Lightyear nabs 10M euros in funding as it looks to reincarnate as a solar systems provider
Lightyear, yes, Lightyear (remember them?), is reemerging from the ashes of a failed solar electric vehicle venture and has just secured 10 million euros to boost its operation of developing and providing other OEMs with advanced solar systems. This isn’t the Lightyear you remember, but it is fighting on in its original quest to bring more sustainable energy to the automotive industry.
Lightyear is a familiar name on the Electrek homepage, but now a distant memory in such a fast-paced industry of innovation and failed startups. Lightyear’s initial iteration was an exciting seven-year journey that inevitably ended up in shuttered doors and disappointment for enthusiasts like ourselves rooting for someone to successfully bring Solar EVs to the masses.
Like many startups, the solar EV company demonstrated some inspiring and potential industry-changing technology, but it fell short due to a lack of funds. In early 2023, following a display of its second SEV model at CES, Lightyear announced it was filing for bankruptcy, selling off all of its assets, including its 0 SEV prototypes, in order to regroup and try again.
By April 2023, Lightyear announced it had successfully restructured as a team of about 100, down from the original 600 originally employed, as it worked to pay back its creditors and once again focus on Lightyear 2 development, still led by founder and CEO Lex Hoefsloot.
However, Lightyear would stumble again due to a lack of funding, which led to the ousting of Hoefsloot and the abandonment of Solar EV development altogether; a sad day in the industry. This past January, Lightyear reemerged from the mire led by two new executives, including new CEO Dr. Bonna Newman, who has a PhD in Atom Physics from MIT, to develop and sell solar systems to other OEMs.
News around the company has remained relatively quiet since then, but Lightyear has just secured a significant chunk of funding to bolster its staff and once again, continue to push forward in hopes of profitiablity.
Lightyear looks to bring advanced solar systems to all
Today, Lightyear announced the securing of over 10 million euros in funding—its largest raise to date since its restart. The startup recognized another challenging year in its rearview and says the fresh funding will ensure the continued manufacturing of its ultra-efficient onboard solar systems designed for vehicles, including solar panels on vehicle rooftops like the SEV models that preceded its current business iteration.
Lightyear CEO Bonna Newman spoke to the funding round and what it means for the future of the solar systems specialist:
Thanks to the enthusiastic support of our investors, we are excited and focused on the future. We will use this opportunity to grow our team of experts and technicians to become the leading supplier of on-board solar systems for vehicles, and continue the Lightyear mission of bringing clean mobility solutions to everyone.
Lightyear 2.0 states that the 10M euros in funding will help it strengthen its commercial positioning towards automotive companies, led by its onboard solar systems. The company said that technology is the “first of many patented solar mobility technologies” it intends to bring to the market. It also said that several patented technologies have already been proven viable and will become available to OEMs in the near future.
The funding will also enable Lightyear to grow its team of experts and technicians as it seeks to become the leading supplier of vehicle onboard solar systems. Good luck, guys; we’re rooting for you.
Electrek’s take
This is encouraging news as the Lightyear name lives on. Still, reports like this just aren’t as sexy as when the original startup was developing (and sort of manufacturing?) some of the most remarkable and advanced solar EVs we have ever seen.
It was a heartbreaker when Lightyear went under, and Lex Hoefsloot will be missed over there. He had a brilliant mind and was a great guy every time I engaged with him. That said, this business pivot makes a lot of sense given the size and scope of Lightyear’s current capabilities, and any company trying to put solar panels on cars is doing important work.
When I got to test drive the Lightyear 0 and speak to all the techs about the company’s technology, especially its solar panels, I was blown away. That team was really onto something, and unfortunately, it didn’t work out financially, but at its core, Lightyear’s solar systems are still quite impressive and can still help make an impact on this world.
I hope they get it right this time and can find success. I know a company in Southern California attempting to scale Solar EVs that might want to collaborate someday…
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.
WATCH: Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street
The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.
China and Europe are doing the heavy lifting
More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.
While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.
In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.
Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.
North America is stuck in the slow lane
Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.
Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.
And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.
Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.
Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”
Global EV sales snapshot, H1 2025 vs H1 2024
- Global: 9.1 million (+28%)
- China: 5.5 million (+32%)
- Europe: 2.0 million (+26%)
- North America: 0.9 million (+3%)
- Rest of world: 0.7 million (+40%)
Read more: China breaks records as global EV sales hit 7.2 million in 2025
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Lucid’s electric sedan can drive further, charge faster, and packs more advanced tech than most of the competition. That might explain why it’s leading the segment. The Lucid Air remained the best-selling luxury EV sedan in the US after widening its lead in the Q2.
The Lucid Air is America’s best-selling luxury EV sedan
The 2025 Lucid Air Pure arrived as the “World’s most efficient car” with an EPA-estimated range of 420 miles and a record 146 MPGe.
It just set a new Guinness World Record last week for the longest journey by an electric car after travelling 749 miles (1,205 km) on a single charge.
That record was set in the range-topping Lucid Air Grand Touring model, which is rated for up to 512 miles of EPA-estimated range. On the WLTP scale, it’s rated at 597 miles (960 km). Either way, it still crushed the estimates.
According to second-quarter sales data, released by Kelley Blue Book on Monday, the Lucid Air is still America’s best-selling luxury EV.
Lucid sold 2,630 Air models in Q2, up 10% from the previous year. Through the first half of 2025, Lucid Air sales are up 17% with 5,094 units sold.
Tesla, on the other hand, only sold 1,435 Model Ss during the quarter, 71% fewer than it did in Q2 2024. Tesla Model S sales in the US are down 70% through the first half of the year at 2,715.
Although Porsche Taycan sales were up 32% with 1,064 models sold, the significantly upgraded 2025 model year was expected to see even more demand. Porsche has 2,083 Taycans in the US this year, up just 1% from 2024.
Other luxury EV sedans, such as the BMW i5 (1,434), i7 (820), and the Mercedes EQS (498), experienced steep double-digit sales declines year-over-year.
And it’s not just electric luxury sedans. The Lucid Air is currently outselling many gas-powered vehicles in its segment.
Lucid’s first electric SUV, the Gravity, is also rolling out. Although only five were sold in the second quarter, Lucid is quickly scaling production. Lucid aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it built in 2024.
Earlier today, Lucid’s interim CEO, Marc Winterhoff, confirmed during an interview with Bloomberg that the company expects higher Gravity output in the second half of the year.
The interview was at the grand opening of Panasonic’s new battery cell plant in De Soto, Kansas. Winterhoff said Lucid will start using new cells from the facility, but not until next year.
Lucid’s CEO stressed the importance of establishing a local supply chain, as policy changes under the Trump Administration are taking effect. Lucid and Panasonic are collaborating to localize EV materials, such as graphite. Last month, Lucid secured a multi-year supply agreement with Graphite One for US-sourced Graphite.
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