Lightyear, sure, Lightyear (bear in mind them?), is reemerging from the ashes of a failed photo voltaic electrical automobile enterprise and has simply secured 10 million euros to spice up its operation of growing and offering different OEMs with superior photo voltaic techniques. This isn’t the Lightyear you bear in mind, however it’s combating on in its authentic quest to deliver extra sustainable power to the automotive {industry}.
Lightyear is a well-recognized identify 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 fans like ourselves rooting for somebody to efficiently deliver Photo voltaic EVs to the plenty.
Like many startups, the photo voltaic EV firm demonstrated some inspiring and potential industry-changing expertise, however it fell quick as a consequence of 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 the intention 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 give attention to Lightyear 2 growth, nonetheless led by founder and CEO Lex Hoefsloot.
Nonetheless, Lightyear would stumble once more as a consequence of 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 techniques to different OEMs.
Information across the firm has remained comparatively quiet since then, however Lightyear has simply secured a major chunk of funding to bolster its employees and as soon as once more, proceed to push ahead in hopes of profitiablity.
Lightyear appears to deliver superior photo voltaic techniques to all
At present, Lightyear introduced the securing of over 10 million euros in funding—its largest increase up to now 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 techniques designed for automobiles, together with photo voltaic panels on automobile 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 techniques specialist:
Because of the enthusiastic help of our buyers, we’re excited and targeted on the long run. We’ll use this chance to develop our crew of consultants and technicians to turn out to be the main provider of on-board photo voltaic techniques 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 corporations, led by its onboard photo voltaic techniques. The corporate mentioned that expertise is the “first of many patented photo voltaic mobility applied sciences” it intends to deliver to the market. It additionally mentioned that a number of patented applied sciences have already been confirmed viable and can turn out to be out there 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 out to be the main provider of car onboard photo voltaic techniques. Good luck, guys; we’re rooting for you.
Electrek’s take
That is encouraging information because the Lightyear identify lives on. Nonetheless, stories like this simply aren’t as attractive as when the unique startup was growing (and type of manufacturing?) among the most exceptional and superior photo voltaic EVs we now have ever seen.
It was a heartbreaker when Lightyear went below, and Lex Hoefsloot shall be missed over there. He had an excellent thoughts and was an excellent man each time I engaged with him. That mentioned, this enterprise pivot makes loads of sense given the scale and scope of Lightyear’s present capabilities, and any firm attempting to place photo voltaic panels on automobiles is doing vital work.
Once I bought 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 techniques are nonetheless fairly spectacular and may nonetheless assist make an affect on this world.
I hope they get it proper this time and may discover success. I do know an organization in Southern California making an attempt to scale Photo voltaic EVs that may wish to collaborate sometime…
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