Less than a month after declaring bankruptcy, the remaining team at Lightyear has announced plans for a new company entirely focused on getting its short-lived Lightyear 2 into production. The solar EV startup says it has raised a “solid capital base” from a community of investors to continue solar EV development, but at the risk of its intellectual property (IP) as collateral.
2023 has been a tough year for solar electric vehicle startups thus far, particularly Netherlands-based Lightyear. In late December we were celebrating the start of production for the startup’s flagship Lightyear 0 in Finland.
A month later, the company had officially opened a wait list for its second, much more affordable and mass produced Lightyear 2 solar EV. We even got to see it up close at CES. Within three weeks of that event however, Lightyear announced it was halting all production of the 0 to focus on its second model.
A few days later, Lightyear announced it had officially filed and been approved for bankruptcy, relinquishing its business to Holla legal & tax in the Netherlands as trustee. It seemed the Sun had set on Lightyear following the bankruptcy news, but a new day has dawned on the startup in the form of a relaunch powered by fresh capital investments.
Lightyear wasis could be onto something big if it can actually deliver its mass market solar EV to consumers, but will this investment be enough to get going again? Or is Lightyear kicking the monocrystalline silicon solar can down the road and simply delaying bankruptcy part deux?
Lightyear fights bankruptcy with 8M euros in single a day
“Mission continued.” Those are the words that top an email to subscribers, reservation holders, and wait listers sent this morning that announced its plans for a relaunch. To combat its approval bankruptcy filing, Lightyear states it will continue its mission to deliver the 2 to customers by forming a new company. Lightyear founder Lex Hoefsloot spoke:
This is great news. All involved worked relentlessly to secure the continuation of our mission. We kept the interests of all stakeholders at heart during this process. We realize that the impact on our employees, investors, clients and suppliers is significant, but we tried to find the best way forward for everyone.
Lightyear may be back, but probably not for everyone. Much of the laid-off staff at Lightyear version 1.0 is staring down unemployment as early as next week and although the 2.0 version apparently has cash, it will more than likely need to stay as lean and nimble as possible as it seeks additional funding.
Speaking of funding, the capital raise was lead by Individual Investors Group (IIG) who helped facilitate the relaunch by raising enough funding to act as a base for the new company. IIG initiator Arnoud Aalbersberg elaborated:
I am relieved that we were able to facilitate this relaunch by raising 8 million euros in one day amongst investors who embarked on this adventure from the start. This shows our strong belief in building solar electric cars with reduced dependency on the power grid for a wider audience.
Clearly the investors at IIG believe in Lightyear and its solar EV technology, and they’re not alone in that belief that this could one day become one of the most sustainable ways to travel around the world. However, those savvy investors aren’t going to simply throw money at Lightyear to get it out of bankruptcy; they require a little security in the form of the technology itself.
Lightyear states that as part of the capital raise, its intellectual property will be brought over to the new version of the company as collateral for all stakeholders. Invest-NL, who was leading the consortium of former IP pledge holders, has agreed to accommodate the move for Lightyear 2.0.
It’s exciting to see Lightyear taking one last swing for the fences to try and successfully scale, but the financial deck is stacked against it, and there’s a chance we’re talking bankruptcy again in the future. Let’s hope not, for the future of solar EVs – especially sleek, aerodynamic ones like the Lightyear 2.
Lightyear says it is currently working out all the details with all parties involved in its rebirth, including the bankruptcy trustee. We are sure to learn more soon.
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Swedish multinational Sandvik says it’s successfully deployed a pair of fully autonomous Toro LH518iB battery-electric underground loaders at the New Gold Inc. ($NGD) New Afton mine in British Columbia, Canada.
The heavy mining equipment experts at Sandvik say that the revolutionary new 18 ton loaders have been in service since mid-November, working in a designated test area of the mine’s “Lift 1” footwall. The mine’s operators are preparing to move the automated machines to the mine’s “C-Zone” any time now, putting them into regular service by the first of the new year.
“This is a significant milestone for Canadian mining, as these are North America’s first fully automated battery-electric loaders,” Sandvik said in a LinkedIn post. “(The Toro LH518iB’s) introduction highlights the potential of automation and electrification in mining.”
The company says the addition of the new heavy loaders will enable New Afton’s operations to “enhance cycle times and reduce heat, noise and greenhouse gas emissions” at the block cave mine – the only such operation (currently) in Canada.
Electrek’s Take
From drilling and rigging to heavy haul solutions, companies like Sandvik are proving that electric equipment is more than up to the task of moving dirt and pulling stuff out of the ground. At the same time, rising demand for nickel, lithium, and phosphates combined with the natural benefits of electrification are driving the adoption of electric mining machines while a persistent operator shortage is boosting demand for autonomous tech in those machines.
European logistics firm Contargo is adding twenty of Mercedes’ new, 600 km-capable eActros battery electric semi trucks to its trimodal delivery fleet, bringing zero-emission shipping to Germany’s hinterland.
With the addition of the twenty new Mercedes, Contargo’s electric truck fleet has grown to 60 BEVs, with plans to increase that total to 90. And, according to Mercedes, Contargo is just the first.
Contargo’s 20 eActros 600 trucks were funded in part by the Federal Ministry for Digital Affairs and Transport as part of a broader plan to replace a total of 86 diesel-engined commercial vehicles with more climate-friendly alternatives. The funding directive is coordinated by NOW GmbH, and the applications were approved by the Federal Office for Logistics and Mobility.
Data centers powering artificial intelligence and cloud computing are pushing energy demand and production to new limits. Global electricity use could rise as much as 75% by 2050, according to the U.S. Department of Energy, with the tech industry’s AI ambitions driving much of the surge.
As leaders in the AI race push for further technological advancements and deployment, many are finding their energy needs increasingly at odds with their sustainability goals.
“A new data center that needs the same amount of electricity as say, Chicago, cannot just build its way out of the problem unless they understand their power needs,” said Mark Nelson, managing director of Radiant Energy Group. “Those power needs. Steady, straight through, 100% power, 24 hours a day, 365,” he added.
After years of focusing on renewables, major tech companies are now turning to nuclear power for its ability to provide massive energy in a more efficient and sustainable fashion.
Google, Amazon, Microsoft and Meta are among the most recognizable names exploring or investing in nuclear power projects. Driven by the energy demands of their data centers and AI models, their announcements mark the beginning of an industrywide trend.
“What we’re seeing is nuclear power has a lot of benefits,” said Michael Terrell, senior director of energy and climate at Google. “It’s a carbon-free source of electricity. It’s a source of electricity that can be always on and run all the time. And it provides tremendous economic impact.”
Watch the video above to learn why Big Tech is investing in nuclear power, the opposition they face and when their nuclear ambitions could actually become a reality.