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…