lightyear 0 give Lightyear 2 a headstart, not only in developing an even more efficient and capable car, but in making it more accessible with a competitive market price.
The high-volume series will see a leap toward more affordable solar electric mobility, with a starting price of €30,000. Already, 10,000 reservations have been placed from leasing and car-sharing companies LeasePlan and MyWheels, each reserving 5,000 respectively.
It’s our goal to bring Lightyear 2 to the world by 2025, and new funding like this is crucial to its fulfilment.
Powerful shifts in automotive
In Europe, readiness to adopt electric vehicles is slowly growing, in part thanks to EU laws and regulations. From 2030, there will be no more Internal Combustion Engine (ICE) vehicles sold in the Netherlands and the United Kingdom, and from 2035 onwards 27 European countries will no longer sell non-electric vehicles.
Shifts like these demonstrate the importance of electric cars as a solution to our long-term clean mobility needs, with more than ever put to advancements that scale them.
Join the clean movement by subscribing to our mailing list today, as we update you on every bump, twist and ascent along the adventure.
Read the full press release here.