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Today: July 14, 2024
December 21, 2023
1 min read

Lightyear’s solarEV innovation secures strategic investment of South Korean VCs!

Key Points:

  • Netherlands company Lightyear has received a strategic investment from South Korean venture capital funds Sunbo Angel Partners and Lighthouse Combined Investment.
  • The investment amount has not been disclosed.

Netherlands-based company Lightyear, which specializes in the development of highly efficient solar electric vehicles (EVs), has secured a strategic investment from two South Korean venture capital funds, Sunbo Angel Partners and Lighthouse Combined Investment. The investment amount has not been disclosed. Lightyear has spent the past six years building up a strong patent portfolio to support its solar EV technology. It raised over €168.4 million in funding and developed a premium solar EV called Lightyear 0, priced at €250,000. The vehicle promised the ability to drive for months without charging and gained up to 70 kilometers of range per day from solar power alone.

In January, Lightyear announced it had suspended production of the Lightyear 0 to focus on the development of the €40,000 Lightyear 2. Shortly afterward, parent company Atlas Technologies BV declared bankruptcy, resulting in a restructuring of the company. The operating company, parent company, and solar panel division were integrated into a new entity named Lightyear Technologies, which employed a smaller workforce of around 100 people. Lightyear now focuses on developing and producing solar-integrated technologies for third-party vehicle manufacturers.

The strategic investment from the South Korean VCs will provide Lightyear with access to Sunbo Angel Partners’ and Lighthouse’s ecosystem and expertise in solar energy, electric motors, and advanced manufacturing capabilities. Sunbo Angel Partners has invested in more than 120 technology startups in sectors such as green energy, clean mobility, and sustainability.

Lightyear CEO Lex Hoefsloot expressed excitement about the investment, stating that Sunbo Angel Partners and Lighthouse will bring valuable technologies and expertise to the company.

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