Lightyear gathers another $62 million
The Dutch solar electric car start-up Lightyear has raised further capital from investors. Having already closed the company’s largest financing round to date in March 2021 with 48 million US dollars, investments have now risen to a total of 110 million US dollars this year thanks to further backers.
Lightyear says it has reached the funding milestone of 110 million US dollars “with the help of one of the largest international insurers in the Netherlands, Cooperation DELA”. The insurer’s investment was also joined by a number of private investors. One of them is art collector Joop van Caldenborgh, who is “convinced of the emergence of solar car technology”.
The money will go towards the company’s growth and the start of production for the Lightyear One next year by contract manufacturer Valmet – but when the first round of funding closed in March, it was still said that production would start at the end of 2021. “It’s great to see the recognition from investors attesting to the confidence they have in Lightyear,” Lex Hoefsloot, CEO and co-founder of Lightyear.
Lightyear says that the funding round remains open to private as well as public investors “as we prepare for mass production of a second solar electric vehicle.” Production of the announced cheaper solar car for the mass market is scheduled to start in 2024.
0 Comments