Lightyear tries to claw back from bankruptcy as new company using Solar EV tech as collateral
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 was is 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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Last week, we reported that the e-bike world had a new motor claiming to be the lightest and most efficient. Now, we’re already seeing TQ’s new TQHPR40 motor proliferate on more road and gravel e-bikes, including the recently announced E-ASTR from Ridely.
Ridley’s new E‑ASTR brings lightweight electric assistance to its already impressive ASTR gravel platform, powered by the cutting-edge TQ HPR40 mid-drive system. Unlike bulkier e‑bike setups, this system adds just 1.17 kg (2.6 lb) at the crank and a discreet 1.46 kg (3.2 lb) and 290 Wh battery hidden within the downtube, keeping the frame’s silhouette nearly identical to the non-electric version of the same bike. According to BikeRumor, riders looking closely might spot only a slightly fatter downtube, internal cable routing, and a handlebar-end LED indicator, giving visual clues without shouting “electric bike.”
What the E‑ASTR gives up in sheer power from the petite motor, it gains in ride feel. The HPR40 is said to deliver a modest 40 Nm of torque and up to 200W of assist, or enough to smooth out climbs or offer a tailwind on gravel without overpowering the rider. With support cut off at 25 km/h (15.5 mph), pedal responsiveness remains natural and fluid. Combined with the ASTR’s race-inspired geometry, the bike looks to offer sharp handling and comfort suited to the rigors of modern gravel routes.
Ridley is currently offering the E‑ASTR in three spec levels: a value SRAM Apex XPLR AXS build €7,199 (or approximately US $8,500), a mid-range SRAM Rival XPLR AXS 1×13 version for €8,199 (or approximately US $9,700), and a top-tier Shimano GRX 2×12 Di2 model for €8,899 (or approximately US $10,500). Each features high-end drivetrains, integrated cockpit options, carbon wheels, and industry-standard gravel brakes and tires. With its race-ready frame and stealthy, lightweight e‑assistance, the E‑ASTR is positioning itself as a high-performance gravel machine that stays true to its roots, delivering help when needed, without overshadowing the rider.
Ultra-lightweight motors like the TQHPR40 are quietly reshaping the e-bike industry by making electric assistance almost invisible, both in looks and in feel. As systems shrink and integrate more seamlessly into traditional bike frames, they’re opening the door to new categories of performance-oriented e-bikes that preserve the ride dynamics of analog bikes while offering just enough support when it counts.
For riders who value a natural pedaling experience but still want a little help on climbs or longer days, and especially for aging riders who want to maintain their riding habits despite father time taking an impact on joints and muscles, these minimalist systems are proving that you don’t need a bulky battery or a massive motor to get the benefits of going electric. The result is a wave of stealthy, high-performance e-bikes that are less about replacing effort and more about enhancing the ride.
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After a month off trying to wrap our heads around all the chaos surrounding EVs, solar, and everything else in Washington, we’re back with the biggest EV news stories of the day from Tesla, Ford, Volvo, and everyone else on today’s hiatus-busting episode of Quick Charge!
It just gets worse and worse for the Tesla true believers – especially those willing to put their money where Elon’s mouth is! One believer is set to lose nearly $50,000 betting on Tesla’s ability to deliver a Robotaxi service by the end of June (didn’t happen), and the controversial CEO’s most recent spat with President Trump had TSLA down nearly 5% in pre-morning trading.
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Hyundai is getting ready to shake things up. A new electric crossover SUV, likely the Hyundai IONIQ 2, is set to debut in the coming months. It will sit below the Kona Electric as Hyundai expands its entry-level EV lineup.
Is Hyundai launching the IONIQ 2 in 2026?
After launching the Inster late last year, Hyundai is already preparing to introduce a new entry-level EV in Europe.
Xavier Martinet, President and CEO of Hyundai Europe, confirmed that the new EV will be revealed “in the next few months.” It will be built in Europe and scheduled to go on sale in mid-2026.
Hyundai’s new electric crossover is expected to be a twin to the Kia EV2, which will likely arrive just ahead of it next year.
It will be underpinned by the same E-GMP platform, which powers all IONIQ and Kia EV models (EV3, EV4, EV5, EV6, and EV9).
Like the Kia EV3, it will likely be available with either a 58.3 kWh or 81.4 kWh battery pack option. The former provides a WLTP range of 267 miles while the latter is rated with up to 372 miles. All trims are powered by a single electric motor at the front, producing 201 hp and 209 lb-ft of torque.
Although it may share the same underpinnings as the EV2, Hyundai’s new entry-level EV will feature an advanced new software and infotainment system.
According to Autocar, the interior will represent a “step change” in terms of usability and features. The new system enables new functions, such as ambient lighting and sounds that adjust depending on the drive mode.
It’s expected to showcase Hyundai’s powerful new Pleos software and infotainment system. As an end-to-end software platform, Pleos connects everything from the infotainment system (Pleos Connect) to the Vehicle Operating System (OS) and the cloud.
Pleos is set to power Hyundai’s upcoming software-defined vehicles (SDVs) with new features like autonomous driving and real-time data analysis.
As an Android-based system, Pleos Connect features a “smartphone-like UI” with new functions including multi-window viewing and an AI voice assistant.
The new electric crossover is expected to start at around €30,000 ($35,400), or slightly less than the Kia EV3, priced from €35,990 ($42,500). It will sit between the Inster and Kona Electric in Hyundai’s lineup.
Hyundai said that it would launch the first EV with its next-gen infotainment system in Q2 2026. Will it be the IONIQ 2? Hyundai is expected to unveil the new entry-level EV at IAA Mobility in September. Stay tuned for more info. We’ll keep you updated with the latest.
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