Solar Automaker Lightyear Raises €81 Million

Solar-powered automaker Lightyear has raised €81 million in funding to help bring its first car, 0, to production later this year.

The funding was led by Dutch impact investor Invest-NL and featured a variety of other backers including tyre maker Bridgestone and supercar manufacturer Koenigsegg.

Lightyear says that the funding will also help it develop the 2, its "next generation" solar car expected in either 2024 or 2025 as well as helping facilitate expansion outside of Europe. 

“Lightyear has been making consistent progress since its founding and holds a promising future for the development of an innovative solar eco-system in the Netherlands,” said Rinke Zonneveld, CEO at Invest-NL.

“Their technology, strategic partnerships and acumen fit perfectly with Invest-NL’s ambition to co-create new tech-driven market and business opportunities, and we look forward to supporting their growth from Dutch scale-up to global OEM.”

Lex Hoefsloot, CEO and Co-Founder of Lightyear, added: “In the current market environment, our technology has incredible potential for positive societal influence, so I see investments of this calibre as a testament to Lightyear’s product vision.

“Thanks to the support of Invest-NL, the entire consortium, and our other investors and strategic partners, Lightyear is well positioned and remains on track to deliver the world’s first solar car and work towards a more sustainable future.”