Wednesday, January 19, 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

Is this the 2024 Cadillac Escalade-V?

Based on the squared-off tailpipes, we think it is. Based on the sound the Escalade makes, we’re pretty sure it is. The latest generation...

Toyota Increases Heritage Parts Catalogue and Offering

FJ40 Land Cruiser is now part of the program. It joins an expanded selection of parts for the Supra, AE86, and 2000GT. A heritage...

Battery Recall Woes Affecting GM and Hyundai Owners

GM and Kia are not the only automakers dealing with big battery problems. GM recalled all of its Chevrolet Bolt EVs but many...

Here Comes the all-new Toyota Sequoia

The teaser image shows a rear ¾ shot of an SUV. Now that the Tundra is out, it’s the Sequoia’s turn. The Toyota Sequoia...

Subaru Unveiled a Sporty Solterra STI Concept at the Tokyo Auto Show

This concept adds more aggressive styling to the brand’s first electric vehicle No details are known about performance changes, but it should be...

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.