Saturday, November 26, 2022
News Lightyear raised $110 million to fund its Solar-electric car project

Lightyear raised $110 million to fund its Solar-electric car project

Lightyear has announced plans to introduce its first car next year after having raised $110 million

 

  • Lightyear is a spin-off of team Eindhoven, a group of students form the Netherlands that produced solar powered race cars

  • This money came from a major insurance company and an art collector

  • The Lightyear One electric sedan should reach buyers in 2022

Lightyear is a company based in the Netherlands that was formed by members of team Eindhoven, a group of engineering students that participated in the World Solar Challenge with their solar powered race cars.

Due to a partnership with Cooperation DELA, one of the largest international insurers in the Netherlands and the help of an art collector, Lightyear has raised $110 million to use for development and production of solar powered vehicles.

The company announced its first model, the One, in 2019 and the recent funding milestone that was achieved leads the company to believe it could produce the first units of the One in 2022.

The Lightyear One will be an electric sedan equipped with solar panels in its roof and rear window.

These panels will help the car achieve a range of 450 miles (725 kilometers) according to the sometimes-optimistic WLTP cycle.

The car will be an exclusive product destined to allow for Lightyear to develop other solar powered vehicles aimed at the mass market.

Indeed, the company announced a base price of around $170,000 for the One, which would make it more expensive than just about all of its competitors.

No information has been given about the intended markets for the vehicle, so we don’t know if it will be sold in North America yet.

Trending Now

Volkswagen Says its Autonomous Vehicles will be Mainstream by the End of the Decade

The company aims to have autonomous vehicles everywhere by 2030. Until then, it wants to implement Robotaxis in Hamburg in 2025. Other automakers...

The first Electric BMW M Model Could be the iX M

A trademark for the name was uncovered. The iX is currently offered in M60 spec, with 610 horsepower and 811 lb-ft of torque. ...

New Kia Logo Generates 30,000 Monthly Confused Enquiries

People are searching for “KN” car brand. The logo was updated almost two years ago. This is not a case of mistaken identity, it’s...

Mercedes-Benz Extra Power Subscription Won’t be Offered in Europe: Report

Report cites legal issues behind move Subscription power boost to cost $1,200/year Mercedes-Benz USA is getting ready to let you add power to your...

Hankook Launches iON Winter Tires for EVs

Hankook’s iON tire line is specifically designed for EVs. The iON winter tires arrive next spring. Electric vehicles are posing serious headaches for both...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.