Lightyear Secures $11M for Solar Evolution: From Solar EV Creator to Leading Vehicle Solar Hardware Supplier

Lightyear has successfully raised 10 million euros, which is roughly equivalent to $11 million, to transition into a new venture. The company will now focus on providing solar technology components, including solar panels for car rooftops, to be used by different automobile manufacturers.

Bonna Newman, who stepped into the CEO role at Lightyear earlier this year, stated that they intend to expand their team of specialists and mechanics to establish themselves as the top provider of integrated solar systems for vehicles.

The company, headquartered in the Netherlands, originally concentrated on creating electric vehicles that were predominantly powered by built-in solar panels, which facilitated extended periods without the need for recharging. Lightyear's initial model, the Lightyear 0, was equipped with a standard battery and an internal charger; however, due to the solar panels, Lightyear asserted that owners could potentially go several months without needing to recharge.

Production of the Lightyear 0 begins at Valmet Automotive in Finland.

The foundation of this technology, as well as the company Lightyear, can be traced back to the World Solar Challenge and the Solar Team Eindhoven. The vehicles developed by this team, such as the Stella Vie which foreshadowed the design of the Lightyear 0, secured championship victories.

Production of the Lightyear 0 commenced towards the end of 2022, with Lightyear asserting they were the pioneers in launching a solar-powered vehicle to the consumer market. Additionally, the company boasted that the 0 model featured the most effective energy-transmission system and the most streamlined design compared to any other vehicle being manufactured during that period.

Nonetheless, the Lightyear 0 came with a hefty price tag and catered to a specific market segment. Its production was outsourced to Valmet in Finland, with a modest beginning of manufacturing only one vehicle each week. Valmet's plan was to assemble 150 cars in total, but only a handful of these have actually been constructed. The cost for each unit hovered around the $170,000 mark.

Reservation list revealed for the 2025 release of the Lightyear 2 solar-powered vehicle.

Lightyear decided to drop the zero from their model name, shifting focus to the more affordable Lightyear 2, priced at $40,000. They first revealed their intentions for this successor in 2021 and launched a reservations list in January 2023, targeting the commencement of manufacturing by late 2025. However, financial difficulties were already plaguing the firm when they shared these details, and there was no clarity provided on the production location for the new model.

Shifting focus from car sales to providing solar equipment that can be installed on vehicles from different manufacturers is a strategy also adopted by another solar-powered electric vehicle newcomer. Sono Motors, which had initially partnered with Valmet to produce its Sion model – a hatchback with solar support, decided to halt the project before it reached the production phase in order to concentrate on creating solar panel kits tailored for commercial vehicles.

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