September 16, 2021

Lightyear reaches $110 million (€93 million) funding milestone in 2021 YTD

Lightyear reaches $110 million (€93 million) funding milestone in 2021 YTD

  • Strategic investments were made by insurer DELA and investor Joop van Caldenborgh
  • Additional funding solidifies resources for continued development and production of long-range solar car

Helmond, the Netherlands, September 16, 2021 – Lightyear, the high-tech company developing the world’s first long-range solar car, is proud to announce that it has raised $110 million (€93 million) in funding in 2021 to date. These funds are used for the further development and production of Lightyear One and for the expansion of its operations, where options for opening new office and development locations are explored in the Netherlands (Amsterdam and Utrecht), 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 great 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 multinational SHV, one of the world's largest private trading groups. This partnership was supported by a strategic €20 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.

“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”, says Lex Hoefsloot, CEO and co-founder of 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."

“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”, says Frank Eizinga, Chief Investment Officer, DELA."

Lightyear recently announced three significant milestones for the company: in July, Lightyear sealed a partnership with Valmet Automotive Inc. for the production of Lightyear One, the latest Lightyear One prototype drove 440 miles (710 km) on a single battery charge, and the company announced a new location where their 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.

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Lightyear funding milestone

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About Lightyear

Lightyear is on a mission to make clean mobility available to everyone, everywhere. Lightyear aims to eliminate the two biggest concerns for electric cars - charging and range - with an energy-efficient design and integrated solar cells. This allows motorists, depending on the climate, to drive up to twenty thousand kilometers per year on the power of the sun. The fast-growing company was founded in 2016 and currently employs more than two hundred employees. The team is made up of a mix of young talent and experienced names from the automotive industry, including former employees of Tesla, Jaguar, Landrover, Audi, McLaren, and Ferrari. In 2019, Lightyear received the Horizon 2020 grant from the European Commission, under grant agreement number 848620. In the summer of 2019, Lightyear launched its first driving prototype, Lightyear One, and opened a new office in the region of Brainport Eindhoven. The prestigious TIME Magazine acknowledged Lightyear One as one of the ‘100 best inventions’ of 2019. In 2020, Lightyear won the ‘Rising Star’ and ‘Most Disruptive Innovator’ Award of the Technology Fast 50 program organized by Deloitte. The first model of Lightyear One will go into production in the summer of 2022 as an exclusive car series.

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This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No. 848620