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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The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.
This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.
But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.
Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.
“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.
The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.
Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.
With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.
Read more: Ørsted got a huge Tesla battery storage system for the world’s single-largest offshore wind farm
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Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.
2024 Jeep Wagoneer S EV lease prices
After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.
Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.
The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.
Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.
The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.
Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.
Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.
According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.
| Jeep Wagoneer S vs Tesla Model Y | Starting Price | Range | Lease Price |
| Jeep Wagoneer S Launch Edition | $71,995 | +300 miles | $599/mo |
| Tesla Model Y RWD | $44,990 | 320 miles | $299/mo |
| Tesla Model Y AWD | $47,990 | 308 miles | $399/mo |
| Tesla Model Y AWD Performance | $51,490 | 279 miles | $599/mo |
In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.
Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.
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