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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Despite its small size, Volvo’s cheapest EV continued its dominant run last month in Europe. The Volvo EX30 was Europe’s second-best-selling EV, behind only the Tesla Model Y, as sales continued surging.
Volvo EX30 sales continue surging in Europe in August
According to new data from the European Automobile Manufacturers’ Association (ACEA), EV registration in the EU fell by 43.9% in August as the two biggest markets, Germany (-68.8%) and France (-33.1%), saw significant declines.
Despite this, Volvo was one of the bright spots, as overall vehicle sales climbed 36%. With 19,605 vehicles sold last month, Volvo topped Tesla and Fiat to become the fourteenth largest automaker in the EU, UK, and EFTA countries, according to Dataforce.
Volvo’s growth was largely thanks to the new EX30, which added 6,377 in sales to its total. The growth was enough to become Europe’s second best-selling EV, behind only Tesla’s Model Y.
The accomplishment is significant, given Volvo handed over the first EX30 models last December.
Volvo’s global sales rose 3% in August, with 52,944 cars sold. The EX30 was its fourth top-selling vehicle, with 8,346 units sold, behind the XC60 (14,723) and XC40/EX40, which had 10,668 combined sales.
Starting at around 36,000 euros ($40,000), the EX30 is one of Europe’s most affordable EVs. Although due to hit the market later than expected, the EX30 is scheduled to launch in the US next year, starting at $34,950.
The delay comes as the US announced a new 100% tariff on EVs imported from China, where the EX30 is currently built.
Volvo is fast-tracking production at its Ghent, Belgium plant to export EX30 models to the US, enabling it to bypass the additional tariffs.
Electrek’s Take
Will the Volvo EX30 have the same impact in the US? Starting at under $35,000, the small electric SUV will not only be one of the cheapest EVs in the US but also one of the most affordable vehicles (gas-powered or EV) on the market.
According to the latest data from Kelley Blue Book, the average transaction price (ATP) for a new vehicle in the US was $47,870 in August.
Volvo is also launching its flagship electric seven-seater, the EX90 (check out our review of the luxury 7-seat kid-hauler).
Although Volvo’s sales in the US and Canada were down 0.2% through the first eight months, Volvo expects new EVs in key segments to quickly recharge sales.
Source: Automotive News
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Chicago-based NanoGraf will build a $175 million factory to produce 2,500 tons of silicon anode material to support up to 1.5 million EVs per year.
NanoGraf’s new factory
The US Department of Energy (DOE) has awarded $60 million to the silicon anode battery company to help build its factory under the Bipartisan Infrastructure Law.
NanoGraf’s project is one of 25 selected across 14 states to receive a portion of the over $3 billion in grants that the DOE announced today. These grants aim to strengthen domestic production of advanced batteries and battery materials in the US.
NanoGraf will use the grant, in addition to its own capital, to retrofit an existing factory in Flint, Michigan. It will be one of the world’s largest silicon anode facilities, significantly boosting US efforts to onshore the battery supply chain. The company says its advanced silicon anode battery material enables stronger, lighter, and longer-lasting lithium-ion batteries.
The Flint factory is NanoGraf’s third battery material factory and increases the company’s total manufacturing footprint to over 414,000 square feet. NanoGraf currently produces silicon anode material for the US military out of two Chicago-based manufacturing facilities, including a new R&D facility at 455 N Ashland Avenue and its headquarters at 400 N Noble Street.
The project will create approximately 200 construction jobs through a project labor agreement with the North American Building Trades Union. Up to 150 new permanent jobs will be created for operations, and around 80% are expected to come directly from the local community.
NanoGraf has signed a neutrality agreement with the United Steelworkers and says it’s committed to partnering with them should a majority of employees wish to unionize.
Electrek’s Take
In November 2022, Connor Hund, chief operating officer at NanoGraf, and I discussed a $10 million Department of Defense contract that the company had secured.
Hund told me that the company’s 18-month contract with the DoD allowed it to scale up domestic production in a careful and deliberate way so that it could lay the groundwork for the next stage of supplying domestically produced batteries to the EV market by 2024.
NanoGraf doesn’t say when it intends to open the Flint factory, but it’s certainly moving toward the next-stage goal that it set in a timely fashion. A huge domestically made lithium-ion battery factory is a welcome thing.
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On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we interview Alpitronic CEO Mike Doucleff, we discuss a Tesla Semi update, GM going NACS, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
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