Lightyear, sure, Lightyear (keep in mind them?), is reemerging from the ashes of a failed photo voltaic electrical car enterprise and has simply secured 10 million euros to spice up its operation of creating and offering different OEMs with superior photo voltaic programs. This isn’t the Lightyear you keep in mind, however it’s combating on in its unique quest to deliver extra sustainable power to the automotive {industry}.
Lightyear is a well-known title on the Electrek homepage, however now a distant reminiscence in such a fast-paced {industry} of innovation and failed startups. Lightyear’s preliminary iteration was an thrilling seven-year journey that inevitably ended up in shuttered doorways and disappointment for lovers like ourselves rooting for somebody to efficiently deliver Photo voltaic EVs to the lots.
Like many startups, the photo voltaic EV firm demonstrated some inspiring and potential industry-changing expertise, but it surely fell quick attributable to an absence of funds. In early 2023, following a show of its second SEV mannequin at CES, Lightyear introduced it was submitting for chapter, promoting off all of its belongings, together with its 0 SEV prototypes, with a purpose to regroup and check out once more.
By April 2023, Lightyear introduced it had efficiently restructured as a crew of about 100, down from the unique 600 initially employed, because it labored to pay again its collectors and as soon as once more deal with Lightyear 2 growth, nonetheless led by founder and CEO Lex Hoefsloot.
Nevertheless, Lightyear would stumble once more attributable to an absence of funding, which led to the ousting of Hoefsloot and the abandonment of Photo voltaic EV growth altogether; a tragic day within the {industry}. This previous January, Lightyear reemerged from the mire led by two new executives, together with new CEO Dr. Bonna Newman, who has a PhD in Atom Physics from MIT, to develop and promote photo voltaic programs to different OEMs.
Information across the firm has remained comparatively quiet since then, however Lightyear has simply secured a big chunk of funding to bolster its workers and as soon as once more, proceed to push ahead in hopes of profitiablity.
Lightyear appears to be like to deliver superior photo voltaic programs to all
As we speak, Lightyear introduced the securing of over 10 million euros in funding—its largest increase thus far since its restart. The startup acknowledged one other difficult yr in its rearview and says the recent funding will make sure the continued manufacturing of its ultra-efficient onboard photo voltaic programs designed for automobiles, together with photo voltaic panels on car rooftops just like the SEV fashions that preceded its present enterprise iteration.
Lightyear CEO Bonna Newman spoke to the funding spherical and what it means for the way forward for the photo voltaic programs specialist:
Due to the enthusiastic help of our traders, we’re excited and centered on the longer term. We’ll use this chance to develop our crew of consultants and technicians to turn into the main provider of on-board photo voltaic programs for automobiles, and proceed the Lightyear mission of bringing clear mobility options to everybody.
Lightyear 2.0 states that the 10M euros in funding will assist it strengthen its industrial positioning in the direction of automotive firms, led by its onboard photo voltaic programs. The corporate stated that expertise is the “first of many patented photo voltaic mobility applied sciences” it intends to deliver to the market. It additionally stated that a number of patented applied sciences have already been confirmed viable and can turn into accessible to OEMs within the close to future.
The funding can even allow Lightyear to develop its crew of consultants and technicians because it seeks to turn into the main provider of car onboard photo voltaic programs. Good luck, guys; we’re rooting for you.
Electrek’s take
That is encouraging information because the Lightyear title lives on. Nonetheless, reviews like this simply aren’t as attractive as when the unique startup was creating (and kind of manufacturing?) among the most exceptional and superior photo voltaic EVs we now have ever seen.
It was a heartbreaker when Lightyear went beneath, and Lex Hoefsloot will likely be missed over there. He had an excellent thoughts and was a terrific man each time I engaged with him. That stated, this enterprise pivot makes numerous sense given the dimensions and scope of Lightyear’s present capabilities, and any firm attempting to place photo voltaic panels on vehicles is doing necessary work.
After I acquired to check drive the Lightyear 0 and converse to all of the techs in regards to the firm’s expertise, particularly its photo voltaic panels, I used to be blown away. That crew was actually onto one thing, and sadly, it didn’t work out financially, however at its core, Lightyear’s photo voltaic programs are nonetheless fairly spectacular and might nonetheless assist make an influence on this world.
I hope they get it proper this time and might discover success. I do know an organization in Southern California trying to scale Photo voltaic EVs which may need to collaborate sometime…
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